Common use of Correction by plan amendment Clause in Contracts

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 order to complete correction by plan amendment (as permitted under section 4.054.06)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.