FIS - Relius Indemnification Clauses

[D.J. Simonetti]

Has anyone death with the indemnification clauses that have been added to the plan checklists that require the customer (not the adopting employer) to indemnify Relius in the event Relius fails to notify the customer of required amendments? If you use Relius and haven't seen this language, pull up a checklist and see Section 3.

[Larry Starr]

10 hours ago, D.J. Simonetti said:

Has anyone death with the indemnification clauses that have been added to the plan checklists that require the customer (not the adopting employer) to indemnify Relius in the event Relius fails to notify the customer of required amendments? If you use Relius and haven't seen this language, pull up a checklist and see Section 3.

What kind of document checklist are you talking about?  Are you applying this to the volume submitter document checklist? Now I'll take a look at our checklists tomorrow to see if I can find what you are talking about (I did read all that new intro stuff when the checklists were last changed but don't remember having any issues with anything there.  In any case, if I was Relius, I would make the same statement.  It is NOT their REQUIRED responsibility to notify the admin firm that is doing the document of required amendments, though they routinely do so of course.  But if they miss one, it is the responsibility of the admin firm to know the rules and not to rely on Relius and just be dumb.  Because, of course, that is the role of most brokerage firms that do plan docs!?

[D.J. Simonetti]

The checklist is the one used to prepare a volume submitter cash balance plan. I'll email you a copy of the first page that contains the indemnifications.