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ARTICLE · 01 OCTOBER 2010

409A Corrections: Year-End Document Review Makes Sense

Williams Mullen
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Earlier this year, the Internal Revenue Service ("IRS") announced a correction program, IRS Notice 2010-6, for documentary errors in deferred compensation arrangements subject to Internal Revenue Code Section 409A ("409A").

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Catherine Marriott
Catherine Marriott

Earlier this year, the Internal Revenue Service ("IRS") announced a correction program, IRS Notice 2010-6, for documentary errors in deferred compensation arrangements subject to Internal Revenue Code Section 409A ("409A"). A program for operational errors was announced in late 2008 as Notice 2008-113.

409A establishes strict guidelines that govern the documentation and operation of deferred compensation. 409A covers numerous types of pay arrangements in addition to traditional deferred compensation plans, such as employment agreements, change-in-control arrangements, phantom equity awards, deferred incentive awards, and certain severance agreements. The IRS correction programs are intended to provide some relief from penalties imposed on an employee who is covered by a noncompliant plan or agreement.

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