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Missed Your Section 409A Deferral Election Deadline? Maybe Not.

December 27, 2005

By Ethan Lipsig, J. Mark Poerio, Stephen H. Harris and Julie Y. Kwok

Recently enacted Internal Revenue Code Section 409A (Section 409A) revolutionized the legal environment in which nonqualified deferred compensation arrangements must operate. A major Section 409A requirement is that employees and other service providers who elect to defer compensation must irrevocably do so by deadlines that vary based on the nature of the compensation being deferred and other facts and circumstances. This client alert explains that creative deferral election approaches may alleviate the impact of Section 409A’s deferral deadline rigidity.

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