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Relief and Guidance on Corrections of Certain Failures of a Nonqualified Deferred Compensation Plan to Comply With § 409A(a) in Operation
TABLE OF CONTENTS
I. Purpose
II. Background
III. Eligibility Requirements
A. In General
B. Avoidance of Recurrence of Operational Failures
C. Relief not Available to Service Providers Under Examination
D. Additional Eligibility Requirements
E. Required Repayments by the Service Provider
F. Eligibility for Relief for a Taxable Year in which the Service Recipient Experiences a Financial Downturn or Other Financial Issue
G. Definition of Insider
H. Determining Certain Periods of Days
I. Adjustments for Earnings and Losses
J. References to the Internal Revenue Code
IV Corrections of Certain Operational Failures in the Same Taxable Year as the Failure Occurs
A. Failure to Defer Amount or Incorrect Payment of Amount Payable in a Subsequent Taxable Year Corrected in the Same Taxable Year as the Failure
B. Incorrect Payment of Amount Payable in Same Taxable Year or Incorrect Payment in Violation of § 409A(a)(2)(B)(i) Corrected in the Same Taxable Year as the Failure
C. Excess Deferred Amount Corrected in the Same Taxable Year
D. Correction of Exercise Price of Otherwise Excluded Stock Rights
V. Corrections of Certain Operational Failures Involving Non-Insider Service Providers in the Taxable Year Immediately Following the Taxable Year in which the Failure Occurs
A. In General
B. Failure to Defer Amount or Incorrect Payment of Amount Payable in a Subsequent Taxable Year Corrected in the Taxable Year Immediately Following the Failure
C. Incorrect Payment of Amount Payable in Same Taxable Year or Incorrect Payment in Violation of § 409A(a)(2)(B)(i) Corrected During Subsequent Taxable Year
D. Excess Deferred Amount Corrected in the Taxable Year Immediately Following the Year of the Failure
E. Correction of Exercise Price of Otherwise Excluded Stock Rights
VI. Relief for Certain Operational Failures Involving Limited Amounts
A. In General
B. Failure to Defer Limited Amount not Corrected in the Same Taxable Year and Certain Erroneous Payments of Limited Amounts
C. Limited Excess Deferred Amount not Corrected in the Same Taxable Year
VII. Relief for Certain Other Operational Failures
A. General Requirements
B. Failure to Defer Amount not Corrected in the Same Taxable Year and Certain Erroneous Payments
C. Incorrect Payment of Amount Payable in Same Taxable Year or...