Common use of Responsibility to Correct Excess Deferrals Clause in Contracts

Responsibility to Correct Excess Deferrals. The Participant and the Plan Administrator shall be responsible for timely allocating any excess deferrals to the Account and timely providing the Master Custodial Administration Agreement Administrator written instructions to instruct the Custodian to remove the excess in accordance with the procedures described above. Neither the Master Custodial Administration Agreement Administrator nor the Custodian nor any affiliate of the Custodian shall have any responsibility for determining whether any contributions to the Account constitute excess deferrals as described in Section 402(g)(2)(A) of the Code or ensuring that any excess deferrals are timely allocated to the Account and distributed to the Participant in accordance with the procedures of Section 402(g)(2)(A) of the Code and the regulations thereunder.

Responsibility to Correct Excess Deferrals. The Participant and the Plan Administrator shall be responsible for timely allocating any excess deferrals to the Account and timely providing the Master Custodial Administration Agreement Administrator written instructions to instruct the Custodian to remove the excess in accordance with the procedures described above. Neither the Master Custodial Administration Agreement Administrator nor the Custodian nor any affiliate of the Custodian shall have any responsibility for determining whether any contributions to the Account constitute excess deferrals as described in Section 402(g)(2)(A457(b) of the Code or ensuring that any excess deferrals are timely allocated to the Account and distributed to the Participant in accordance with the procedures of Section 402(g)(2)(A457(b) of the Code and the regulations thereunder.