Common use of VCP and Audit CAP Clause in Contracts

VCP and Audit CAP. (i) A determination letter application is required for a determination of whether the plan document, including the corrective amendment, complies with the qualification requirements of § 401(a) if the Plan Sponsor submits the failure under VCP or corrects the failure under Audit CAP during an on-cycle year or in connection with a plan termination. An “on-cycle year” means the last 12 months of the plan’s remedial amendment cycle set forth in Rev. Proc. 2007-44.