TRUSTEE OR CUSTODIAN Clause Samples
The 'Trustee or Custodian' clause defines the role and responsibilities of a party appointed to hold and manage assets on behalf of others, typically beneficiaries or account holders. In practice, this clause outlines the authority of the trustee or custodian to safeguard assets, execute transactions, and act in accordance with the terms of the agreement or trust. It may specify reporting duties, investment powers, and standards of care required. The core function of this clause is to ensure that assets are managed responsibly and securely, protecting the interests of beneficiaries and providing a clear framework for asset administration.
TRUSTEE OR CUSTODIAN. 5.01 CREATION OF FUND By adopting this Plan, the Employer establishes the Fund which shall consist of the assets of the Plan held by the Trustee (or Custodian, if applicable) pursuant to this Section 5. Assets within the Fund may be pooled on behalf of all Participants, earmarked on behalf of each Participant or be a combination of pooled and earmarked. To the extent that assets are earmarked for a particular Participant, they will be held in a Separate Fund for that Participant. No part of the corpus or income of the Fund may be used for, or diverted to, purposes other than for the exclusive benefit of Participants or their Beneficiaries.
TRUSTEE OR CUSTODIAN. Option A: [ ] Financial Organization as Trustee or Custodian Check One: [ ] Custodian, [ ] Trustee without full trust powers, or [ ] Trustee with full trust powers Financial Organization _________________________________________________________ Signature ______________________________________________________________________ Type Name ______________________________________________________________________ Collective or Commingled Funds List any collective or commingled funds maintained by the financial organization Trustee in which assets of the Plan may be invested (Complete if applicable). ________________________________________________________________________________ ________________________________________________________________________________ Option B: [ ] Individual Trustee(s) Signature ___________________________ Signature _____________________________ Type Name ___________________________ Type Name _____________________________ Signature ___________________________ Signature _____________________________ Type Name ___________________________ Type Name _____________________________ 'c' 1996 Universal Pensions, Inc., Brainerd, MN 56401
TRUSTEE OR CUSTODIAN. A trustee or custodian satisfying the requirements of Code §408(a)(2) must hold Designated IRA Contributions Accounts. If the Trustee holding the Designated IRA Contribution assets is a non-bank trustee, the Trustee, upon receipt of notice from the Commissioner of Internal Revenue that substitution is required because the Trustee has failed to comply with the requirements of Treas. Reg. §1.408-2(e), will substitute another trustee in its place.
TRUSTEE OR CUSTODIAN. OPTION A: / / Financial Organization as Trustee or Custodian CHECK ONE: / / Custodian, / / Trustee without full trust powers, or / / Trustee with full trust powers Financial Organization___________________________________________________ Signature _______________________________________________________________ Type Name _______________________________________________________________ COLLECTIVE OR COMMINGLED FUNDS List any collective or commingled funds maintained by the financial organization Trustee in which assets of the Plan may be invested (Complete if applicable).___________________________________________________________
TRUSTEE OR CUSTODIAN. A trustee or custodian satisfying the requirements of Code §408(a)(2) must hold Designated ▇▇▇ Contributions Accounts. If the Trustee holding the Designated ▇▇▇ Contribution assets is a non‑bank trustee, the Trustee, upon receipt of notice from the Commissioner of Internal Revenue that substitution is required because the Trustee has failed to comply with the requirements of Treas. Reg. §1.408‑2(e), will substitute another trustee in its place.
