"Companies should keep in mind that an individual can simultaneously qualify as a covered employee by being one of the five most highly compensated employees for the tax year and a covered executive officer from a preceding tax year.... Companies should carefully track the basis for including an individual in their covered employee population to ensure they know which covered employees must remain covered or fall out of coverage year-to-year.... The applicable definition of 'compensation' should ... be carefully reviewed when making these determinations each year."  MORE >>