Common use of Fiduciary Status Clause in Contracts

Fiduciary Status. The Plan Sponsor acknowledges that it is the plan fiduciary within the meaning of ERISA, or other relevant law, with the authority to select service providers and plan investments. In fulfilling its responsibilities under this Agreement, MassMutual acts solely as a non-fiduciary agent of the Plan Sponsor. The essence of MassMutual’s responsibilities under this Agreement is to implement instructions and directives it receives from the Plan Sponsor or, as authorized by the Plan Sponsor, from the participants. MassMutual is neither a fiduciary nor a plan administrator as these terms are defined in ERISA, or other relevant law. MassMutual has no discretion in matters of plan administration and management including, but not limited to, interpretation of the plan document, the application of law and the investment of plan assets. Discretion in these, and all other matters, lies exclusively with the Plan Sponsor. MassMutual does not give legal, accounting, or tax advice and the Plan Sponsor should consult its own legal tax and accounting advisors.