Friday, December 11, 2009

IRS Notice 2009-92 – Guidance on the Application of § 409A(a) to Changes to Nonqualified Deferred Compensation Plans to Comply with an Advisory Opinion of the Office of the Special Master for TARP Executive Compensation

Part III --- Administrative, Miscellaneous, and Procedural

IRS Notice 2009-92 – Guidance on the Application of § 409A(a) to Changes to Nonqualified Deferred Compensation Plans to Comply with an Advisory Opinion of the Office of the Special Master for TARP Executive Compensation

Notice 2009-92 provides that a delay or acceleration of the payment of nonqualified deferred compensation in order to comply with an advisory opinion issued by the Office of the Special Master for TARP Executive Compensation, pursuant to the Emergency Economic Stabilization Act of 2008 and regulations thereunder, including conditioning payment on satisfaction of a requirement related to the Troubled Asset Relief Program (TARP), such as repayment of the financial assistance granted under TARP, will not cause the plan to fail to meet the requirements of § 409A.

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