DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9321]
RIN 1545–BE79
Application of Section 409A to Nonqualified Deferred Compensation Plans; Correction
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Correcting amendment.
SUMMARY:
This document contains corrections to final regulations (TD 9321) which were published in the
Federal Register
on April 17, 2007 (72 FR 19323), corrected July 31, 2007 (72 FR 41620) and September 24, 2007 (72 FR 54945). The final regulations relate to section 409A and nonqualified deferred compensation plans.
DATES:
This correction is effective October 7, 2008.
Applicability date:
April 17, 2007.
FOR FURTHER INFORMATION:
Guy R. Traynor, (202) 622–3693 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are subject to this document are under section 409A of the Internal Revenue Code.
Need for Correction
As published, the correcting amendment of September 24, 2008 (72 FR 54945) to final regulations (TD 9321) contains errors that may prove to be misleading and is in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment.
PART 1—INCOME TAXES
Paragraph 1.
The authority citation for part 1 continues to read as follows:
Authority:
26 U.S.C. 7805 * * *
Par. 2.
Section 1.409A–6(a)(3)(i), the third sentence is corrected to read as follows:
§ 1.409A–6
Application of section 409A and effective dates.
(a) * * *
(3) * * *
(i)
Nonaccount balance plans
. * * * For purposes of calculating the present value of a benefit under this paragraph (a)(3)(i), reasonable actuarial assumptions and methods must be used. * * *
Guy R. Traynor,
Federal Register Liaison, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).