SilverLink - Winter 2008 - (Page 27)

eMPloyee Benefits Executive Benefits Countdown to Compliance Extension of Section 409A by Nancy Milledge, CLU, ChFC In April of 2007, the IRS released the long-awaited final Section 409A regulations for nonqualified deferred compensation plans. The issuance of the final regulations marked the beginning of the end of the transition period and the uncertainty that began over three years ago when Section 409A was enacted as part of the American Jobs Creation Act of 2004. On October 22, 2007 the IRS extended compliance relief from Section 409A with the publication of Notice 2007-86. This notice extended the transitional relief that was due to expire on December 31, 2007 by one year, to December 31, 2008. It was a welcome relief for all involved with nonqualified deferred compensation arrangements. Many considered completing Section 409A compliance by the end of 2007 an overwhelming task due to the complexity of the final regulations. Notice 200786 provides employers who maintain nonqualified deferred compensation plans an additional year to bring their plans into compliance with the final regulations. During 2008, employers are not required to comply with the requirements of the final IRC Section 409A regulations. Instead, employers are required to operate their plans in good faith compliance with Section 409A and subsequent regulatory guidance. 27 silverlink — Winter 2008

Table of Contents Feed for the Digital Edition of SilverLink - Winter 2008

SilverLink - Winter 2008 Contents Risk Management: Where in the World is Human Resource Consulting? Workers’ Compensation Rate Declines Insurance Certificates Haute Retirement It All Began with a Cup of Coffee Playing Fair in the Housing Market Captives 101 Proceed with Caution Fore! (Or is it Pull? or Giddyup?) Don’t Be Fuelish Employee Benefits: Medical Trend Countdown to Compliance Private Client Services: Buy & Sell Agreements Flood Insurance Pushing Wealth to the Next Generation Client Spotlight: Travel and Transport Internal Happenings: SilverStone Group Giving Back Since 1945

SilverLink - Winter 2008

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