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FIRST 2004 AJCA DEFERRED COMP GUIDANCE ISSUED
December 20, 2004
The IRS has issued its first rules under Code Section 409A for non-qualified deferred comp plans. Section 409A requires deferred compensation plans to meet new requirements to keep participants from paying tax on salary and wage income they defer to future years, if not part of a 401(k) or other "qualified" plan.
Links:
Notice 2005-01
Treasury Press Release on new rules
More as we get a chance to wade through them.
UPDATE: The BenefitsBlog has some initial thoughts. She notes that plan documents need not be amended until the end of 2005 "if the plan is operated in good-faith compliance" with the new rules.
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