Authority or Discretion definition

Authority or Discretion means(a) the authority, control or discretion with respect to the Plan or Trust which is identified or allocated to a Named Fiduciary under the terms of the Plan or Trust or a procedure in the Plan, or (b) the exercise of such authority, control or discretion by a Named Fiduciary.
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Authority or Discretion means, with respect to a Fiduciary, (a) the authority or control or the exercise thereof, or (b) the discretion or the exercise thereof, which, in either case or in both cases, makes a person a Fiduciary.
Sample 1

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.

Related to Authority or Discretion

  • Authority Board means the board of directors of the state authority appointed under section 16.

  • Approving Authority means a government (federal, provincial or municipal), governmental agency, Crown corporation, or quasi-governmental authority (a privately operated organization exercising authority delegated by legislation or a government).

  • Issuing authority means the authorized representative of the department of the City who issued the solicitation.

  • Franchising Authority means "franchising authority" within the meaning of Section 602(9) of the Communications Act.

  • Governing authority means the local legislative authority

  • Requesting Authority means the Authority making a request under this MoU.

  • Contracting Authority means any contracting authority as defined in Regulation 3 of the Public Contracts Regulations 2006.

  • Funding Authority means the body awarding the grant for the Project.

  • Authority means any governmental, regulatory or administrative body, agency or authority, any court or judicial authority, any arbitrator, or any public, private or industry regulatory authority, whether international, national, Federal, state, or local.

  • Regulatory Body means those government departments and regulatory, statutory and other entities, committees, ombudsmen and bodies which, whether under statute, rules, regulations, codes of practice or otherwise, are entitled to regulate or investigate the matters dealt with in this Agreement or any other affairs of the Provider or the Department, including, without limitation Ofsted, the European Commission and the European Court of Auditors;

  • Appointing authority means the head of an employing unit authorized by ordinance or City Charter to employ others on behalf of the City, or a designated management representative. The term includes and can be used interchangeably with department head, department director, superintendent, and chief.

  • Permitting authority means the Iowa department of natural resources or the director thereof.