01/29/2010 10:30:31 AM EST
New IRS Notice Provides Employers with Ability to Correct Defects in Nonqualified Plan Documents
The Internal Revenue Service (IRS) has responded to calls from practitioners to provide a means of correcting Section 409A plan document failures. In its Notice 2010-6, the IRS has instituted a new program that allows for such corrections—however, employers should also be aware that relief involves specific timeframes, and they are strongly advised to consider taking corrective actions as soon as possible and before December 31, 2010.
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