409A Mandates for Employee Severance Agreements
Unraveling the New Legal Complexities, Avoiding Severe Tax Penalties
Recording of a 90-minute CLE teleconference with Q&A
Conducted on Wednesday, October 22, 2008
Recorded event now available
Description
The final regulations to IRS Section 409A, effective Jan. 1, 2009, impose sweeping changes on severance pay plans and severance agreements. A company's failure to comply can result in severe IRS penalties, including income tax assessments, interest and a 20% additional tax.
Listen as our panel of employee benefits attorneys explains the impact of 409A on severance pay plans and severance agreements. The panel members will discuss steps companies should take immediately in designing, drafting, and administering severance plans and agreements to ensure compliance.
Outline
- 409A and deferred compensation, generally
- Events triggering deferred compensation distribution
- Six-months separation rule
- Elections to defer compensation
- Acceleration of the date of payment
- Penalties for noncompliance
- When is severance treated as deferred compensation subject to 409A?
- Good reason provisions
- Safe harbor
- Short-term deferral exception
- Separation Pay Plan Exception
- Strategies for compliance
- In general
- Pilot voluntary correction program
- Reimbursement requirements
- Releases
Benefits
The panel will review these and other key questions:
- What ERISA and 409A issues must be considered in severance plans and agreements?
- What are some best practices for complying with the new 409A regulations as they relate to severance plans and agreements?
- What are the penalties for failing to comply with 409A?
- What steps should companies take now to transition from the interim 409A rules to the final regulations?
Faculty
Steven J. Friedman,
Shareholder
Littler Mendelson, New York
He chairs the firm's Employee Benefits Practice Group and has extensive experience analyzing issues related to 409A.
Annita M. Riddick,
Senior Counsel
Energy Future Holdings Corp., Dallas
She prepares executive arrangements, compensation programs and plan documents, resolutions and communications to implement approved compensation and benefits strategies.
Joseph Cartafalsa,
Partner
Putney Twombly Hall & Hirson, New York
He represents management in all aspects of labor and employment law and related litigation and represents employers on their rights and obligations under employment-related laws and regulations.
Ordering
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Customer Reviews
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Google Inc.
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King & Spalding, LLP
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Mitchell Williams Law Firm
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Irvin Slate
Slate Law Office
The teleconference addressed a highly relevant topic that recurs in my practice. The subject matter was very timely and informative.
Saleem Moghal
Paul Hastings Janofsky & Walker
Employment & ERISA Advisory Board
Partner
Littler Mendelson
Partner
Perkins Coie
Partner
Wick Phillips
Shareholder
Littler Mendelson
Shareholder
Greenberg Traurig
Partner
Gibson Dunn & Crutcher
Partner
Gladstone Michel Weisberg Willner & Sloane
Shareholder
Greenberg Traurig
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