Trustee/Custodian Services Sample Clauses
Trustee/Custodian Services. (i) BFI has obtained a non-bank Trustee/Custodian Notice of Approval letter from the Treasury Department, Internal Revenue Service, dated December 31, 2003. BFI, together with BISYS, has the knowledge and capabilities to act as a passive non-bank trustee/custodian of Traditional ▇▇▇, ▇▇▇▇ ▇▇▇, SIMPLE ▇▇▇, and 403(b)(7) accounts which hold shares of the Funds (collectively, “▇▇▇ Accounts”). BISYS has the knowledge and capabilities to perform the services undertaken by BISYS under Schedule B-1 to this Agreement.
(ii) BISYS agrees that BFI shall act as a non-bank trustee/custodian for the ▇▇▇ Accounts, and BISYS shall perform the services undertaken by BISYS under Schedule B attached hereto, but only so long as (x) BISYS continues to act as transfer agent to the Funds and retains all legal qualifications to act as such, (y) BFI retains all legal qualifications to act as non-bank trustee/custodian, and (z) BFI has not resigned as non-bank trustee/custodian to the ▇▇▇ Accounts after transmitting written notice of resignation as non-bank trustee/custodian to the ▇▇▇ Account Holders in accordance with all ▇▇▇ Account plan agreements. In its capacity as non-bank trustee/custodian, BFI will act only as a passive non-bank trustee (within the meaning of Section 1.408-2(e)(6)(i)(A) of the IRS regulations), and neither BISYS nor BFI will have any discretion to direct investments within any of the ▇▇▇ Accounts.
(iii) In the event that BFI ceases to act as non-bank trustee/custodian, whether due to loss of legal qualifications or otherwise, but BISYS continues to act as transfer agent, in which event it performs sub-custodial services on behalf of another qualified retirement custodian, BISYS shall no longer be entitled to the entire share of the Custodial Fees (as hereinafter defined and set forth in Section 2 below), but shall be entitled to a proportionate share of the Custodial Fees taking into account the period of time during such year that BFI was the non-bank trustee/custodian for the ▇▇▇ Accounts and further taking into account the services (for which the parties acknowledge an appropriate allocation of a minimum of $13.00 per social security number related to any number of ▇▇▇ Accounts (whether open or closed, and for all plan or account types)) that BISYS continues to perform with respect to the ▇▇▇ Accounts pursuant to Schedule B-1 hereto.
(iv) In the event that BFI ceases to act as non-bank trustee/custodian whether due to loss of legal qualifications or oth...
Trustee/Custodian Services. 5.1 Custody of Plan Assets: Except for Plan assets deposited under a group annuity contract issued by MassMutual, all assets of the Plan are held in trust by the Trustee/Custodian. The responsibilities of the Trustee/Custodian and its legal obligations are governed by a separate trust agreement.
Trustee/Custodian Services. In addition, as provided in Section 4(a) of this Agreement, Citi shall be entitled to $15 per social security number, for each plan or account type, per year (the "Custodial Fee"), to be paid within the month prior to December 31 of each such year (or, if an ▇▇▇ Account is closed prior to the closing of such ▇▇▇ Account), for the services provided to the ▇▇▇ Account or ▇▇▇ Accounts (or, if an ▇▇▇ Account is closed, prior to the closing of such ▇▇▇ Account). Citi will collect the Custodial Fee from each ▇▇▇ Account. ANNUAL MINIMUM FEE The Administrative, Fund Accounting and Transfer Agency Fees set forth above are subject to an annual complex minimum of $125,000. Fees paid to Citi for AML Services, ▇▇▇ Custodian Services, Compliance Services or other services and/or reimbursement of out-of-pocket expenses shall not count towards satisfying the complex minimum requirement. ANNUAL FEE ADJUSTMENT Commencing on the one-year anniversary of the Effective Date, Citi may annually increase the fixed fees and other fees expressed as stated dollar amounts in this Agreement by up to an amount equal to the lesser of (a) the most recent annual percentage increase in consumer prices for services as measured by the United States Consumer Price Index entitled "All Services Less Rent of Shelter" or a similar index should such index no longer be published, and (b) 5%.
Trustee/Custodian Services. In addition, as provided in Section 4(a) of this Agreement, BISYS shall be entitled to fifteen dollars ($15.00) per social security number, for each plan or account type, per year (the "Custodial Fee"), to be paid within the month prior to December 31 of each such year (or, if an ▇▇▇ Account is to be closed, prior to the closing of such ▇▇▇ Account , for the services provided to the ▇▇▇ Account or ▇▇▇ Accounts. BISYS will collect the Custodial Fee from each ▇▇▇ Account.
Trustee/Custodian Services. Trustee or custodian services, as applicable, are provided by Great-West Trust Company, LLC (“GWTC”). The compensation received by GWTC for its services is reflected in the Plan’s fee disclosure report provided by Empower and the Great-West Trust Company Bank Credits below. Additional fees may be reflected in the trust/custodial agreement between GWTC and Plan Sponsor. If Plan Sponsor selects a trustee or custodian, as applicable, that requires changes to any procedures or services in the Agreement, Empower reserves the right to change fees in this section.
Trustee/Custodian Services. Trustee OR Custodian services are provided by Great-West Trust Company, LLC. The compensation received by Great-West Trust Company, LLC for trustee/custodian services is ref lected in the Plan’s f ee disclosure report provided by Empower and the Great-West Trust Company Bank Credits below. Additional f ees may be ref lected in the trust/custodial agreement between Great-West Trust Company, LLC and Plan Sponsor. If Plan Sponsor selects a trustee/custodian that requires changes to any procedures or services in the Agreement, Empower reserves the right to change fees in this Section.
Trustee/Custodian Services