REQUIREMENTS OF TITLE I OF ERISA. This Agreement is not intended to satisfy the requirements of ERISA. The Employer shall be solely responsible for determining whether Title I of ERISA is applicable with respect to the Custodial Account and shall notify the Custodian in writing if it determines that Title I of ERISA is so applicable. In such event, the Employer and the Employer’s TPA, if any, shall take any action necessary to assure that the Custodial Account is administered in compliance therewith; such action shall include, but shall not be limited to, implementing procedures to ensure that each requested distribution from the Custodial Account is processed in accordance with the requirements of ERISA. Upon notification from the Employer that the Custodial Account is subject to ERISA, all assets will be removed from the Custodial Account as soon as administratively practicable and transferred to an alternative funding vehicle designated by the Employer. The Employer shall be responsible to designate such alternative funding vehicle within no more than 60 days after the determination that ERISA applies to the Custodial Account. Neither the Custodian nor the Program Sponsor shall be under any obligation to determine whether Title I of ERISA is applicable with respect to any Custodial Account or to ensure that it is administered in compliance with ERISA.
Appears in 4 contracts
Samples: Custodial Account Agreement, Custodial Account Agreement, Custodial Account Agreement
