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Supplement to October 22, 2007
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Official Guidance; News

IRS Announces Additional 409A Transition Relief for 2008
14 pages. Excerpt: "On September 10, 2007, the Treasury Department and the IRS issued Notice 2007-78, granting certain transition relief intended to facilitate compliance with the written plan requirements set forth in the final regulations. See ยง1.409A-1(c). Commentators stated that although the Notice 2007-78 transition relief was helpful, the transition relief in that notice did not adequately address the need for additional time for service recipients and service providers to analyze all of their plans and make informed and reasoned decisions regarding the changes that would be necessary to bring existing arrangements into compliance with the final regulations. This notice addresses these concerns by generally extending the transition relief currently scheduled to expire on December 31, 2007 through December 31, 2008." (Internal Revenue Service)

Text of IRS Press Release on Additional 409A Transition Relief
Excerpt: "Section 409A was effective on January 1, 2005 and all affected nonqualified deferred compensation plans have been required to comply with the statute since that date. Under prior guidance, these plans were required to comply in operation with the final regulations beginning in 2008. Notice 2007-86, issued today, generally extends the transitional period for compliance with the final regulations to December 31, 2008. The notice also confirms that the Treasury Department and the IRS expect to issue guidance regarding a correction program as soon as possible." (Internal Revenue Service)


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