jpod Posted January 16, 2016 Posted January 16, 2016 NQDC Plan provides only for lump sum payment at a specified date. The Plan does not permit or even address the subject of participant elections. Can the Plan be amended to permit a "second election," obviously in accordance with the 409A limitations on second elections, or is it too late because vested benefits have accrued and the Plan does not permit elections?
jpod Posted January 16, 2016 Author Posted January 16, 2016 I pretty much think it's that simple too, but I am doing a sanity check because there are quite are few $$ in deferred comp. involved for the participant who is interested and the regs. don't address the question head on. Anyone have a contrary view?
EBECatty Posted January 18, 2016 Posted January 18, 2016 I think it's okay too. In 1.409A-2(a)(2), the regs describe the initial, nonelective, employer-provided time and form of payment as an "initial deferral election" so I think it only makes sense that you can have a subsequent deferral election provided you comply with the delay rules.
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