IRS Offers Limited Code Section 409A Transitional Relief
September 01, 2007
On September 10, 2007, the IRS issued Notice 2007-78 regarding the application of Section 409A of the Internal Revenue Code (the “Code”) to nonqualified deferred compensation plans. Although Notice 2007-78 provides some welcome relief from the Section 409A documentary compliance deadline, such relief is very limited. Accordingly, employers should continue to move forward in their efforts to bring all of their nonqualified deferred compensation plans into compliance by the end of 2007.