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...Life Underwriting, held here earlier this month, during a workshop on IRC rule 409A, an outgrowth of the American Jobs Creation Act of 2004.

"The new IRC role is causing us to rethink designs for non-qualified executive compensation plans," said Jim Clary, president and CEO of Mullin Consulting, Los Angeles. "We're moving into a world where non-qualified plans look a lot like qualified plans in terms of the governing regulations."

Prominent among 409A's provisions are restrictions on elections and distributions. The role stipulates, for example, that deferred compensation cannot be distributed earlier than the plan participant's death, disability or the six-month period following the individual's "separation from service" (e.g., termination).

Executives...

NOTE: All illustrations and photos have been removed from this article.



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