OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, an Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his or her Employer for the Plan Year has been made, the Employer shall make any such correction regarding the Employee’s eligibility under one of the IRS approved correction programs.
Appears in 11 contracts
Samples: Prototype Defined Contribution Plan (1st Constitution Bancorp), Prototype Defined Contribution Plan (Wellesley Bancorp, Inc.), Prototype Defined Contribution Plan (Savannah Bancorp Inc)
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, an Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his or her Employer for the Plan Year has been made, the Employer shall make any such correction regarding the Employee’s eligibility under one of the IRS approved correction programs.
Appears in 4 contracts
Samples: Prototype Defined Contribution Plan (United Community Bancorp), Prototype Defined Contribution Plan (FNB United Corp.), Century Bancorp Inc
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, an Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his or her Employer for the Plan Year has been made, the Employer shall make any such correction regarding the Employee’s eligibility under one in accordance with the requirements of the IRS approved correction programsappropriate Employee Plans Compliance Resolution System (EPCRS) program.
Appears in 2 contracts
Samples: Prototype Defined Contribution Plan, Prototype Defined Contribution Plan
