Plan Sponsor Responsibilities Sample Clauses
Plan Sponsor Responsibilities a. Plan Sponsor is responsible for timely providing all information that Plan Sponsor and Nationwide mutually agree is necessary for Nationwide to perform the Administrative Services under this Agreement.
b. Plan Sponsor is responsible for timely providing updated information regarding Plan participants.
c. Plan Sponsor is responsible for ensuring that the provided information is accurate and complete. Nationwide is entitled to rely exclusively on the information provided by the Plan Sponsor or the Plan Sponsor’s advisors, whether oral or in writing, and will have no responsibility to independently verify the accuracy of that information.
d. Plan Sponsor acknowledges that inaccurate or late information could result in tax penalties, participant/beneficiary legal claims, or both. Nationwide assumes no responsibility for, and will not have any liability for, any consequences that result from Nationwide’s inability to complete its work in the ordinary course of its business due to the failure of the Plan Sponsor to provide accurate and timely information to Nationwide.
e. Plan Sponsor agrees to be responsible for all maximum deferral limit testing for this Plan.
Plan Sponsor Responsibilities. Plan Sponsor acknowledges that Empower cannot effectively perform the Services without Plan Sponsor’s cooperation. Accordingly, Plan Sponsor acknowledges and agrees that it will fulfill the following duties and obligations:
Plan Sponsor Responsibilities. Ensure the Plan document and any applicable state/local law allows for loans to be administered in accordance with the terms of this Loan Program. • The Plan Sponsor will inform the Contractor of the any change to the provisions of the Loan Program (and thus the criteria for approving loans under the Plan) as identified in this Schedule. • Establish payroll deduction of loan repayment amount for each participant with an approved loan. • Remit loan repayment amounts via the payroll submission tool being utilized by the Plan Sponsor on behalf of each active participant with an approved loan. The data provided is to include the loan identifier and repayment amount. • Notify the Contractor of any participant with an outstanding loan who begins a leave of absence, either bona fide (for a period of not more than one year) or due to uniformed service (military duty) and for whom suspension of loan repayments will apply. The data provided is to include the type of leave, the start date and the end date.
Plan Sponsor Responsibilities