The US Treasury Department and IRS on Friday issued proposed regulations on deferred compensation under section 409A.
Section 409A governs plans and arrangements that provide nonqualified deferred compensation to employees, directors or other service providers.
The regulations implement new provisions established by the American Jobs Creation Act (AJCA), identify which plans and arrangements are covered under section 409A, and outline operational requirements for deferral elections and permissible timing for deferred compensation payments made under the rules.
The rules also extend the deadline for documentary compliance with the new rules by one year, to December 31, 2006.
The effective date proposed for the regulations is January 1, 2007.
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