Acceptance of responsibility by designated Plan Administrator Sample Clauses

The "Acceptance of responsibility by designated Plan Administrator" clause establishes that a specific individual or entity formally agrees to take on the duties and obligations associated with administering a plan, such as a retirement or benefits plan. This typically involves the administrator acknowledging their role in managing plan assets, ensuring compliance with relevant laws, and acting in the best interests of plan participants. By clearly assigning responsibility, this clause helps prevent confusion over who is accountable for plan management and ensures that there is a designated party to oversee the plan’s proper operation.
Acceptance of responsibility by designated Plan Administrator. If the Employer designates an alternative Plan Administrator, the designated Plan Administrator must accept its responsibilities in writing. The Employer and the designated Plan Administrator jointly will determine the time period for which the alternative Plan Administrator will serve.
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