Common use of Special rules relating to VCO Clause in Contracts

Special rules relating to VCO. (1) Under VCP, Operational Failures in a Qualified Plan may be corrected under the VCO rules in this subsection. VCO is available only if the plan’s identified failures are all Operational Failures and only if the plan has a Favorable Letter.

Special rules relating to VCO. (1) Under VCP, Operational Failures in a Qualified Plan may be corrected under the VCO rules in this subsection. VCO is available only if the plan’s identified failures fail- ures are all Operational Failures and only if the plan has a Favorable Letter.