Common use of ERISA Assets Clause in Contracts

ERISA Assets. (a) Financial Institution understands that the Department of Labor views ERISA as prohibiting fiduciaries of discretionary ERISA assets from receiving certain fees or other compensation from Funds in which the fiduciary's discretionary ERISA assets are invested. Similar, the common law of trusts in certain states prohibit fiduciaries from receiving distribution-related compensation from funds in which the fiduciary's discretionary trust assets are invested. Receipt of such compensation could violate such provisions against fiduciary self-dealing and conflict of interest and could subject the fiduciary to penalties.

ERISA Assets. (a) Financial a)Financial Institution understands that the Department of Labor views ERISA as prohibiting fiduciaries of discretionary ERISA assets from receiving certain fees or other compensation from Funds in which the fiduciary's discretionary ERISA assets are invested. Similar, the common law of trusts in certain states prohibit fiduciaries from receiving distribution-related compensation from funds in which the fiduciary's discretionary trust assets are invested. Receipt of such compensation could violate such provisions against fiduciary self-dealing and conflict of interest and could subject the fiduciary to penalties.

ERISA Assets. (a) Financial Institution understands that the Department of Labor views ERISA as prohibiting fiduciaries of discretionary ERISA assets from receiving certain fees or other compensation from Funds in which the fiduciary's discretionary ERISA assets are invested. Similar, the common law of trusts in certain states prohibit fiduciaries from receiving distribution-related compensation from funds in which the fiduciary's discretionary trust assets are invested. Receipt of such compensation could violate such provisions against fiduciary self-dealing and conflict of interest and could subject the fiduciary to penalties.