Common use of Bonding and Liability of Plan Administrator Clause in Contracts

Bonding and Liability of Plan Administrator. A bond or other security shall be required of any individual empowered to act on behalf of the Plan Administrator to the extent required by ERISA. The Employer shall indemnify and save such individuals, and hold each of them harmless from the effects and consequences of their acts, their omissions and conduct in their official capacity, except to the extent that such effects and consequences shall result from their own willful misconduct or gross negligence.