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ARTICLE · 28 NOVEMBER 2005

How the New Deferred Compensation Rules Affect Employer Plans

Mayer Brown
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On October 4, 2005, the IRS published proposed regulations (the "Proposed Regulations") relating to the nonqualified deferred compensation rules imposed by Section 409A of the Internal Revenue Code.

United StatesEmployment and HR
Maureen Gorman
Maureen Gorman
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By Maureen J. Gorman, Karen F. Grotberg, Debra B. Hoffman, Herbert W. Krueger, Wayne R. Luepker, Anna M. O'Meara and Cecilia A. Roth

Originally published November 17, 2005

On October 4, 2005, the IRS published proposed regulations (the "Proposed Regulations") relating to the nonqualified deferred compensation rules imposed by Section 409A of the Internal Revenue Code. This memorandum summarizes the key aspects of the Proposed Regulations and highlights some of the significant effects of the guidance on different types of plans. This memorandum is not intended to be a detailed summary of the Proposed Regulations and does not address all of the issues raised by the Proposed Regulations.

Interim guidance on the rules has previously been provided in IRS Notice 2005-1 (the "Notice"), published on December 20, 2004 and modified on January 6, 2005, and in the Proposed Regulations. Pending issuance of final regulations, taxpayers may rely on the Notice, and, with respect to issues not

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