Common use of Investment Options Clause in Contracts

Investment Options. Your Investment Account includes a Default Fund. If the Default Fund is an interest-bearing FDIC-insured account, interest will be paid on cash held in this Default Fund at the rate described on your HSA website account. Cash held in an interest-bearing FDIC-insured account within your Investment Account and Cash Account, combined with other eligible deposits you may have with us, are FDIC- insured up to $250,000 or the then current limit. A broad array of mutual funds will be available for investment. These funds may be selected by us and our independent registered investment advisor or a financial advisor retained by your HSA Administrator (“Financial Advisor”). The Financial Advisor may be a registered investment advisor, a bank or similar financial institution, or a registered broker dealer, and may be affiliated with your HSA Administrator. Alternatively, your HSA Administrator or Financial Advisor may replicate the same investment options selected by your employer for its 401(k) plan or other defined contribution retirement plan that permits participant-directed investments (“DC Plan”). You acknowledge and agree that investments, including mutual funds, are not a deposit and are not insured by the FDIC or any federal government agency. We do not guarantee the value of your investments, and they may lose value. You also acknowledge that past investment performance is not a guarantee of future investment results. You agree to review investment information before you invest in mutual funds or other investments. If your Default Portfolio is made available by us and our independent registered investment advisor, we may change available mutual funds from time to time. Advance notice of such changes, will be provided to you by your HSA Administrator as described in Section 11.18, so you can modify your investment instructions. If an investment option is eliminated from the Default Portfolio, and you do not provide new investment instructions, you authorize and direct us to liquidate your balances invested in the eliminated investment option and transfer the proceeds to the Default Fund in your Investment Account. We will not provide advance notice of a change in share class for the same mutual fund option, whether initiated by us or the fund company, unless the change results in fee increases for the investment option. If your Default Portfolio is chosen by a Financial Advisor and/or your HSA Administrator, a Financial Advisor and/ or your HSA Administrator may change available mutual funds in your Default Portfolio from time to time. The Financial Advisor or HSA Administrator may also change investment options to match changes in investments (or a subset thereof) selected by your employer for its DC Plan. Advance notice of such changes will be provided to you by your HSA Administrator as described in Section 11.18, so you can modify your investment instructions. If you do not provide new investment instructions, you authorize and direct us to liquidate your balances invested in the eliminated investment option and transfer the proceeds to the Default Fund or a fund of similar risk, based on the instructions we receive from the Financial Advisor or your HSA Administrator. You agree that we are not responsible for your HSA Administrator’s selection or monitoring of the Financial Advisor, the Financial Advisor’s selection, monitoring, deletion or replacement of mutual funds made available in the Default Portfolio, or any obligation of your employer or its financial advisors with respect to the selection or monitoring of investments made available through your employer’s DC Plan which are also made available in the Default Portfolio. You agree that we are not responsible for fee disclosure obligations of Financial Advisors or your HSA Administrator, or for any claim arising from actual or alleged violations by your HSA Administrator or Financial Advisor of any state or federal laws related to broker-dealers or investment advisors.