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Amending (or Terminating) Deferred Compensation Plans Without Penalties

This article reminds readers of §409A’s draconian penalties and specific guidance of amending modifying, amending or terminating existing nonqualified deferred compensation plans.

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Section 409A of the IRS code covers virtually any contractual deferral of compensation other than under a qualified retirement plan or a vacation, sick leave, compensatory time, disability pay, or death benefit plan. Thus, traditional nonqualified deferred compensation plans are subject to §409A.

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