The Internal Revenue Service has issued Notice 2010-80, modifying previous guidance on correction procedures for non-qualified deferred compensation plans covered by Internal Revenue Code Section 409A. 

Section 409A, which was enacted in 2004, imposes a variety of rules and requirements on non-qualified deferred compensation arrangements. Section 409A defines deferred compensation broadly and, in addition to traditional deferred compensation agreements, includes severance arrangements and equity-based plans. Generally, the Section 409A rules govern the timing of deferral elections, distribution requirements and changes in distribution elections.

Click on the PDF link above to view the full alert.

Source: Employee Benefits & Executive Compensation Alert
Leave Drinker Biddle to Learn More