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Code Section 409A

Thursday, September 9, 2010

Time: 1:00 pm ET (12:00 pm CT, 11:00 am MT, 10:00 am PT)

Length: 1 hour 30 minutes
Click Here for:

Registration: $199.00

Registration - Teleconference plus CD: $268.00

Sponsored by Lorman Education Services

The IRS is giving employers one last chance to fix their plan documents and compensation agreements for Code Section 409A. However, the IRS has also announced some new interpretations of Section 409A provisions that will require most employers to make changes to their plans and agreements. Employers that make these changes before January 1, 2011, can avoid IRS penalties, in most cases. In 2010, the IRS issued Notice 2010-6, Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply with Code Sec. 409A(a). Importantly, the notice does much more than just offer correction methods.

The notice contains numerous examples of situations that the Code Sec. 409A final regulations do not clearly address - and provides for significant penalties for many plan provisions that most executive compensation professionals would view as a foot fault.

The good news is that the notice provides methods for taxpayers to correct many types of failures to comply with the document requirements applicable under Code Sec. 409A to nonqualified deferred compensation plans. Employers that take advantage of the notice provisions would be able to avoid or reduce the current income inclusion and additional penalty taxes under Code Sec. 409A.

As with the IRS' successful correction programs for qualified retirement plans, the IRS intends this document correction program to encourage employers to review nonqualified deferred compensation plans to identify provisions that fail to comply with the requirements of Code Sec. 409A and regulations thereunder, and correct those plan provisions promptly.
AGENDA
Overview of Code Section 409A
Changes to 409A in 2010: IRS Notice 2010-6  
  • Changes in the Law
  • Agreements and Plans Eligible and Ineligible for Correction
  • Effective Dates
 
Action Items Under IRS Notice 2010-6
  • Plan Terms Providing for a Payment 'As Soon as Practicable' or Substantially Similar Language Following a Permissible Payment Event
  • Permissible Payment Event With No Definition or an Ambiguous Definition
  • Correction of Impermissible Definition of Otherwise Permissible Payment Events
  • Correction of Impermissible Payment Periods Following a Permissible Payment Event
  • Correction of Certain Impermissible Payment Events and Payment Schedules
  • Correction of Failure to Include Six-month Delay of Payment for Specified Employees
  • Correction of Provisions Providing for Impermissible Initial and Subsequent Deferral Elections
 
The Mechanics of Correcting Plan Documents for Notice 2010-6
  • Review
  • Drafting
  • Notice to IRS and to Affected Employees
WHO SHOULD ATTEND
This teleconference is designed for human resource and benefits professionals, accountants, controllers, CFOs, payroll managers, business owners and managers, tax managers, financial planners and attorneys.
FACULTY
Michael Melbinger, Winston & Strawn LLP

 Michael S. Melbinger 
  • Partner in the law firm of Winston & Strawn LLP, and global head of the Executive Compensation and Employee Benefits Practice
  • Practices exclusively in the area of executive compensation and employee benefit issues for corporations, partnerships, executives, boards of directors and fiduciaries
    •
  • Handles the benefits and compensation issues in litigation, bankruptcy, change in control and public offering situations
  • Adjunct professor of law at both the University of Illinois College of Law and Northwestern University School of Law
  • Author of the CCH treatise Executive Compensation, now in its second edition, the American Bankers Association’s Compliance Guide to Employee Benefit Trusts, and more than 60 articles on executive compensation and employee benefits topics
    •
  • Writes the popular Melbinger's Compensation Blog for CompensationStandards.com
    •
  • Appeared as a guest on the Jim Lehrer News Hour, the Fox News Business Report and other nationally broadcast television programs
  • Frequently quoted in The New York Times, The Wall Street Journal, Business Week and other national publications
  • Elected as a fellow into the American College of Employee Benefits Counsel in 2005
  • In 2007, 2008 and 2009, was named a Leading Lawyer for Business by Chamber & Partners and one of the top 100 lawyers in Illinois by Illinois Super Lawyers
  • B.A. degree, University of Notre Dame
  • J.D. degree, University of Illinois College of Law
  • Contact him at mmelbinger@winston.com or 312-558-7588
TELECONFERENCE OVERVIEW
* 60-90-minute seminar (Travel-Free) delivered over the phone.
* Unlimited listeners per connection - bring the entire department.
* 10-minute Q&A session with the experts.
* A professionally prepared reference manual.
* Continuing education credits available for most teleconferences
CONTINUING EDUCATION UNITS

Sponsored by Lorman Education Services
  • CPP/FPC (Pending)
  • CFP (Pending)
    •
  • CLE (Please check the "Detailed Credit Information" page for states that have already been approved)
  • CPE
  • HR Certification Institute
  • HRPD

Click here for the "Detailed Credit Information" page.
REGISTER
Registration: $199.00

Registration - Teleconference plus CD: $268.00

(Not available outside the US or Canada)

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