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More on How New Section 409A Rules Impact Nonqualified Deferred Compensation Plans
Fulcrum Partners LLC Link to more items from this source
[Guidance Overview]
Aug. 26, 2016

"The new proposed regulations clarify that in order to correct a possible Section 409A violation by changing the time and form of payment of an amount that is unvested as of the applicable year-end: [1] There must be a reasonable, good faith basis to conclude that an actual Section 409A violation was present ... [2] The correction to change the payment or form of timing is necessary for the arrangement to comply with Section 409A; [3] Consideration should be given to whether, and how, similar Section 409A failures were dealt with in the past, and how similar failures will be avoided in the future; and [4] Procedures under any existing current IRS correction programs (e.g., those set forth in IRS Notice 2010-6) must be followed, if applicable."

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