TRUSTEE OR CUSTODIAN. OPTION A: [X] Financial Organization as Trustee or Custodian CHECK ONE: [ ] Custodian, [X] Trustee without full trust powers or, [ ] Trustee with full trust powers Financial Organization SEE ATTACHED ADDENDUM ----------------------------------------------------------------------------------------------------------- Signature ------------------------------------------------------------------------------------------------------------------------- Type Name ------------------------------------------------------------------------------------------------------------------------- COLLECTIVE OR COMMINGLED FUNDS List any collective or commingled funds maintained by the financial organization Trustee in which assets of the Plan may be invested (Complete if applicable). COLLECTIVE TRUST FUNDS OF SALOMON SMITH BARNEY AND/OR THE TRAVELERS --------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------ OPTION B: [ ] Individual Trustee(s) Signature Signature ------------------------------------------------------- ----------------------------------------------------- Type Name Type Name ------------------------------------------------------- ----------------------------------------------------- Signature Signature ------------------------------------------------------- ----------------------------------------------------- Type name Type name ------------------------------------------------------- -----------------------------------------------------
TRUSTEE OR CUSTODIAN. Option A: (o) Financial Organization as Trustee or Custodian Check One: ( ) Custodian, (o) Trustee without full trust powers, or ( ) Trustee with full trust powers Financial Organization INVESTORS BANK & TRUST -------------------------------------------------------- Signature ▇▇▇▇▇▇ ▇▇▇▇▇, AS AGENT FOR INVESTORS BANK & TRUST, TRUSTEE -------------------------------------------------------------------- Type name -------------------------------------------------------------------- COLLECTIVE OR COMMINGLED FUNDS List any collective or commingled funds maintained by the financial organization Trustee in which assets of the Plan may be invested (Complete if applicable). -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Option B: ( ) Individual Trustee(s) Signature: Signature --------------------------- -------------------------- Type Name Type Name --------------------------- -------------------------- Signature Signature --------------------------- -------------------------- Type Name Type Name --------------------------- -------------------------- -------------------------------------------------------------------------------- SECTION 21 RELIANCE -------------------------------------------------------------------------------- An employer who has ever maintained or who later adopts any plan (including a welfare benefit fund, as defined in Section 419(e) of the Code, which provides post-retirement medical benefits allocated to separate accounts for key employees, as defined in Section 419A(d)(3) of the Code, or an individual medical account, as defined in Section 415(1)(2) of the Code) in addition to this Plan (other than a paired standardized money purchase pensions plan using the same Basic Plan Decumbent as this Plan) may not rely on the opinion letter issued by the National Office of the Internal Revenue Service as evidence that this Plan is qualified under Section 401 of the Internal Revenue Code. If the Employer who adopts or maintains multiple plans wishes to obtain reliance that his or her plan(s) are qualified, application for a determination letter should be made to the appropriate Key District Director or Internal Revenue. The Employer may not rely on the opinion letter issued by the National Office of the Internal Revenue Service as evidence that this Plan is qualified under Section 401 of the Code unless the terms of the Plan, as herein a...
TRUSTEE OR CUSTODIAN. Option A: [X] Financial Organization as Trustee or Custodian
TRUSTEE OR CUSTODIAN. Option A: ý Financial Organization as Trustee or Custodian Check One: o Custodian ý Trustee without full trust powers, or o Trustee with full trust powers Financial Organization See attached addendum Signature Type Name List any collective or commingled funds maintained by the financial organization Trustee in which assets of the Plan may be invested (Complete if applicable). Collective trust funds of ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ and/or the Travelers. Option B: o Individual Trustee(s) Signature Signature Type Name Type Name Signature Signature Type Name Type Name
TRUSTEE OR CUSTODIAN. Option A: [X] Financial Organization as Trustee or Custodian /s/ G ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Check One: [_] Custodian, [X]Trustee without full trust powers, or [_] Trustee with full trust powers Financial Organization ▇▇▇▇▇ ▇▇▇▇▇▇ Corporate Trust Company ------------------------------------ Signature Type Name Collective or Commingled Funds List any collective or commingled funds maintained by the financial organization Trustee in which assets of the Plan may be invested: (Complete if applicable) Collective trust funds of ▇▇▇▇▇ ▇▇▇▇▇▇ and The ---------------------------------------------- Travelers. ---------- Option B: [_] Individual Trustee(s) Signature Signature Type Name Type Name Signature Signature Type Name Type Name Page 18