When the Final 409A Regulations came out earlier this month, I did a quick read of them, and then put them aside. I planned on getting around to thoroughly reviewing them at some point this summer. Because I concentrate on qualified plans, I wanted to dig into the Final 415 Regs first.
Now it looks like a better plan is devoting the month of May to the Final 409A Regs. When I saw this today on BenefitsLink.com from the law firm of Holme Roberts & Owen LLP, I went back and double-checked the final regs for the applicability date. On page 397 of the regulations, it states:
“(b) Regulatory applicability date. §1.409A-1, §1.409A-2, §1.409A-3 and this section are applicable for taxable years beginning on or after January 1, 2008.”
This means that plans affected by the Final 409A Regs must determine within the next month or so whether they need to amend for the regs, or whether they need to completely restate their plan documents, by December 31, 2007.
[tags]Pension Protection Act, 409A, retirement, pension, ppa[/tags]
