New Grants of SARs under Pre-October 4, 2004 Program

[Guest erisadoc]

Is it your understanding that the special transition rule under Q&A 4(d)(iv) of 2005-1, for payments pursuant to the exercise of an SAR "granted pursuant to a program in effect on or before Oct. 3, 2004", is intended to protect SARs granted now if the program was in effect last Oct. 3?