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IRS Carves Out from Code Sections 457(f) & 409A Certain Arrangements by Public School and Other Employees to Have Salary Paid over 12 Months
Deloitte 
[Guidance Overview] Aug. 27, 2008
Excerpt: Under a common arrangement, public school and other employees who provide services during only a portion of the year can elect to be paid ratably over 12 months. This 'election to defer' payment can trigger the unwanted application of IRC § 457(f) which governs certain deferred compensation plans of tax-exempt entities and state and local governments, and IRC § 409A which otherwise governs amounts deferred under nonqualified deferred compensation plans. IRS recently issued guidance to preclude the unwanted application of IRC §§ 457(f) & 409A to these and other similar arrangements. IRS Notice 2008-62.
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