Favorable Letter means, in the case of a Qualified Plan, a current favorable determination letter for an individually designed plan (including a volume submitter plan that is not identical to an approved volume submitter plan), a current favorable opinion letter for a Plan Sponsor that has adopted a master or prototype plan, (standardized or nonstandardized), or a current favorable advisory letter and certification that the Plan Sponsor has adopted a plan that is identical to an approved volume submitter plan. A plan has a current favorable determination letter, opinion letter, or advisory letter if (a), (b), (c), or (d) below is satisfied:
Favorable Letter means, in the case of a Qualified Plan, a current favorable determination letter for an individually designed plan (including a volume submitter plan that is not identical to an approved volume submitter plan), a current favorable opinion letter for a Plan Sponsor that has adopted a master or prototype plan, (standardized or nonstandardized), or a current favorable advisory letter and certification that the Plan Sponsor has adopted a plan that is identical to an approved volume submitter plan. A plan has a current favorable determination letter, opinion letter, or advisory letter if (a), (b), (c), (d), (e), (f), (g), or (h) below is satisfied:
Favorable Letter means (i) a valid Model Form 5305-SEP or 5305A-SEP adopted by an employer in accordance with the instructions on the applicable Form,
Examples of Favorable Letter in a sentence
If a Favorable Letter is required, the Plan Sponsor is required to pay the applicable user fee for obtaining the letter.
The provisions of SCP relating to significant Operational Failures (see section 9) are available for a Qualified Plan only if the plan is the subject of a Favorable Letter.
In addition, for Qualified Plans, pursuant to section 4.06, the Plan Sponsor may be required to obtain a Favorable Letter before the closing agreement is signed.
More Definitions of Favorable Letter
Favorable Letter shall have the meaning set forth in Section 4.13.2.
Favorable Letter means, in the case of a Qualified Plan, a current favorable determination letter for an individually designed plan (including a volume sub- xxxxxx plan that is not identical to an approved volume submitter plan), a cur- rent favorable opinion letter for a Plan Sponsor that has adopted a master or pro- totype plan, (standardized or nonstandard- ized), or a current favorable advisory let- ter and certification that the Plan Sponsor has adopted a plan that is identical to an approved volume submitter plan. A plan has a current favorable determination let- ter, opinion letter, or advisory letter if (a), (b), (c), (d), (e), (f), (g), or (h) below is satisfied:
Favorable Letter means (i) a valid Model Form 5305–SEP or 5305A-SEP adopted by an employer in accordance with the instructions on the applicable Form, (ii) a current favorable opinion let- ter for a Plan Sponsor that has adopted a prototype SEP which has been amended in accordance with procedures set forth in Rev. Proc. 94–13, 1994–1 C.B. 566, to take into account any applicable changes in the law since the issuance of the opin- ion letter, or (iii) in the case of an indi- vidually designed SEP, a private letter ruling that has been issued for the SEP.
Favorable Letter as such term is defined in IRS Rev. Proc. 2002-47, or can still be submitted in a timely manner to the IRS for such letter, and no such determination letter has been revoked nor, to Sellers' knowledge, has revocation of any such letter been threatened, nor has any such Benefit Plan been amended since the date of such Favorable Letter in any respect that would adversely affect its qualification or increase its costs. All amendments required to be adopted before the Closing Date for any such Benefit Plan to continue to be so qualified have been or will be duly and timely adopted.
Favorable Letter means (i) a valid Model Form 5305-SEP or 5305A-SEP adopted by an employer in accordance with the instructions on the applicable Form, (ii) a current favorable opinion letter for a Plan Sponsor that has adopted a prototype SEP which has been amended in accordance with procedures set forth in Rev. Proc. 94-13, 1994-1 C.B. 566, to take into account any applicable changes in the law since the issuance of the opinion letter, or (iii) in the case of an individually designed SEP, a private letter ruling that has been issued for the SEP.