"The 409A Proposed Regs make it clear that a delay of payment beyond the applicable 2-1/2 month period would also be justified if payment would violate federal securities laws or other applicable law, provided the payment is made as soon as reasonably practicable following the first day on which the employee anticipates or reasonably should anticipate that making the payment would not cause a violation.... [The regulations also] clarify that the separation pay plan exception is available for employees whose employment begins and ends in the same taxable year. In that situation the rules look at the annualized compensation from the taxable year in which the employee separates from service."  MORE >>