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ARTICLE · 20 OCTOBER 2008

Year-End Deadline for Amending Deferred Compensation Plans And Legislation Limiting Deferrals by Non-US Funds

Mayer Brown
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Many non-US investment funds (e.g., hedge funds and private equity funds) permit their investment managers to defer their management fees and other compensation (with a corresponding deferred recognition of taxable income).

United StatesStrategy
Wayne Luepker
Wayne Luepker
James Barry
James Barry
Anne Marie Konopack
Anne Marie Konopack
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Keywords: Deferred compensation, non-US investment funds, hedge funds, private equity funds, management fees, taxable income, IRS, Code Section 409A, EESA

Required Amendment by Year-End and Limits on Deferrals--Amounts Attributable to Services Performed before January 1, 2009

Many non-US investment funds (e.g., hedge funds and private equity funds) permit their investment managers to defer their management fees and other compensation (with a corresponding deferred recognition of taxable income). Often, the deferrals are made under what are known as "nonqualified deferred compensation plans" that are subject to Section 409A of the Internal Revenue Code of 1986. Not later than December 31, 2008, such plans (i.e., the deferral arrangements) must be amended to satisfy the complex requirements imposed by Section 409A, which primarily affect the deadlines for making deferral elections and the timing and form of payment of deferred amounts.

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