With the applicability dates for the Final 409A Regs looming, the IRS has released Notice 2007-100, which contains corrections to unintentional operational failures. The applicable words are “unintentional” and “operational”. Notice 2007-100 is clear that these corrections are not available for intentional failures, and they are not available for plan document failures.
Notice 2007-100 also states that the IRS is considering a formal correction program for certain operational failures to comply with Code section 409A which do not qualify for relief under Notice 2007-100.
[tags]Pension Protection Act, ppa, Notice 2007-100, NQDC, nonqualified deferred compensation, non-qualified deferred comp, ERISA[/tags]
