SUMMARY: IRS Notice 2008-113 (the “Notice”) permits employers to correct certain operational errors for purposes of Section 409A of the Internal Revenue Code (“Section 409A”). The Notice provides transition relief that allows certain errors that occurred between 2005 through 2007 to be corrected in 2009 as if they were corrected in the tax year following the occurrence of the errors. Employers only have until the end of 2009 to take advantage of this relief with respect to 2005 through 2007 tax years.

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