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Deferred Compensation › Severance Agreements

Deferred Compensation is a financial arrangement whereby a portion of an employee's current wages are distributed at a later time, usually to delay tax liability. Deferred compensation often takes the form of... more +
Deferred Compensation is a financial arrangement whereby a portion of an employee's current wages are distributed at a later time, usually to delay tax liability. Deferred compensation often takes the form of stock options or severance payments.  less -
Flaster Greenberg PC

End of Year Reminder – IRC Section 409A

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As the year is quickly coming to an end, it is especially prudent to review compensation arrangements from an Internal Revenue Code section 409A perspective. Generally, Section 409A applies to “deferred compensation”...more

Miles & Stockbridge P.C.

Top Ten Benefit and Compensation Issues in Employment & Separation Agreements

Miles & Stockbridge P.C. on

When a company negotiates either an employment agreement or separation agreement with an employee, the employee benefits offered are typically a large piece of the total package. However, the terms of these types of...more

Foley & Lardner LLP

How Do I Report Non-Qualified Plan or Severance Payments to a Former Employee? Hint: You Should Probably Use a W-2, Not a 1099!

Foley & Lardner LLP on

Employers commonly make payments to former employees for a number of reasons. Two of the more routine payments are those from a non-qualified deferred compensation plan (such as payments from a supplemental executive...more

Bass, Berry & Sims PLC

Action Needed by Certain ERISA Plans – New Disability Claims Procedures Apply Beginning April 2018

Bass, Berry & Sims PLC on

In January 2018, the U.S. Department of Labor (DOL) announced that final regulations affecting how some ERISA plans process claims and appeals will apply beginning April 1, 2018. As explained below, the final regulations...more

Pillsbury Winthrop Shaw Pittman LLP

A New Landscape - Compliance clarifications and planning opportunities for governmental and tax-exempt employers sponsoring...

Pillsbury Winthrop Shaw Pittman LLP on

On June 22, 2016, the Internal Revenue Service (IRS) published its long-awaited proposed regulations (the Proposed Regulations) under Section 457(f) of the Internal Revenue Code (the Code). Section 457(f) governs the taxation...more

Katten Muchin Rosenman LLP

Proposed Treasury Regulations Provide Additional Flexibility, Clarity and Planning Opportunities to Sponsors of Deferred...

Katten Muchin Rosenman LLP on

The IRS recently issued proposed regulations under Internal Revenue Code Section 457 that address, among other things, the interplay between Code Section 457(f) and Code Section 409A. Additionally, the IRS issued clarifying...more

Bond Schoeneck & King PLLC

Employee Benefits: Steps Eligible Tax-Exempt and Governmental Employers Should Take Regarding the New Proposed Deferred...

Bond Schoeneck & King PLLC on

After more than nine years of waiting, eligible tax-exempt, state government and local government employers (collectively, "Tax-Exempt and Governmental Employers") finally have received the guidance long promised by the...more

Locke Lord LLP

IRS Issues Proposed Regulations Affecting Deferred Compensation Plans of Tax-Exempt Organizations

Locke Lord LLP on

On June 21, 2016, after more than 15 years of ongoing deliberations, the U.S. Department of the Treasury (the Dept. of Treasury) issued proposed regulations under Section 457 of the Internal Revenue Code of 1986 (the Code),...more

Sherman & Howard L.L.C.

Employee Benefits Advisory: New Proposed 457 Regulations May Impact Deferred Compensation Arrangements Maintained by Tax-Exempt...

Sherman & Howard L.L.C. on

On June 21, 2016, concurrent with its issuance of proposed regulations under Code section 409A, the IRS also issued proposed regulations under Code section 457, which address deferred compensation arrangements covering...more

Pillsbury Winthrop Shaw Pittman LLP

Proposed Section 409A Regulations Facilitate Common Pay Practices

Pillsbury Winthrop Shaw Pittman LLP on

The Internal Revenue Service (IRS) has proposed a number of updates to current regulations governing nonqualified deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended. The proposed updates...more

Davis Wright Tremaine LLP

Long-Awaited 457 Plan Regulations Provide Planning Opportunities for Tax-Exempt and Governmental Employers

Davis Wright Tremaine LLP on

On June 22, 2016, the Internal Revenue Service (IRS) and Treasury Department issued proposed regulations under Section 457 of the Internal Revenue Code, fulfilling a nearly decade-old commitment to provide additional...more

