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About this Blog
Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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Short-Term Deferral Day is Right Around the Corner
Section 409A, the provision of the Internal Revenue Code that regulates the time and form of payment of nonqualified deferred compensation, contains a helpful exception for “short-term deferrals.” Specifically, Section 409A provides that a payment will not be considered nonqualified … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, annual incentive, Code Section 409A, deadline, deferred compensation, Internal Revenue Code, IRC, March 15, short term deferral
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Salary Deferrals in the Time of COVID-19
As the saying goes, “drastic times call for drastic measures” and, from an economic standpoint, these are drastic times. To fight the battle to stay in business many employers are considering a wide range of alternatives, including employee furloughs, layoffs … Continue reading
Posted in Employee Benefits, Executive Compensation, Qualified Retirement Plans
| Tagged 409A, coronavirus, covid-19, deferred compensation, pandemic, salary deferral
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Ninth Circuit Rules that Stock Rights Plan is Not Subject to ERISA
In a case of first impression in the Ninth Circuit, the Court held that the Booz Allen Hamilton, Inc. Stock Rights Plan (“SRP”) was not subject to ERISA because its primary purpose was not to provide deferred compensation or other … Continue reading
Posted in Employee Benefits, Executive Compensation, Qualified Retirement Plans
| Tagged Booz Allen, deferred compensation, ERISA, Ninth Circuit, retirement benefit, SRP, Stock Rights Plan
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IRS Audit Techniques Guide Provides Helpful Reminders for Sponsors of NQDC Arrangements
Last summer the Internal Revenue Service updated its Audit Techniques Guide (“ATG”) for nonqualified deferred compensation arrangements. While the ATG provides little instruction on how the IRS will review nonqualified deferred compensation arrangements for compliance with Section 409A of the … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, ATG, Audit Techniques Guides, deferred compensation, FICA, FUTA, Internal revenue service, IRS, nonqualified deferred compensation, Section 409A
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Chief Counsel Memorandum Clarifies IRS Position on Informal 409A Corrections
On May 1, the IRS released a Chief Counsel Memorandum that clarifies the IRS’ position with respect to the correction of deferred compensation arrangements outside of the IRS’ formal Section 409A correction programs. In the Memorandum the IRS analyzed a … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, 409A failures, correction, deferred compensation, deferred compensation arrangements, Section 409A
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Now Is a Good Time to Revisit 409A Compliance
The IRS recently announced a Section 409A compliance initiative project. The IRS audit project will focus on approximately 50 employers, all of whom were previously identified for employment tax audits. The IRS indicated that it will focus its examination on: … Continue reading
Posted in Employee Benefits, Executive Compensation
| Tagged 409A, audit, deferred compensation, Executive Compensation, IRS
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