Correction by plan amendment Sample Clauses
The "Correction by plan amendment" clause allows for errors or issues within a plan—such as a retirement or benefits plan—to be rectified by formally amending the plan's terms. In practice, this means that if a mistake is discovered, the plan sponsor can update the plan document to correct the error, provided the amendment complies with applicable laws and regulations. This approach ensures that the plan remains compliant and operates as intended, offering a structured method to address and resolve discrepancies or oversights without invalidating the entire plan.
Correction by plan amendment. In order to complete correction by plan amendment (as permitted under section 4.05), the appropriate determination letter application must be submitted before the end of the plan’s applicable remedial amendment period described in Rev. Proc. 2007-44.
Correction by plan amendment. In any case in which correction of a Qualified Plan failure includes correction of a Plan Document Failure or correction of an Operational Failure by plan amendment as permitted under section 4.06, other than adoption of a model amendment or a standardized or prototype plan, the amendment must be submitted to the Service for approval under the appropriate application form (i.e., Form 5300 series or Form 6406) to ensure that the amendment satisfies applicable qualification requirements.
Correction by plan amendment. In order to complete correction by plan amendment (as permitted under section 4.06) during the correction period, the appropriate application (i.e., the Form 5300 series or Form 6406) must be submitted before the end of the correction period. .04 Substantial completion of correction. Correction of an Operational Failure is substantially completed by the last day of the correction period only if the requirements of either paragraph (1) or
Correction by plan amendment. In a case in which correction of a Qualification Failure includes correction of a Plan Document Failure, Demographic Failure, or Operational Failure by plan amendment, a determination letter application may be required. See section 4.06.
Correction by plan amendment. In order to complete correction by plan amendment (as permitted under section 4.05) during the correction period, the appropriate application (i.e., the Form 5300 series or Form 6406) must be submitted before the end of the correction period. .04 Substantial completion of correction. Correction of an Operational Failure is substantially completed by the last day of the correction period only if the requirements of either paragraph (1) or (2) are satisfied.
(1) The requirements of this paragraph (1) are satisfied if:
(a) during the correction period, the Plan Sponsor is reasonably prompt in identifying the Operational Failure, formulating a correction method, and initiating correction in a manner that demonstrates a commitment to completing correction of the Operational Failure as expeditiously as practicable, and
(b) within 90 days after the last day of the correction period, the Plan Sponsor completes correction of the Operational Failure.
(2) The requirements of this paragraph (2) are satisfied if:
(a) during the correction period, correction is completed with respect to 85 percent of all participants affected by the Operational Failure, and
(b) thereafter, the Plan Sponsor completes correction of the Operational Failure with respect to the remaining affected participants in a diligent manner.
Correction by plan amendment. In a case in which correction of a Qualification Failure includes correction of a Plan Document Failure or Demographic Failure, or an Operational Failure by plan amendment, as permitted under section 4.05, other than the adoption of an amendment designated by the Service as a model amendment or the adoption of a prototype or volume submitter plan for which the Plan Sponsor has reliance on the plan’s opinion or advisory letter as provided in Rev. Proc. 2003-6, 2003-1 I.R.B. 191, the amendment must be submitted to the Service (see section 11.11 for the VCP mailing address) for approval under the appropriate application form (i.e., Form 5300 series or Form 6406) to ensure that the amendment satisfies applicable qualification requirements.
Correction by plan amendment. In order to complete correction by plan amendment (as permitted under section 4.06) during the correction period, the appropriate application (i.e., the Form 5300 series or Form 6406) must be sub- mitted before the end of the correction period.
Correction by plan amendment. In any case in which correction of a Quali- fied Plan failure includes correction of a Plan Document Failure or correction of an Operational Failure by plan amend- ment as permitted under section 4.06, other than adoption of a model amend- ment or a standardized prototype plan, the amendment must be submitted to the Ser- vice for approval under the appropriate application form (i.e., Form 5300 series or Form 6406) to ensure that the amend- ment satisfies applicable qualification requirements.