VCR Clause Samples

VCR. The VCR program enables a sponsor of a Qualified Plan to voluntarily disclose to the Service Operational Failures it has discovered in its plans and to pay a fixed fee to the Service. The provisions of VCR are modified to: • grant, in appropriate cases, a waiver of the excise tax under §4974 for minimum required distribution failures that are corrected by the Plan Sponsor under VCR; • amplify the permissible correction methods under the Standardized VCR Program (SVP) (see Appendix A and Appendix B of this revenue procedure); and • clarify that sponsors may use Walk-in CAP for interrelated VCR and Walk-in CAP failures.