Common use of Record Keeping and Reports Clause in Contracts

Record Keeping and Reports. Subject to the provisions of this Agreement, the Master Custodial Administration Agreement Administrator, Custodian and/or Plan Administrator shall maintain such records as may be necessary for the proper administration of the Custodial Account. The Master Custodial Administration Agreement Administrator, Custodian and/or Plan Administrator shall submit all reports to the Internal Revenue Service, Department of Labor, Employer, and Participant at such times and in such manner as may be prescribed as the responsibility of the Custodian by the applicable statutes and regulations thereunder.