Common use of Testing Responsibilities and Required Records Clause in Contracts

Testing Responsibilities and Required Records. The Administrative Committee shall be responsible for ensuring that the Plan meets the ADP Test and the ACP Test and that the Contribution Dollar Limit is not exceeded. In carrying out its responsibilities, the Administrative Committee shall have sole discretion to limit or reduce Deferrals or Contributions at any time. The Administrative Committee shall maintain records which are sufficient to demonstrate that the ADP Test and the ACP Test have been met for each Plan Year for at least as long as the Employer’s corresponding tax year is open to audit.