Code Section 409A - Deferred Compensation and Severance Agreements: IRS Provides a Second Chance

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Internal Revenue Code Section 409A imposes substantial restrictions on all forms of deferred compensation. In 2008,

employers had to amend nonqualified deferred compensation plans, employment agreements, severance agreements

and any other agreement that was affected by Code Section 409A in order to comply with the new law. As explained in this alert by Ober|Kaler's Terrence M. Finn, the Internal Revenue Service (IRS) recently gave employers a chance to revisit their plans and agreements covered by Code Section 409A in order to avoid the penalties for noncompliance.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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