Good news for employers: The Internal Revenue Service has issued new guidance that provides more relief for nonqualified deferred compensation plans subject to Section 409A.
Notice 2010-80 expands the types of plans eligible for document correction under previous IRS guidance, provides an additional method for correcting certain errors involving payments at separation from service subject to the requirement to submit a release of claims or similar document, and provides additional transition relief for the correction of such failures for plans in effect on or before Dec. 31, 2010.
