Examples of ERISA Requirements in a sentence
The Independent Fiduciary has selected Prudential to issue the Contract as set forth in this Commitment Agreement and such selection, the transactions contemplated by this Commitment Agreement, the Plan’s use of assets for the purchase of the Contract as contemplated by this Commitment Agreement and the Contract (including its terms) each satisfies the ERISA Requirements.
For the avoidance of doubt, the consummation of the transactions based on this Section 10.3(b) will be subject to the confirmation by Independent Fiduciary that the Transactions continue to satisfy the ERISA Requirements.
Independent Fiduciary will have confirmed that the transactions contemplated by this Commitment Agreement continue to satisfy the ERISA Requirements because an Independent Fiduciary MAC has not occurred or, if an Independent Fiduciary MAC has occurred, it is not continuing on the Closing Date.
Compliance with ERISA Requirements.............................................
The Independent Fiduciary has selected Insurer to issue the Contract as set forth in this Commitment Agreement and such selection, the transactions contemplated by this Commitment Agreement, including the purchase of the Contract, the Plan’s use of assets for the purchase of the Contract as contemplated by this Commitment Agreement and the Contract (including its terms) each satisfies the ERISA Requirements.
The Independent Fiduciary has selected the Insurer to issue the Contract as set forth in this Commitment Agreement and such selection, the transactions contemplated by this Commitment Agreement, the Plans’ use of assets for the purchase of the Contract as contemplated by this Commitment Agreement and the Contract (including its terms) each satisfies the ERISA Requirements.
ERISA Requirements ERISA requires a fiduciary to discharge his duties with respect to the plan solely in the interest of plan participants and beneficiaries by diversifying the investments of the plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so ….
ERISA Requirements ERISA §403(c)(1) specifically mandates that, except in circumstances not relevant to this discussion, plan assets may not inure to the benefit of the employer, and must be held for the exclusive purpose of providing benefits to the participants in the plan and their beneficiaries, and defraying reasonable expenses of administering the plan.
ERISA Requirements Historically, fiduciaries were governed by the common law of trusts, which required that the riskiness of each investment in a portfolio be measured in isolation.
If an Independent Fiduciary MAC has not occurred between the Commitment 11 Agreement Date and the Closing Date or, if an Independent Fiduciary MAC has occurred but is not continuing on the Closing Date, such selection, the transactions contemplated by this Commitment Agreement, the Plan’s use of assets for the purchase of the Contract as contemplated by this Commitment Agreement, and the Contract (including its terms) all satisfy the ERISA Requirements.