Davis Wright Tremaine LLP

Section 409A: IRS Issues Proposed Regulations to Address Open Questions

Davis Wright Tremaine LLP on

On June 22, 2016, the Internal Revenue Service and Treasury Department issued proposed regulations under Section 409A of the Internal Revenue Code (409A Proposed Regs). The government noted that the 409A Proposed Regs are...more

Mintz - Employment Viewpoints

The Impact of Recently Proposed Regulations on Ineligible Nonqualified Plans Under Internal Revenue Code § 457(f)

Mintz - Employment Viewpoints on

The Treasury Department and the Internal Revenue Service recently issued comprehensive proposed regulations governing nonqualified plans subject to tax under Internal Revenue Code § 457. Code § 457 prescribes the tax rules...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Executive Compensation and Benefits Alert: IRS Issues New Section 409A Guidance"

Skadden, Arps, Slate, Meagher & Flom LLP on

In an unexpected development, on June 21, 2016, the IRS issued proposed regulations that clarify and modify the final regulations issued in 2007 and the proposed income inclusion regulations issued in 2008. In many cases,...more

McGuireWoods LLP

Nonqualified Deferred Compensation: IRS Proposes New Section 457 Regulations and Section 409A Clarifications

McGuireWoods LLP on

Last week, the Internal Revenue Service (IRS) proposed new regulations under Section 457 of the Internal Revenue Code (Code), which governs nonqualified deferred compensation plans of state and local governments and private...more

Blank Rome LLP

New Proposed IRS Regulations Have Potential Broad Implications for Deferred Compensation and Severance Arrangements of Tax Exempt...

Blank Rome LLP on

Action Item: On June 22, 2016, the Internal Revenue Service (“IRS”) issued long-awaited proposed regulations under Section 457 of the Internal Revenue Code that could significantly impact the deferred compensation and...more

Skadden, Arps, Slate, Meagher & Flom LLP

"New Rules Impact Compensation Arrangements of Governmental and Tax-Exempt Entities"

Skadden, Arps, Slate, Meagher & Flom LLP on

On June 22, 2016, the IRS published much-anticipated proposed regulations under Internal Revenue Code Section 457 impacting certain plans maintained by state or local governments or other tax-exempt organizations that provide...more

McDermott Will & Emery

IRS Issues Regulations Affecting Compensation Arrangements at Tax-Exempt Organizations

McDermott Will & Emery on

On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is...more

Ballard Spahr LLP

Flexibility Offered for Deferred Compensation Plans of Tax-Exempt Organizations, Government Agencies

Ballard Spahr LLP on

The U.S. Treasury Department has issued two sets of proposed regulations, under Sections 457 and 409A of the Internal Revenue Code, relating to deferred compensation plans of state and local governments and tax-exempt...more

Dorsey & Whitney LLP

Now’s the Time to Review Compensation Arrangements Relating to Unvested Rights

Dorsey & Whitney LLP on

Correction of Errors before Year End Could Avoid Costly 409A Penalties - Sometimes overlooked is the fact that many employment, severance and change-of-control agreements are subject to U.S. Internal Revenue Code...more

Laner Muchin, Ltd.

Companies Should Monitor Deferred Compensation Arrangements For Section 409A Compliance Purposes

Laner Muchin, Ltd. on

Given the complexity of the rules under Section 409A of the Internal Revenue Code, which govern the timing and taxation of payments made under non-qualified deferred compensation arrangements (NDCAs), companies are encouraged...more

Troutman Pepper

409A Update: Employment Agreements Requiring Executed Releases May Need to Be Amended by December 31

Troutman Pepper on

It is standard practice that employment agreements condition payment of severance benefits or other separation compensation on the employee executing a general release of claims against the employer. However, unless...more

Saul Ewing Arnstein & Lehr LLP

Employment Contracts and Severance Agreements Should be Reviewed and May Need to be Amended by December 31 to Comply with Section...

Saul Ewing Arnstein & Lehr LLP on

Severance agreements and employment contracts with release of claims provisions may violate 409A of the Internal Revenue Code. Bad release provisions may be fixed, penalty-free, before December 31, 2012. Most severance...more

Proskauer Rose LLP

Relief for Correcting Certain Internal Revenue Code Section 409A Failures Expires This Year

Proskauer Rose LLP on

The Treasury Department and the IRS have provided favorable transition relief for correcting arrangements that impermissibly condition the payment of nonqualified deferred compensation on a service provider's completion of...more

Katten Muchin Rosenman LLP

Section 409A Transition Relief Deadline Quickly Approaching

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As the end of the year approaches, important transition relief from penalties and excise taxes imposed by Section 409A of the Internal Revenue Code (the Code) is about to expire. If an employer has an employment agreement or...more

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