Examples of Authority or Discretion in a sentence
Each such delegation will either (i) if it relates to an individual employed by an Employer, specify the delegated person by name or by office and describe the Authority or Discretion delegated to such individual, or (ii) use a Benefit Agreement with such person as a means for specifying the Authority or Discretion delegated to such person.
A permissible delegation of Authority or Discretion which is not implemented in the manner set forth herein will not be void; however, whether the delegating Named Fiduciary will have joint liability for acts of such person will be determined by applicable law.
Each Fiduciary will perform (or fail to perform) its Authority or Discretion with respect to the Plan or Trust as an independent contractor and not as an agent of the Plan, any Employer, the Trust, the Administrative Committee or the Investment Committee.
The Authority or Discretion any person who is properly delegated fiduciary responsibilities hereunder may have is several and not joint with each other fiduciary, including the delegating Named Fiduciary.
The Investment Committee will not be a Named Fiduciary whenever it acts as the Plan Sponsor and, notwithstanding any other term or provision of the Plan, Trust or any Administrative Services Agreement, the Investment Committee will cease to be a Named Fiduciary with respect to any specified portion of Authority or Discretion, to the extent such Authority or Discretion has been identified or allocated to another Named Fiduciary pursuant to the procedure in the Plan or Trust.
The Investment Committee acting as a Named Fiduciary, subject to subparagraph (2) hereof, has all the Authority or Discretion of a Named Fiduciary as set forth in the Trust.
No person to whom Authority or Discretion has been properly allocated must consent to being a Fiduciary nor will it be necessary for the allocating Named Fiduciary to seek such person’s acquiescence; however, where such person has not signed a contract, the person must be given notification of the services to be performed and agree to perform, or perform, such services.
Subject to Section 13.1(g)(4), the Designated Officer acting as the Company may allocate Authority or Discretion, other than trustee responsibilities described in Section 405(c)(3) of ERISA, to a Named Fiduciary when it identifies such Named Fiduciary in the manner described in Section 13.1(e).
The Authority or Discretion which a Named Fiduciary identified hereunder may have, is several and not joint with the Administrator or Investment Committee or any other Named Fiduciary and the identification of such Named Fiduciary will result in the Administrator or Investment Committee or other Named Fiduciary no longer being a Named Fiduciary with respect to, nor having any longer, such Authority or Discretion.
A permissible allocation of Authority or Discretion which is not implemented in the manner set forth herein will not be void; however, whether the allocating Named Fiduciary will have joint liability for acts of such person will be determined by applicable law.