Correction principles Sample Clauses
Correction principles. Generally, a failure is not corrected unless full correction is made with respect to all participants and beneficiaries, and for all taxable years (whether or not the taxable year is closed). Even if correction is made for a closed taxable year, the tax liability associated with that year will not be redetermined because of the correction. Correction is determined taking into account the terms of the plan at the time of the failure. Correction should be accomplished taking into account the following principles:
Correction principles. Generally, a failure is not corrected unless full correc- tion is made with respect to all partici- pants and beneficiaries, and for all tax- able years (whether or not the taxable year is closed). Even if correction is made for a closed taxable year, the tax liability associated with that year will not be rede- termined because of the correction. In the case of a Qualified Plan with an Opera- tional Failure, correction is determined taking into account the terms of the plan at the time of the failure. Correction should be accomplished taking into account the following principles: