Common use of Financial Institution Where XXX Is Established To Provide Information Clause in Contracts

Financial Institution Where XXX Is Established To Provide Information. The financial institution must provide you with a disclosure statement that contains the following items of information in plain nontechnical language: 1. The statutory requirements that relate to the XXX; 2. The tax consequences that follow the exercise of various options and what those options are; 3. Participation eligibility rules, and rules on the deductibility and nondeductibility of retirement savings; 4. The circumstances and procedures under which you may revoke the XXX, including the name, address, and telephone number of the person designated to receive notice of revocation (this explanation must be prominently displayed at the beginning of the disclosure statement); 5. Explanations of when penalties may be assessed against you because of specified prohibited or penalized activities concerning the XXX; and 6. Financial disclosure information which: (a) Either projects value growth rates of the XXX under various contribution and retirement schedules, or describes the method of computing and allocating annual earnings and charges which may be assessed; (b) Describes whether, and for what period, the growth projections for the plan are guaranteed, or a statement of earnings rate and terms on which these projections are based; and (c) States the sales commission to be charged in each year expressed as a percentage of $1,000. See Publication 590, "Individual Retirement Arrangements," which is available at most IRS offices, for a more complete explanation of the disclosure requirements. In addition to the disclosure statement, the financial institution is required to provide you with a financial statement each year. It may be necessary to retain and refer to statements for more than one year in order to evaluate the investment performance of your XXX and in order that you will know how to report XXX distributions for tax purposes. Individual Retirement Custodial Account Agreement IRS Approval Serial Number D110849b By signing the Application, you establish an Individual Retirement Custodial Account sponsored by The Dreyfus Corporation ("we" or "us") and The Dreyfus Trust Company (the "Custodian"), by countersigning the Application, accepts the Custodianship upon the following conditions. You intend this account ("Account") be administered and this Agreement be interpreted to qualify at all times as an Individual Retirement Account ("XXX") under section 408 of the Internal Revenue Code of 1986, as amended (the "Code"). The Account is established for the exclusive benefit of you and your designated beneficiary ("Beneficiary"), and solely for the purpose stated in this Agreement. Your interest in the Account shall at all times be nonforfeitable.