Common use of Participant Responsibility Clause in Contracts

Participant Responsibility. The Participant shall be responsible for ensuring that any rollover contribution or transfer of assets pursuant to this Article 3.10 of this Appendix is a proper rollover contribution or transfer of assets under the Code that is excludable from the Participant’s gross income and does not constitute an excess contribution under section 4973 of the Code. Neither the Master Custodial Administration Agreement Administrator, the Custodian, and/or Plan Administrator, nor any affiliate of either the Custodian or the Plan Administrator or any affiliate of the Master Custodial Administration Agreement Administrator or Administration Firm, shall be responsible for any adverse tax consequences that may result to the Participant should any rollover contribution or transfer of assets duly authorized by the Participant be determined not to constitute a proper rollover contribution or transfer of assets under the Code.