Common use of General description of compliance statement Clause in Contracts

General description of compliance statement. Under the VCR program, a Plan Sponsor receives a compliance statement from the Service. The compliance statement addresses the failures identified, the terms of correction, and any revision of administrative procedures, and provides that the Service will not treat the plan as disqualified on account of the Operational Failures described in the compliance statement. In addition, the time period within which proposed corrections and changes in administrative procedures must be implemented are set forth in the compliance statement. The compliance statement is conditioned on the accuracy and acceptability of any calculations or other material submitted in connection with the request.

General description of compliance statement. Under the VCR program, a Plan Sponsor receives a compliance statement state- ment from the Service. The compliance statement addresses the failures identifiedidenti- fied, the terms of correction, and any revision revi- sion of administrative procedures, and provides that the Service will not treat the plan as disqualified on account of the Operational Op- erational Failures described in the compliance compli- ance statement. In addition, the time period pe- riod within which proposed corrections and changes in administrative procedures must be implemented are set forth in the compliance statement. The compliance statement is conditioned on the accuracy and acceptability of any calculations or other material submitted in connection with the request.