Common use of Audit CAP Clause in Contracts

Audit CAP. Audit CAP is available for Qualified Plans, 403(b) Plans, SEPs and SIMPLE IRA Plans for correction of all failures found on examination that have not been corrected in accordance with SCP or VCP.

Appears in 7 contracts

Samples: Revenue Procedure, Revenue Procedure, Revenue Procedure

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Audit CAP. Unless otherwise provided, Audit CAP is available for Qualified Plans, 403(b) Plans, SEPs SEPs, and SIMPLE IRA Plans for correction of all failures found on examination that have not been corrected in accordance with SCP or VCP. Audit CAP also provides general procedures for the correction of participant loans that did not comply with the requirements of § 72(p)(2).

Appears in 4 contracts

Samples: Closing Agreements, Revenue Procedure, Revenue Procedure

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