Compliance October 21, 2010

NQDC Plan Sponsors Reminded of 409A Compliance Deadline

Employers with a non-qualified deferred compensation plan (NQDCP) that has not been amended to comply with Section 409A of the tax code have until year end to take advantage of a special offer to bring the plan into line.
Reported by

According to a new client advisory from attorney Adam B. Cantor of the national law firm Fox Rothschild, a special Internal Revenue Service (IRS) compliance program allows NQDCPs in existence before January 1, 2009 to amend their plan by December 31, 2010, with the changes to take effect as of January 1, 2009, as long as sponsors satisfy certain IRS tax return reporting requirements and correct any operational failures due to this retroactive correction.

Cantor said that plans out of compliance which are not corrected by the year-end deadline will find plan participants being taxed once the deferred amount vests and the IRS imposes a 20% excise tax and interest on the deferred amount starting from the time of initial deferral or vesting, whichever is later.

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Compliance October 21, 2010

National Law Firm Adds Employee Benefits Attorney

The national law firm of Quarles & Brady announced that Angela Marie Hubbell has joined the firm's Chicago office as a partner in the Employee Benefits & Executive Compensation Group.
Reported by

Hubbell focuses her practice on counseling and representing employers on a broad range of employee benefits issues, including multiemployer pension plan issues, executive compensation, ERISA compliance, and benefits-related tax issues. According to the announcement, she has extensive experience with employee benefit plan design and administration, negotiating and designing executive employment agreements and compensation, and retirement, severance and change-in-control programs. She also advises on the labor and benefits aspects of mergers and acquisitions, benefits issues in collective bargaining, the impacts of the ADEA, and employee communications surrounding benefits plans.

Hubbell earned her LL.M, with honors, from Northwestern University, her law degree, with distinction, from Ohio Northern University and her Bachelor of Science degree from Michigan State University.  

Quarles & Brady LLP is a full-service law firm with more than 450 attorneys practicing from offices in Phoenix and Tucson, Ariz.; Chicago, Ill.; Naples and Tampa, Fla.; and Milwaukee and Madison, Wis.

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