Congress Passes New Legislation Governing Nonqualified Deferred Compensation

Kelley Drye Client Advisory

Kelley Drye’s Employee Benefits and Executive Compensation Practice Group has prepared a client advisory. On October 11, 2004, Congress passed the American Jobs Creation Act of 2004 which includes provisions that will impact most nonqualified deferred compensation arrangements. The new provisions will affect procedures for electing deferrals, timing of distributions, funding deferral arrangements with offshore trusts and reporting.