Guest Posted February 9, 2000 Posted February 9, 2000 We are looking at a takeover situation that has used the standard 6 year vesting schedule since plan inception. In 1996, the plan was restated onto a volumne submitter document (for cross testing purposes)and received an approval letter. The drafter incorrectly checked 100% immediate vesting. The plan has continued to operate as if the vesting schedule is 6 years. I spoke with the drafter, and he admitted it was a drafting error. Is there a way to correct without fully vesting everyone since 1996? Does the intent of the plan sponsor and apparently the participants count? Thanks.
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