Common use of Submission Requirements Clause in Contracts

Submission Requirements. The letter from the Plan Sponsor or the Plan Sponsor's representative must contain the following: (1) A statement identifying the type of plan submitted (e.g., Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan) and, if applicable, whether the submission is a Group Submission, an Anonymous Submission or a nonamender submission. (2) A complete description of the failures and the years in which the failures occurred, including closed years (that is, years for which the statutory period has expired). (3) A description of the administrative procedures in effect at the time the failures occurred. (4) An explanation of how and why the failures arose. (5) A detailed description of the method for correcting the failures that the Plan Sponsor has implemented or proposes to implement. Each step of the correction method must be described in narrative form. The description must include the specific information needed to support the suggested correction method. This information includes, for example, the number of employees affected and the expected cost of correction (both of which may be approximated if the exact number cannot be determined at the time of the request), the years involved, and calculations or assumptions the Plan Sponsor used to determine the amounts needed for correction. (6) A description of the methodology that will be used to calculate earnings or actuarial adjustments on any corrective contributions or distributions (indicating the computation periods and the basis for determining earnings or actuarial adjustments, in accordance with section 6.02(4)). (7) Specific calculations for each affected employee or a representative sample of affected employees. The sample calculations must be sufficient to demonstrate each aspect of the correction method proposed. For example, if a Plan Sponsor requests a compliance statement with respect to a failure to satisfy the contribution limits of § 415(c) and proposes a correction method that involves elective contributions (whether matched or unmatched) and matching contributions, the Plan Sponsor must submit calculations illustrating the correction method proposed with respect to each type of contribution. As another example, with respect to a failure to satisfy the ADP test in § 401(k)(3), the Plan Sponsor must submit the ADP test results both before the correction and after the correction. (8) The method that will be used to locate and notify former employees and beneficiaries, or an affirmative statement that no former employees or beneficiaries were affected by the failures or will be affected by the correction. (9) A description of the measures that have been or will be implemented to ensure that the same failures will not recur. (10) A statement that, to the best of the Plan Sponsor's knowledge, neither the plan nor the Plan Sponsor is Under Examination. (11) If a submission includes a failure that relates to Transferred Assets and the failure occurred prior to the transfer, a description of the transaction (including the dates of the employer change and the plan transfer). (12) A statement (if applicable) that the plan is currently being considered in a determination letter application that is not related to the VCP application. If the request for a determination letter is made while a request for consideration under VCP is pending, the Plan Sponsor must update the VCP request to add this information. (13) In the case of a 403(b) Plan submission, a statement that the Plan Sponsor has contacted all other entities involved with the plan and has been assured of cooperation in implementing the applicable correction, to the extent necessary. For example, if the plan’s failure is the failure to satisfy the requirements of § 403(b)(1)(E) on elective deferrals, the Plan Sponsor must, prior to making the VCP application, contact the insurance company or custodian with control over the plan’s assets to assure cooperation in effecting a distribution of the excess deferrals and the earnings thereon. An application under VCP must also contain a statement as to the type of employer (e.g., a tax-exempt organization described in § 501(c)(3)) submitting the VCP application. (14) A Group Submission must be signed by the Eligible Organization or the Eligible Organization's authorized representative and accompanied by a copy of the relevant portions of the plan document(s).

