Companies have one last chance to correct their nonqualified deferred compensation plans and arrangements to bring them into compliance with Section 409A of the Internal Revenue Code without triggering additional taxes and penalties. IRS Notice 2010-6 allows companies to amend their Plans and correct various document failures which violate Section 409A. To qualify for the broadest coverage under the Notice, the Plans must be amended by December 31, 2010.

Edward Rayner, Christopher Sues and Matthew Young of Pryor Cashman’s Executive Compensation, ERISA and Employee Benefits Group have written an informative Legal Update entitled "Last Chance For Companies To Correct Section 409A Document Failures Without Penalties".

To read the update, please click here.