Correction Period of Plan Law and Legal Definition
According to 29 USCS § 1002 (Title 29; Chapter 18; Employee Retirement Income Security Program; Protection of Employee Benefit Rights; General Provisions), the term "correction period" means--
(I) “the period ending 270 days after the date of mailing by the Secretary of the Treasury of a notice of default with respect to the plan's failure to meet one or more of the requirements of this paragraph; or
(II) any period set by a court of competent jurisdiction after a final determination that the plan fails to meet such requirements, or, if the court does not specify such period, any reasonable period determined by the Secretary of the Treasury on the basis of all the facts and circumstances, but in any event not less than 270 days after the determination has become final; or
(III) any additional period which the Secretary of the Treasury determines is reasonable or necessary for the correction of the default,
whichever has the latest ending date.”
