Participant and Beneficiary Responsibility Sample Clauses

The Participant and Beneficiary Responsibility clause defines the obligations and duties of individuals who are enrolled in or benefit from a plan, program, or agreement. It typically outlines the requirement for participants and beneficiaries to provide accurate information, comply with plan rules, and promptly notify the administrator of any relevant changes, such as contact details or eligibility status. This clause ensures that all parties understand their roles in maintaining the integrity of the plan and helps prevent misunderstandings or misuse by clearly allocating responsibility for compliance and communication.
Participant and Beneficiary Responsibility. You as the Participant have the sole responsibility for electing distributions that comply with the required minimum distribution rules, and the Custodian shall not be responsible for any tax penalties or other damages that result from a failure to elect such distributions. The Custodian assumes no responsibility for the tax treatment of any distribution from the Custodial Account; such responsibility is solely that of the Participant ordering the distribution. Your Beneficiary has the sole responsibility for electing distributions that comply with the death distribution rules, and the Custodian shall not be responsible for any tax penalties or other damages that result from a failure to elect such distributions.
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Participant and Beneficiary Responsibility. The Participant has the sole responsibility for electing distributions that comply with the distribution rules described in Sections 5.1 and 5.3, and the Custodian shall not be responsible for any tax penalties or other damages that result from a failure to elect such distributions. If the Participant fails to elect such distributions, the Custodian may, in its sole discretion and without any requirement to do so, make such distributions as it determines are required. Premature distributions from the Custodial Account may be subject to a penalty tax under Code Section 72(t). The Custodian assumes no responsibility for the tax treatment of any distribution from the Custodial Account; such responsibility is solely that of the Participant ordering the distribution. The Beneficiary has the sole responsibility for electing distributions that comply with the distribution rules described in Section 5.2, and the Custodian shall not be responsible for any tax penalties or other damages that result from a failure to elect such distributions. If the Beneficiary fails to elect such distributions, the Custodian may, in its sole discretion and without any requirement that it do so, make such distributions as it determines are required.
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Participant and Beneficiary Responsibility. The Custodian assumes no responsibility for the tax treatment of any distribution from the Custodial Account; such responsibility is solely that of the Participant ordering the distribution. Your Beneficiary has the sole responsibility for electing distributions that comply with the death distribution rules, and the Custodian shall not be responsible for any tax penalties or other damages that result from a failure to elect such distributions.
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Related to Participant and Beneficiary Responsibility

  • FIDUCIARY RESPONSIBILITIES Each Member shall exercise all powers and perform all duties in good faith and shall act in all matters consistent with the duty of loyalty and the duty of care. Pursuant to Section ▇▇-▇▇-▇▇▇ of the Act, the Member acts in good faith if acting with a view to the interests of the limited liability company and of the members and with the degree of diligence, care and skill that ordinarily prudent persons would exercise in similar circumstances.

  • Employer Responsibility The Employer accepts its responsibility to insure equal opportunity in all aspects of employment for all qualified persons regardless of race, creed, religion, color, national origin, age, disability, reliance on public assistance, sex, marital status, sexual orientation/affectional preference, or any other class or group distinction, as set forth by state or federal anti-discrimination laws, or in Board policy.

  • No Advisory or Fiduciary Responsibility In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Joint Lead Arrangers, and the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Joint Lead Arrangers, and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, each Joint Lead Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither the Administrative Agent, any Joint Lead Arranger nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Joint Lead Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent, any Joint Lead Arranger, nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, any Joint Lead Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

  • Employee’s Responsibility WORK START TIME

  • Employer Responsibilities Recognizing the inherent risk(s) in a correctional setting, the Employer is obligated to provide a safe workplace and to educate employees on proper safety procedures and use of protective and safety equipment. The Employer is committed to responding to legitimate safety concerns raised by the Union and employees. The Employer will comply with federal and state safety standards, including requirements relating to first aid training, first aid equipment and the use of protective devices and equipment.