On September 10, 2007, the IRS announced in Notice 2007-78 that the
deadline for amending nonqualified deferred compensation plans to comply
with the Section 409A requirements has been extended by one year, to
December 31, 2008. However, the extension is not
available for all Section 409A amendments and it generally does not apply
to the limited Section 409A transition relief available in 2007. Employers
and executives who would like to take advantage of the transition relief
provisions must do so before the end of the year. In addition,
irreversible design decisions and certain plan documentation amendments
must still be completed in 2007.
