Assumptions for Examples Sample Clauses
Assumptions for Examples. Unless otherwise specified, for ease of presentation, the examples assume that:
(1) the plan year and the § 415 limitation year are the calendar year;
(2) the employer maintains a single plan intended to satisfy § 401(a) and has never maintained any other plan;
(3) in a defined contribution plan, the plan provides that forfeitures are used to reduce future employer contributions;
(4) the Qualification Failures are Operational Failures and the eligibility and other requirements for SCP, VCP or Audit CAP, whichever applies, are satisfied; and
(5) there are no Qualification Failures other than the described Operational Failures, and if a corrective action would result in any additional Qualification Failure, appropriate corrective action is taken for that additional Qualification Failure in accordance with EPCRS.
Assumptions for Examples. Unless otherwise specified, for ease of presenta- tion, the examples assume that:
(1) the plan year and the § 415 limi- tation year are the calendar year;
(2) the employer maintains a single plan intended to satisfy § 401(a) and has never maintained any other plan;
(3) in a defined contribution plan, the plan provides that forfeitures are used to reduce future employer contributions;
(4) the Qualification Failures are Operational Failures and the eligibility and other requirements for APRSC, VCR, Walk-in CAP, or Audit CAP, whichever applies, are satisfied; and
(5) there are no Qualification Fail- ures other than the described Operational Failures, and if a corrective action would result in any additional Qualification Fail- ure, appropriate corrective action is taken for that additional Qualification Failure in accordance with EPCRS.