Submission Requirements. The letter from the Plan Sponsor or the Plan Sponsor's representative must contain the following: (1) A statement identifying the type of plan submitted (e.g., Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan) and, if applicable, whether the submission is a Group Submission, an Anonymous Submission or a nonamender submission. (2) A complete description of the failures and the years in which the failures occurred, including closed years (that is, years for which the statutory period has expired). (32) A description of the administrative procedures in effect at the time the failures occurred. (43) An explanation of how and why the failures arose. (54) A detailed description of the method for correcting the failures that the Plan Sponsor has implemented or proposes to implement. Each step of the correction method must be described in narrative form. The description must include the specific information needed to support the suggested correction method. This information includes, for example, the number of employees affected and the expected cost of correction (both of which may be approximated if the exact number cannot be determined at the time of the request), the years involved, and calculations or assumptions the Plan Sponsor used to determine the amounts needed for correction. See section 10.11 for special procedures regarding VCS. (65) A description of the methodology that will be used to calculate earnings or actuarial adjustments on any corrective contributions or distributions (indicating the computation periods and the basis for determining earnings or actuarial adjustments, in accordance with section 6.02(4)). (76) Specific calculations for each affected employee or a representative sample of affected employees. The sample calculations must be sufficient to demonstrate each aspect of the correction method proposed. For example, if a Plan Sponsor requests a compliance statement with respect to a failure to satisfy the contribution limits of § □ 415(c) and proposes a correction method that involves elective contributions (whether matched or unmatched) and matching contributions, the Plan Sponsor must submit calculations illustrating the correction method proposed with respect to each type of contribution. As another example, with respect to a failure to satisfy the ADP test in § □ 401(k)(3), the Plan Sponsor must submit the ADP test results both before the correction and after the correction. (8) 7) The method that will be used to locate and notify former employees and beneficiaries, or an affirmative statement that no former employees or beneficiaries were affected by the failures or will be affected by the correction. (9) 8) A description of the measures that have been or will be implemented to ensure that the same failures will not recur. (109) A statement that, to the best of the Plan Sponsor's knowledge, neither the plan nor the Plan Sponsor is Under Examination. (1110) If a submission includes a failure that relates refers to Transferred Assets and the failure occurred prior to the transfer, a description of the transaction (including the dates of the employer change and the plan transfer). (1211) A statement (if applicable) that the plan is currently being considered in a determination letter application that is not related to the VCP application. If the request for a determination letter is made while a request for consideration under VCP is pending, the Plan Sponsor must update the VCP request to add this information. (13) In the case of a 403(b) Plan submission, a statement that the Plan Sponsor has contacted all other entities involved with the plan and has been assured of cooperation in implementing the applicable correction, to the extent necessary. For example, if the plan’s failure is the failure to satisfy the requirements of § 403(b)(1)(E) on elective deferrals, the Plan Sponsor must, prior to making the VCP application, contact the insurance company or custodian with control over the plan’s assets to assure cooperation in effecting a distribution of the excess deferrals and the earnings thereon. An application under VCP must also contain a statement as to the type of employer (e.g., a tax-exempt organization described in § 501(c)(3)) submitting the VCP application. (14) A Group Submission must be signed by the Eligible Organization or the Eligible Organization's authorized representative and accompanied by a copy of the relevant portions of the plan document(s).

Submission Requirements. The letter from the Plan Sponsor or the Plan Sponsor's representative must contain the following: (1) A statement identifying the type of plan submitted (e.g., Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan) and, if applicable, whether the submission is a Group Submission, an Anonymous Submission or a nonamender submission. (2) A complete description of the failures and the years in which the failures occurred, including closed years (that is, years for which the statutory period has expired). (32) A description of the administrative procedures in effect at the time the failures occurred. (43) An explanation of how and why the failures arose. (54) A detailed description of the method for correcting the failures that the Plan Sponsor has implemented or proposes to implement. Each step of the correction method must be described in narrative form. The description must include the specific information needed to support the suggested correction method. This information includes, for example, the number of employees affected and the expected cost of correction (both of which may be approximated if the exact number cannot be determined at the time of the request), the years involved, and calculations or assumptions the Plan Sponsor used to determine the amounts needed for correction. See section 10.11 for special procedures regarding VCS. (65) A description of the methodology that will be used to calculate earnings or actuarial adjustments on any corrective contributions or distributions (indicating the computation periods and the basis for determining earnings or actuarial adjustments, in accordance with section 6.02(4)). (76) Specific calculations for each affected employee or a representative sample of affected employees. The sample calculations must be sufficient to demonstrate each aspect of the correction method proposed. For example, if a Plan Sponsor requests a compliance statement with respect to a failure to satisfy the contribution limits of §  415(c) and proposes a correction method that involves elective contributions (whether matched or unmatched) and matching contributions, the Plan Sponsor must submit calculations illustrating the correction method proposed with respect to each type of contribution. As another example, with respect to a failure to satisfy