Common use of Investment Processing Clause in Contracts

Investment Processing. The parties understand that errors happen in processing a retirement plan’s transactions. It is PCS’s policy that utmost care be taken in the handling and execution of trade orders and other transactions. However, errors may occur, including: • orders in amounts in excess of, or less than, the amount PCS was Instructed to trade; • orders to sell or redeem an Investment when it should have been purchased; • orders to purchase an Investment when it should have been sold or redeemed; • orders for the wrong Investment; or • orders contrary to investment restrictions, limitations, or investment policies. In correcting errors, the following principles apply: • For a single error caused by a Person other than PCS, PCS may seek reimbursement or monetary compensation from the service provider or other Person that caused the error, in an effort to minimize any loss. In determining the appropriate action to be taken, PCS may take into account the limitations placed upon its staff and other resources in connection with providing services to the affected plans on an ongoing basis, as well as other operating responsibilities. The determination of the action, if any, to be taken in connection with any such error may be made on a case-by-case basis. • For any single error caused by PCS that results in a loss, PCS will generally attempt to correct such error and to place the Plan in the same position as it would have been in but for the error. PCS will bear the costs, expenses, or losses associated with such an error. • For any single error caused by PCS that results in a gain, PCS will generally retain such gains as a component of PCS’s compensation for transaction processing services, including PCS’s agreement to make the Plan whole for any losses associated with PCS’s errors. • For multiple errors caused by PCS that result in a mix of losses and gains to the Plan, PCS will generally attempt to correct such errors and to put the Plan in the same position as it would have been in but for the errors. In correcting such errors, PCS may net any gains against the costs, expenses, and other losses of correcting the errors and losses to the Plan. To the extent that any such costs, expenses, and losses exceed any such gains, PCS bears the excess costs, expenses, and losses associated with the error correction. However, PCS will not net gains against the costs and expenses of correcting the errors and losses across multiple plans. These principles provide general guidance. Exceptions may be warranted in particular circumstances.

Investment Processing. ‌ The parties understand that errors happen in processing a retirement plan’s transactions. It is PCS’s policy that utmost care be taken in the handling and execution of trade orders and other transactions. However, errors may occur, including: • orders in amounts in excess of, or less than, the amount PCS was Instructed to trade; • orders to sell or redeem an Investment when it should have been purchased; • orders to purchase an Investment when it should have been sold or redeemed; • orders for the wrong Investment; or • orders contrary to investment restrictions, limitations, or investment policies. In correcting errors, the following principles apply: • For a single error caused by a Person other than PCS, PCS may seek reimbursement or monetary compensation from the service provider or other Person that caused the error, in an effort to minimize any loss. In determining the appropriate action to be taken, PCS may take into account the limitations placed upon its staff and other resources in connection with providing services to the affected plans on an ongoing basis, as well as other operating responsibilities. The determination of the action, if any, to be taken in connection with any such error may be made on a case-by-case basis. • For any single error caused by PCS that results in a loss, PCS will generally attempt to correct such error and to place the Plan in the same position as it would have been in but for the error. PCS will bear the costs, expenses, or losses associated with such an error. • For any single error caused by PCS that results in a gain, PCS will generally retain such gains as a component of PCS’s compensation for transaction processing services, including PCS’s agreement to make the Plan whole for any losses associated with PCS’s errors. • For multiple errors caused by PCS that result in a mix of losses and gains to the Plan, PCS will generally attempt to correct such errors and to put the Plan in the same position as it would have been in but for the errors. In correcting such errors, PCS may net any gains against the costs, expenses, and other losses of correcting the errors and losses to the Plan. To the extent that any such costs, expenses, and losses exceed any such gains, PCS bears the excess costs, expenses, and losses associated with the error correction. However, PCS will not net gains against the costs and expenses of correcting the errors and losses across multiple plans. These principles provide general guidance. Exceptions may be warranted in particular circumstances.