Learn more about the Employee Benefits and Executive Compensation Group at Schiff Hardin. Attorneys In This Practice Lauralyn G. Bengel Neal A. Mancoff Edward Spacapan Jr. Randolph R. Smith Jr. B. Frank Thorn David H. Williams Schiff Hardin Offices One Atlantic Center, Suite 2300 1201 West Peachtree Atlanta, GA 30309 225 Franklin Street, Suite 2600  Boston, MA 02110  6600 Sears Tower 233 S Wacker Drive Chicago, IL 60606 One Westminster Place Suite 200 Lake Forest, IL 60045 900 Third Avenue New York, NY 10022 One Market, Spear Tower 32nd Floor San Francisco, CA 94105 1666 K Street, NW Suite 300 Washington, DC 20006 - - - - - - - - - Join our mailing list. Forward this profile to a friend or colleague. - - - - - - - - -

Schiff Hardin Executive Compensation Alert
Re: Deadline for Amending Executive Compensation Arrangements

The final deadline for amending your documents to comply with the deferred compensation requirements of Internal Revenue Code Section 409A is December 31, 2008. Section 409A imposes extensive new rules and penalties with respect to deferred compensation arrangements, which are broadly defined to cover not only traditional deferred compensation plans, but also an array of other arrangements, such as change in control and employment agreements, severance agreements and severance plans, company stock plans of most types, and nonqualified retirement plans. The tax penalties are severe if the deadline is missed.

Please contact a member of the Employee Benefits and Executive Compensation Group as soon as possible if you maintain any such arrangement that could be subject to 409A.

ABOUT SCHIFF HARDIN LLP

Schiff Hardin's Employee Benefits and Executive Compensation Group works with clients to determine which retirement and health/welfare benefits plans best suit their needs, and assists in the design and implementation of all types of stock-based plans, deferred compensation and employment arrangements. Our counseling extends to analyzing benefit formulas, investment alternatives and procedures, and issues of securities law and fiduciary concerns.

For more information, contact one of our attorneys.