the ADP test in §  401(k)(3), the Plan Sponsor must submit the ADP test results both before the correction and after the correction. (8) 7) The method that will be used to locate and notify former employees and beneficiaries, or an affirmative statement that no former employees or beneficiaries were affected by the failures or will be affected by the correction. (9) 8) A description of the measures that have been or will be implemented to ensure that the same failures will not recur. (109) A statement that, to the best of the Plan Sponsor's knowledge, neither the plan nor the Plan Sponsor is Under Examination. (1110) If a submission includes a failure that relates refers to Transferred Assets and the failure occurred prior to the transfer, a description of the transaction (including the dates of the employer change and the plan transfer). (1211) A statement (if applicable) that the plan is currently being considered in a determination letter application that is not related to the VCP application. If the request for a determination letter is made while a request for consideration under VCP is pending, the Plan Sponsor must update the VCP request to add this information. (13) In the case of a 403(b) Plan submission, a statement that the Plan Sponsor has contacted all other entities involved with the plan and has been assured of cooperation in implementing the applicable correction, to the extent necessary. For example, if the plan’s failure is the failure to satisfy the requirements of § 403(b)(1)(E) on elective deferrals, the Plan Sponsor must, prior to making the VCP application, contact the insurance company or custodian with control over the plan’s assets to assure cooperation in effecting a distribution of the excess deferrals and the earnings thereon. An application under VCP must also contain a statement as to the type of employer (e.g., a tax-exempt organization described in § 501(c)(3)) submitting the VCP application. (14) A Group Submission must be signed by the Eligible Organization or the Eligible Organization's authorized representative and accompanied by a copy of the relevant portions of the plan document(s).

Submission Requirements. The letter let- ter from the Plan Sponsor or the Plan Sponsor's ’s representative must contain the following: (1) A statement identifying the type of plan submitted (e.g., Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan) and, if applicable, whether the submission is a Group Submission, an Anonymous Submission or a nonamender submission. (2) A complete description of the failures and the years in which the failures fail- ures occurred, including closed years (that is, years for which the statutory period has expired). (32) A description of the administrative administra- tive procedures in effect at the time the failures occurred. (43) An explanation of how and why the failures arose. (54) A detailed description of the method for correcting the failures that the Plan Sponsor has implemented or proposes pro- poses to implement. Each step of the correction cor- rection method must be described in narrative nar- rative form. The description must include the specific information needed to support sup- port the suggested correction method. This information includes, for example, the number of employees affected and the expected cost of correction (both of which may be approximated if the exact number cannot be determined at the time of the request), the years involved, and calculations or assumptions the Plan Sponsor used to determine the amounts needed for correction. See section 10.11 for special procedures regarding VCS. (65) A description of the methodology methodol- ogy that will be used to calculate earnings or actuarial adjustments on any corrective contributions or distributions (indicating the computation periods and the basis for determining earnings or actuarial adjustmentsadjust- ments, in accordance with section 6.02(4)). (76) Specific calculations for each affected employee or a representative sample of affected employees. The sample calculations must be sufficient to demonstrate each aspect of the correction method proposed. For example, if a Plan Sponsor requests a compliance statement with respect to a failure to satisfy the contribution con- tribution limits of § 415(c) and proposes a correction method that involves elective contributions (whether matched or unmatched) and matching contributions, the Plan Sponsor must submit calculations calcula- tions illustrating the correction method proposed with respect to each type of contribution. As another example, with respect to a failure to satisfy the ADP test in § 401(k)(3), the Plan Sponsor must submit the ADP test results both before the correction and after the correction. (8) 7) The method that will be used to locate and notify former employees and beneficiaries, or an affirmative statement that no former employees or beneficiaries were affected by the failures or will be affected by the correction. (9) 8) A description of the measures that have been or will be implemented to ensure that the same failures will not recur. (109) A statement that, to the best of the Plan Sponsor's ’s knowledge, neither the plan nor the Plan Sponsor is Under Examination. (1110) If a submission includes a failure fail- ure that relates refers to Transferred Assets and the failure occurred prior to the transfer, a description descrip- tion of the transaction (including the dates of the employer change and the plan transfer). (1211) A statement (if applicable) that the plan is currently being considered in a determination letter application that is not related to the VCP application. If the request for a determination letter is made while a request for consideration under VCP is pending, the Plan Sponsor must update the VCP request to add this informationinfor- mation. (13) In the case of a 403(b) Plan submission, a statement that the Plan Sponsor has contacted all other entities involved with the plan and has been assured of cooperation in implementing the applicable correction, to the extent necessary. For example, if the plan’s failure is the failure to satisfy the requirements of § 403(b)(1)(E) on elective deferrals, the Plan Sponsor must, prior to making the VCP application, contact the insurance company or custodian with control over the plan’s assets to assure cooperation in effecting a distribution of the excess deferrals and the earnings thereon. An application under VCP must also contain a statement as to the type of employer (e.g., a tax-exempt organization described in § 501(c)(3)) submitting the VCP application. (14) A Group Submission must be signed by the Eligible Organization or the Eligible Organization's authorized representative and accompanied by a copy of the relevant portions of the plan document(s).

