revoking waiver of participation

[t.haley]

457(f) plan had phyisicans who did not want to participate in plan sign a waiver. The waiver does not state that it is irrevocable, but does state that it can be revoked at any time within 14 days after execution. The plan sponsor has changed benefit provisions of the plan to make it more attractive. The physicians that signed the waiver of participation now want to participate. Given the way the waiver is drafted I think the client is comfortable with allowing these physicians to revoke their waiver. My thought is to treat it more like an election not to defer. My issue is when can these physicians join the plan? I interpret the 409A regs to require an election to defer prior to the first day of the year in which the compensation is to be earned. Therefore, these physicians cannot make a deferral election for compensation to be earned in 2010 and must wait until 2011 to participate. Any thoughts?