Sweeping changes to the tax rules applicable to Nonqualified deferred compensation plans (Code §409A) will require practitioners to review and likely also to amend all of their Nonqualified plans by December 31, 2005. Code §409A places greater emphasis on the plan document by requiring plans to comply in form and operation. A plan that does not comply with the new requirements will subject its participants to severe penalties.
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Our Nonqualified Plan Service is formatted as a prototype (basic plan document and adoption agreement with "checked box" elections) and updated for the final Code §409A regulations. In addition to elective, matching, and nonelective features, the document includes other popular design options such as "401(k) wraparounds" and 457(f) plans. Employers can permit or specify:
The cost is a one time fee of $2,295 on CD in Microsoft Word.
No Annual Maintenance Fees
Prices stated on the Order Form reflect one time charges. There is no annual upkeep charge for the Nonqualified Plan Service and there is no per-customer charge. If revisions, amendments, or supplements to the Nonqualified Plan Service are necessary because of law changes, regulations or other official pronouncements, we provide these with a cost reflecting the scope of the changes required.
For a period of six months after an initial subscription to the Nonqualified Plan Service, our consultants will, without charge, respond to telephone or written inquiries regarding the Nonqualified plan document. We also will provide other technical assistance on a consulting fee basis.