Submission Requirements. The letter from the Plan Sponsor or the Plan Sponsor's representative must contain the following: (1) A statement identifying the type of plan submitted (e.g., Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan) and, if applicable, whether the submission is a Group Submission, an Anonymous Submission or a nonamender submission. (2) A complete description of the failures and the years in which the failures occurred, including closed years (that is, years for which the statutory period has expired). (32) A description of the administrative procedures in effect at the time the failures occurred. (43) An explanation of how and why the failures arose. (54) A detailed description of the method for correcting the failures that the Plan Sponsor has implemented or proposes to implement. Each step of the correction method must be described in narrative form. The description must include the specific information needed to support the suggested correction method. This information includes, for example, the number of employees affected and the expected cost of correction (both of which may be approximated if the exact number cannot be determined at the time of the request), the years involved, and calculations or assumptions the Plan Sponsor used to determine the amounts needed for correction. See section 10.11 for special procedures regarding SVP. (65) A description of the methodology that will be used to calculate earnings or actuarial adjustments on any corrective contributions or distributions (indicating the computation periods and the basis for determining earnings or actuarial adjustments, in accordance with section 6.02(46.02(5)). (76) Specific calculations for each affected employee or a representative sample of affected employees. The sample calculations must be sufficient to demonstrate each aspect of the correction method proposed. For example, if a Plan Sponsor requests a compliance statement with respect to a failure to satisfy the contribution limits of § 415(c) and proposes a correction method that involves elective contributions (whether both matched or and unmatched) and matching contributions, the Plan Sponsor must submit calculations illustrating the correction method proposed with respect to each type of contribution. As another example, with respect to a failure to satisfy the ADP actual deferral percentage ("ADP") test in § 401(k)(3), the Plan Sponsor must submit the ADP test results both before the correction and after the correction. (8) 7) The method that will be used to locate and notify former employees and beneficiaries, or an affirmative statement that no former employees or beneficiaries were affected by the failures or will be affected by the correctionfailures. (9) 8) A description of the measures that have been or will be implemented to ensure that the same failures will not recur. (109) A statement that, to the best of the Plan Sponsor's knowledge, neither the plan nor the Plan Sponsor is Under Examination. (1110) If In the case of a submission includes a failure that relates to Transferred Assets and the failure occurred prior to the transferVCR submission, a description of the transaction (including the dates of the employer change and the plan transfer). (12) A statement (if applicable) that the plan is currently being considered in a determination letter application that is not related to the VCP application. If the request for a determination letter is made while a request for consideration under VCP VCR is pending, the Plan Sponsor must update the VCP VCR request to add this information. (1311) In the case of an SVP submission, a statement that it is an SVP request, a description of the applicable correction in accordance with Appendix A or Appendix B, and a statement that the Plan Sponsor proposes to implement (or has implemented) the correction(s). (12) In the case of a 403(b) Plan TVC submission, an application under TVC must contain a statement that the Plan Sponsor employer has contacted all other entities involved with the plan and has been assured of cooperation in implementing the applicable correction, to the extent necessary. For example, if the plan’s failure is the failure to satisfy the requirements of § 403(b)(1)(E) on elective deferrals, the Plan Sponsor employer must, prior to making the VCP TVC application, contact the insurance company or custodian with control over the planplans’s assets to assure cooperation in effecting a distribution of the excess deferrals and the earnings thereon. An application under VCP must also contain a statement as to the type of employer (e.g., a tax-exempt organization described in § 501(c)(3)) submitting the VCP application. (14) A Group Submission must be signed by the Eligible Organization or the Eligible Organization's authorized representative and accompanied by a copy of the relevant portions of the plan document(s).

