Participant and Beneficiary Responsibility Sample Clauses

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. 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 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 00-00-000 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 that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, 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) each of the Lenders and their Affiliates 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) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of 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 no Lender or any of its Affiliates 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 each of the Lenders and their Affiliates 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 Employees shall be in their respective assigned working locations, ready to commence work at their designated starting times, and they shall not leave their working locations at times or in a manner inconsistent with the terms of this Agreement.

  • 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.

  • Plan Administrator Duties The Plan Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with this Agreement to the extent the exercise of such discretion and authority does not conflict with Code Section 409A.

  • Participant Responsibilities The SFS scholarship participant agrees to the following:

  • Employee Responsibility (02) The Union and the employees agree that employees share responsibility for their safety and health and agree to cooperate fully with the Employer on all matters of health and safety. In order to maintain a cooperative interest in safety, employees will inform management as soon as practical of all injuries resulting from accidents occurring in the work place.

  • Family Responsibility Leave An employee is entitled to up to 5 days of unpaid leave during each employment year to meet responsibilities related to:

  • Employee Responsibilities 1. Employees are responsible for notifying their department of an absence prior to the commencement of their work shift or as soon thereafter as possible. Notification shall include the reason and possible duration of the absence.

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