If you hit a brick wall at midnight on December 31, 2008, with regard to the Section 409A documentary compliance deadline, the IRS is providing a second chance for you to reassess your Section 409A compliance and to bring your deferred compensation documents in line. For those of you not in the know, Section 409A of the Internal Revenue Code requires a nonqualified plan or agreement to reflect the various time and form of payment rules described in that section and in related guidance.

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Source: Employee Benefits & Executive Compensation Alert
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