Submission Requirements. The letter let- ter from the Plan Sponsor or the Plan Sponsor's ’s representative must contain the following: (1) A statement identifying the type of plan submitted (e.g., Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan) and, if applicable, whether the submission is a Group Submission, an Anonymous Submission or a nonamender submission. (2) A complete description of the failures and the years in which the failures occurred, including closed years (that is, years for which the statutory period has expired). (32) A description of the administrative administra- tive procedures in effect at the time the failures occurred. (43) An explanation of how and why the failures arose. (54) A detailed description of the method for correcting the failures that the Plan Sponsor has implemented or proposes pro- poses to implement. Each step of the correction cor- rection method must be described in narrative nar- rative form. The description must include the specific information needed to support the suggested correction method. This information in- formation includes, for example, the number num- ber of employees affected and the expected ex- pected cost of correction (both of which may be approximated if the exact number cannot be determined at the time of the requestre- quest), the years involved, and calculations calcula- tions or assumptions the Plan Sponsor used to determine the amounts needed for correction. See section 10.11 for special procedures regarding SVP. (65) A description of the methodology methodol- ogy that will be used to calculate earnings or actuarial adjustments on any corrective contributions or distributions (indicating the computation periods and the basis for determining earnings or actuarial adjustmentsadjust- ments, in accordance with section 6.02(46.02(5)). (76) Specific calculations for each affected af- fected employee or a representative sample ▇▇▇- ple of affected employees. The sample calculations must be sufficient to demonstrate demon- strate each aspect of the correction method proposed. For example, if a Plan Sponsor requests a compliance statement with respect to a failure to satisfy the contribution con- tribution limits of § 415(c) and proposes a correction method that involves elective contributions (whether both matched or unmatchedand un- matched) and matching contributions, the Plan Sponsor must submit calculations illustrating il- lustrating the correction method proposed with respect to each type of contribution. As another example, with respect to a failure to satisfy the ADP actual deferral per- centage (“ADP”) test in § 401(k)(3), the Plan Sponsor must submit the ADP test results both before the correction and after the correction. (8) 7) The method that will be used to locate and notify former employees and beneficiaries, or an affirmative statement that no former employees or beneficiaries were affected by the failures or will be affected by the correctionfailures. (9) 8) A description of the measures that have been or will be implemented to ensure that the same failures will not recur. (109) A statement that, to the best of the Plan Sponsor's ’s knowledge, neither the plan nor the Plan Sponsor is Under ExaminationExam- ination. (1110) If In the case of a submission includes a failure that relates to Transferred Assets and the failure occurred prior to the transferVCR submis- sion, a description of the transaction (including the dates of the employer change and the plan transfer). (12) A statement (if applicable) that the plan is currently being considered in a determination de- termination letter application that is not related to the VCP application. If the request re- quest for a determination letter is made while a request for consideration under VCP VCR is pending, the Plan Sponsor must update the VCP VCR request to add this informationinfor- mation. (1311) In the case of an SVP submis- sion, a statement that it is an SVP request, a description of the applicable correction in accordance with Appendix A or ▇▇▇▇▇- ▇▇▇ B, and a statement that the Plan Spon- sor proposes to implement (or has imple- mented) the correction(s). (12) In the case of a 403(b) Plan submissionTVC submis- sion, an application under TVC must con- tain a statement that the Plan Sponsor employer has contacted all other entities involved with the plan and has been assured of cooperation coopera- tion in implementing the applicable correctioncor- rection, to the extent necessary. For exampleex- ample, if the plan’s failure is the failure to satisfy the requirements of § 403(b)(1)(E) on elective deferrals, the Plan Sponsor employer must, prior to making the VCP TVC application, contact con- tact the insurance company or custodian with control over the planplans’s assets to assure as- sure cooperation in effecting a distribution distribu- tion of the excess deferrals and the earnings earn- ings thereon. An application under VCP must also contain a statement as to the type of employer (e.g., a tax-exempt organization described in § 501(c)(3)) submitting the VCP application. (14) A Group Submission must be signed by the Eligible Organization or the Eligible Organization's authorized representative and accompanied by a copy of the relevant portions of the plan document(s).