The IRS issued Notice 2007-86 to extend the transition relief period for nonqualified deferred compensation plans to comply with Section 409A. Prior to this extension, plans faced a deadline of Dec. 31, 2007, to complete certain tasks. This deadline has now been extended by one year to Dec. 31, 2008, and applies to the following tasks:
- Amend the plan to bring it into compliance with Section 409A, and
- Obtain employees’ elections as to the time and form of plan payments.
Download our Quick Reference Guides to learn more:
- Complying with Section 409A Deferred Comp Plan Rules
- Deferred Compensation Plan Deadlines
- New Deferred Compensation Tax Rules
- New SEC Compensation Disclosure Requirements
Contact one our compensation professionals at CBC@gt.com or contact Bruce Benesh, Partner-in-Charge, 803.231.3099, or Eddie Adkins, National Tax Office, 202.521.1565.
