Common use of Plan Amendment Correction Method Clause in Contracts

Plan Amendment Correction Method. The Operational Failure of including an ineligible employee in the plan who has not completed the plan’s minimum age or service requirements may be corrected under VCP and SCP by using the plan amendment correction method set forth in this paragraph. The plan is amended retroactively to change the eligibility provisions to provide for the inclusion of the ineligible employee to reflect the plan’s actual operations. This paragraph does not apply unless (i) the amendment satisfies □ 401(a) at the time it is adopted, (ii) the amendment would have satisfied □ 401(a) had the amendment been adopted at the earlier time when it is effective, and (iii) the employees affected by the amendment are predominantly nonhighly compensated employees.

Plan Amendment Correction Method. The Operational Failure of including an ineligible employee in the plan who has not completed the plan’s minimum age or service requirements may be corrected under VCP and SCP by using the plan amendment correction method set forth in this paragraph. The plan is amended retroactively to change the eligibility provisions to provide for the inclusion of the ineligible employee to reflect the plan’s actual operations. This paragraph does not apply unless The amendment may change the eligibility provisions with respect to only those ineligible employees that were wrongly included, and only to those ineligible employees, provided (i) the amendment satisfies □ 401(a) at the time it is adopted, (ii) the amendment would have satisfied □ 401(a) had the amendment been adopted at the earlier time when it is effective, and (iii) the employees affected by the amendment are predominantly nonhighly compensated employees.

Plan Amendment Correction Method. The Operational Failure of including an ineligible employee in the plan who has not completed the plan’s minimum age or service requirements may be corrected under VCP and SCP by using the plan amendment correction method set forth in this paragraph. The plan is amended retroactively to change the eligibility provisions to provide for the inclusion of the ineligible employee to reflect the plan’s actual operations. This paragraph does not apply unless The amendment may change the eligibility provisions with respect to only those ineligible employees that were wrongly included, and only to those ineligible employees, provided (i) the amendment satisfies □  401(a) at the time it is adopted, (ii) the amendment would have satisfied □  401(a) had the amendment been adopted at the earlier time when it is effective, and (iii) the employees affected by the amendment are predominantly nonhighly compensated employees.

Plan Amendment Correction Method. The Operational Failure of including an ineligible employee in the plan who has not completed the plan’s minimum age or service requirements may be corrected under VCP and SCP by using the plan amendment correction method set forth in this paragraph. The plan is amended retroactively to change the eligibility provisions to provide for the inclusion of the ineligible employee to reflect the plan’s actual operations. This paragraph does not apply unless The amendment may change the eligibility provisions with respect to only those ineligible employees that were wrongly included, and only to those ineligible employees, provided (i) the amendment satisfies □ . 401(a) at the time it is adopted, (ii) the amendment would have satisfied □ . 401(a) had the amendment been adopted at the earlier time when it is effective, and (iii) the employees affected by the amendment are predominantly nonhighly compensated employees.