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Correct.

Does the plan include severance in the definition of compensation? Gotta be sure on what that "severance" really is, too. And if you're excluding a portion of eligible compensation, but not that of the doctor's, will you have a 414(s) issue?

Are you talking about a PENSION plan, or a purely discretionary Profit Sharing Plan? At any rate, I think you want DOL regulation 2509.94-3, (c). P.s. - the (c) is if it as a PS plan. If you are actually talking about a DB plan, then it would be paragraph (b). But as to whether a CD could be considered "cash" - I'd opine, for what little it is worth, that it's verboten. I lean towards conservatism on such issues. Ultimately an ERISA counsel question as far as I'm concerned.

Facts and Circumstance on whether a new issued notice over riding the prior notice would be considered timely. The more documentation that you can detail that employees received the updated notice and had an effective chance to change their deferral election before 1/1, the more likely you are to be OK under a facts and circumstance determination. But yes you're past the "safe harbor period" for providing the safe harbor notice.