The Pension Protection Act Blog

In a sign of the times, Motorola announced that, effective March 1, 2009, it is freezing its defined benefit plan and, effective January 1, 2009, it will end matching contributions to its 401(k) plan. Motorola also announced that its co-CEOs will take a 25% decrease in base salary in 2009, and that one CEO [...]

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At what point does a member of a corporation’s board of directors qualify as an “outside director” of purposes of Code section 162(m)(4)(C)(i) after serving as an interim chief executive officer? The IRS answered this question today in Rev. Rul. 2008-32.
In Rev. Rul. 2008-32, the IRS addresses the situation where a CEO suddenly resigns, [...]

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With the applicability dates for the Final 409A Regs looming, the IRS has released Notice 2007-100, which contains corrections to unintentional operational failures. The applicable words are “unintentional” and “operational”. Notice 2007-100 is clear that these corrections are not available for intentional failures, and they are not available for plan document failures.
Notice 2007-100 [...]

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Trends come and go in writing plan documents. The hottest trend over the last year, especially for non-qualified deferred compensation plans, has been to include a savings clause when writing plan documents or amendments. David E. Morse, of K & L Gates, in a great summary of the Final 409A Regs, describes savings [...]

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