Excerpt: The final regulations under Code §409A become mandatorily effective January 1, 2009. To cover the period from 2005 (when Code §409A went into effect) through 2008 inclusive, Treasury and the IRS have issued voluminous interim and transitional guidance. Importantly, this guidance permits a participant to change an existing payment election without: i) having to comply with the very restrictive 409A change payment election rules; and ii) without violating the 409A rules prohibiting acceleration of payment.  MORE >>