Mercer Select US - Section 457A plan sponsors face June 30 deferred comp vesting decision

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Section 457A plan sponsors face June 30 deferred comp vesting decision

Sponsors of nonqualified deferred compensation (NQDC) plans subject to Section 457A must act by June 30 to take advantage of a transition rule for certain NQDC amounts vesting after Dec. 31, 2008. When 457A applies, NQDC provided to US taxpayers employed by foreign companies is taxable at vesting -- or later in some cases, with even harsher results. Sponsors can soften the blow for some NQDC recipients by retroactively accelerating vesting to a date before Jan. 1, 2009. Employers opting to do so must amend plans by June 30 and apply the changes consistently to all employees in similar plans. (Select News, 22 Jun 2009)

Full text of transition rule in Notice 2009-8, Q&A-23 (IRS, 8 Jan 2009) (PDF)

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