Determination letter application for plan amendments related to a VCP submission Sample Clauses

This clause outlines the process for applying for a determination letter from the IRS when a retirement plan is amended as part of a Voluntary Correction Program (VCP) submission. It typically requires the plan sponsor to submit the amended plan documents along with the VCP application, ensuring that the IRS reviews and approves the changes for compliance with tax qualification requirements. The core function of this clause is to provide a formal mechanism for validating that plan amendments made to correct compliance issues are officially recognized and accepted by the IRS, thereby reducing the risk of future disqualification or penalties.
Determination letter application for plan amendments related to a VCP submission. In any case in which a determination letter may be submitted pursuant to section 6.05, the Plan Sponsor must submit a copy of the amendment, the appropriate determination letter application form (i.e., Form 5300, 5307 or 5310) , and the appropriate user fee concurrently and to the same address as the VCP submission. Pursuant to section 12.03 of Rev. Proc. 2007-44, in the case of individually designed plans, a restated plan generally will be required. The user fee for the determination letter application and the fee for the VCP submission must be submitted on separate checks made payable to the U.S. Treasury. See section 11.13 for the VCP mailing address.
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Determination letter application for plan amendments related to a VCP submission. In any case in which a determination letter is submitted pursuant to section 4.06, the Plan Sponsor must submit a copy of the amendment, the appropriate application form (i.e., Form 5300 series) , and the appropriate user fee concurrently and to the same address as the VCP submission. The user fee for the determination letter application and the fee for the VCP submission must be submitted on separate checks made payable to the U.S. Treasury. See section 11.12 for the VCP mailing address.
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