Common use of General description of compliance statement Clause in Contracts

General description of compliance statement. The compliance statement issued for a VCP submission addresses the failures identified, the terms of correction, including any revision of administrative procedures, and the time period within which proposed corrections must be implemented, including any changes in administrative procedures. The compliance statement also provides that the Service will not treat the plan as failing to satisfy the applicable requirements of the Code on account of the failures described in the compliance statement if the conditions of the compliance statement are satisfied. Unless a determination letter application is included with a VCP submission for an on-cycle or terminating plan in accordance with section 4.06, with respect to a failure to amend a plan timely for (a) good faith plan amendments for the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16 (EGTRRA), within the period described in Notice 2001-42 including those changes listed in Notice 2005-5, (b) plan amendments for the final and temporary regulations under § 401(a)(9) as they appeared in the April 1, 2003, edition of 26 CFR Part 1 (the § 401(a)(9) final and temporary regulations) within the period described in Rev. Proc. 2002-29 as modified by Rev. Proc. 2003-10, and (c) interim amendments as provided in section 5 of Rev. Proc. 2005-66, the issuance of a compliance statement will result in the corrective amendments being treated as if they had been adopted timely for the purpose of determining the availability of the remedial amendment period currently described in Rev. Proc. 2005-66. However, the issuance of such a compliance statement will not constitute a determination as to whether the plan amendment as drafted complies with the change in qualification requirement. Where current procedures are inadequate for operating the plan in conformance with the applicable requirements of the Code, the compliance statement will be conditioned upon the implementation of stated administrative procedures. The Service may prescribe appropriate administrative procedures in the compliance statement.

General description of compliance statement. The compliance statement issued for a VCP submission addresses the failures identified, the terms of correction, including any revision of administrative procedures, and the time period within which proposed corrections must be implemented, including any changes in administrative procedures. The compliance statement also provides that the Service will not treat the plan as failing to satisfy the applicable requirements of the Code on account of the failures described in the compliance statement if the conditions of the compliance statement are satisfied. Unless a determination letter application is included with a VCP submission for an on-cycle or terminating plan in accordance with section 4.06, with With respect to a failure to amend a plan timely for (a) good faith plan amendments for the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16 (EGTRRA), within the period described in Notice 2001-42 including those changes listed in Notice 2005-5, (b) plan amendments for the final and temporary regulations under § 401(a)(9) as they appeared in the April 1, 2003, edition of 26 CFR Part 1 (the § 401(a)(9) final and temporary regulations) within the period described in Rev. Proc. 2002-29 as modified by Rev. Proc. 2003-10, and (c) interim amendments as provided in section 5 of Rev. Proc. 2005-66, the issuance of a compliance statement will result in the corrective amendments being treated as if they had been adopted timely for the purpose of determining the availability of the remedial amendment period currently described in Rev. Proc. 2005-66. However, the issuance of such a compliance statement will not constitute a determination as to whether the plan amendment as drafted complies with the change in qualification requirement. Where current procedures are inadequate for operating the plan in conformance with the applicable requirements of the Code, the compliance statement will be conditioned upon the implementation of stated administrative procedures. The Service may prescribe appropriate administrative procedures in the compliance statement.