2009 not only signaled the end of the “transition period” toward full Code Section 409A documentary compliance, it also left employers with a new program to correct “operational” failures under Section 409A. In December, the IRS issued Notice 2008-113, which meaningfully expanded the remedies available to correct certain Section 409A violations. Although the corrections program announced in Notice 2008-113 has no expiration date, companies are encouraged to monitor their compliance carefully, as errors are correctible only for a limited time following their occurrence.

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