Examples of Custodial Administration Agreement in a sentence
Upon receipt of notice from the Participant or Employer that the Participating Plan is terminated in whole or in part, assets attributable to the wholly or partially terminated Participant’s account in the Participating Plan shall be segregated in accordance with Article VIII and held and/or disposed of by the Master Custodial Administration Agreement Administrator’s instructions to the Custodian in accordance with the written direction of the Employer.
Notwithstanding any provision of the Account to the contrary that would otherwise limit a distributee’s election under this article, a distributee may elect, at the time and in the manner prescribed by the Master Custodial Administration Agreement Administrator, Custodian and Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.
The Master Custodial Administration Agreement Administrator shall not provide such services with respect to assets custodied by any person other than the Custodian named by the Master Custodial Administration Agreement Administrator nor shall the Master Custodial Administration Agreement Administrator maintain records of the Plans or provide Participating Plan statements other than with respect to assets custodied by the Custodian named by the Master Custodial Administration Agreement Administrator.
Neither the Master Custodial Administration Agreement Administrator nor the Custodian shall be responsible for determining whether any transfer is proper.
The Participant or Plan Administrator shall provide such instructions to the Master Custodial Administration Agreement Administrator, who shall timely and accurately communicate such instructions to the Custodian on behalf of the Plan Administrator.
Without limiting the generality of the foregoing, the Master Custodial Administration Agreement Administrator is specifically authorized to instruct the Custodian to hold securities of the Custodial Account with the Custodian, which in turn may hold them in the name of any other appropriate depository, or their nominees.
Such property shall be held as a separate Custodial Account for the exclusive benefit of the Participant of the withdrawing plan (or of the withdrawing Participant) and their beneficiaries, under a separate Master Custodial Administration Agreement substantially identical to this Agreement.
The Master Custodial Administration Agreement Administrator may condition its instructions to the Custodian for the delivery, transfer or distribution of any assets upon the Master Custodial Administration Agreement Administrator’s receiving assurances satisfactory to it that the approval of appropriate governmental or other authorizes has been secured and that all notices and other procedures required by applicable law have been complied with.
The Master Custodial Administration Agreement Administrator shall have the right at any time to apply to a court of competent jurisdiction for judicial settlement of its accounts or for determination of any questions of construction which may arise or for instructions.
Master Custodial Administration Agreement Administrator shall not be liable for losses arising out of a lapse in such Contract due to the insufficiency of cash in the Custodial Account.