The Enactment of § 409A Sample Clauses

The Enactment of § 409A. In February 2002, the Senate Finance Committee directed the Joint Committee on Taxation to investigate Enron.15 The Joint Committee’s report totaled 723 pages (not including the four appendices) detailing many of the abuses at Enron, including those involving nonqualified deferred compensation.16 Building upon the Joint Committee’s Report, in October 2004, Congress enacted the American Jobs Creation Act of 2004.17 Among its provisions was the creation of a new section of the Internal Revenue Code.18 I.R.C. § 409A added very detailed requirements for nonqualified deferred compensation plans. Both initial and subsequent elections to defer compensation must be made at very specific times.19 A narrow list of permissible triggers for payment is given.20 If a plan fails to comply with § 409A, then there are severe income tax consequences including inclusion of the deferred compensation in income with interest at the underpayment rate plus an additional 1 percent, and a 20 percent penalty based upon the now includable amount.21 In Autumn 2005, the Treasury Department issued Proposed Regulations for § 409A.22 On April 17, 2007, the Treasury Department issued final regulations.23 Including its Preamble, the final regulations as 15 STAFF OF JOINT COMM. ON TAX’N, 108TH CONG., REPORT OF INVESTIGATION OF ENRON CORPORATION AND RELATED ENTITIES REGARDING FEDERAL TAX AND COMPENSATION ISSUES, AND POLICY RECOMMENDATIONS , VOLUME I: REPORT, at 1 (Comm. Print 2003), available at xxx.xxx.xxx/xxxxxxxx/xxxxx/xxx-0-00/xxx0/xxxxx.xxxx. Enron filed for bankruptcy protection on December 2, 2001 (Case 01-16034, S.D. New York). 16 Id. at 14. 17 See American Jobs Creation Act of 2004, Pub. L. No. 108-357, 118 Stat. 1418 (codified as amended in scattered sections of 26 U.S.C.). 18 Id. § 885. 19 See I.R.C. § 409A(a) (2006). 20 Id. § 409A(a)(2)(A) (requiring distributions from nonqualified deferred compensation plans be made no earlier than “separation from service,” date of disability, “death,” a predetermined date, change in ownership, or “an unforeseeable emergency”).
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Related to The Enactment of § 409A

  • Trafficking Victims Protection Act of 2000 Subrecipient hereby acknowledges and agrees that it must comply with the requirements of the government-wide award term which implements Section 106(g) of the Trafficking Victims Protection Act (TVPA) of 2000, as amended (22 U.S.C. 7104). The award term is located at 2 C.F.R. Part 175.15, the full text of which is incorporated here by reference.

  • Federal Occupational Safety and Health Law Contractor represents and warrants that all articles and services shall meet or exceed the safety standards established and promulgated under the Federal Occupational Safety and Health Act of 1970, as amended (29 U.S.C. Chapter 15).

  • Occupational Health and Safety Act The Employer, the Union and the employees agree to be bound by the provisions of the Occupational Health and Safety Act, S.N.S. 1996, c.7.

  • Federal Immigration and Nationality Act The contractor shall comply with all federal, state and local immigration laws and regulations relating to the immigration status of their employees during the term of the contract. Further, the contractor shall flow down this requirement to all subcontractors utilized during the term of the contract. The State shall retain the right to perform random audits of contractor and subcontractor records or to inspect papers of any employee thereof to ensure compliance. Should the State determine that the contractor and/or any subcontractors be found noncompliant, the State may pursue all remedies allowed by law, including, but not limited to; suspension of work, termination of the contract for default and suspension and/or debarment of the contractor.

  • OMNIBUS PROCUREMENT ACT OF 1992 It is the policy of New York State to maximize opportunities for the participation of New York State business enterprises, including minority and women-owned business enterprises as bidders, subcontractors and suppliers on its procurement contracts. Information on the availability of New York State subcontractors and suppliers is available from: NYS Department of Economic Development Division for Xxxxx Xxxxxxxx Xxxxxx, Xxx Xxxx 00000 Telephone: 000-000-0000 Fax: 000-000-0000 email: xxx@xxx.xx.xxx A directory of certified minority and women-owned business enterprises is available from: NYS Department of Economic Development Division of Minority and Women's Business Development 000 Xxxxx Xxxxxx Xxx Xxxx, XX 00000 212-803-2414 email: xxxxxxxxxxxxxxxxx@xxx.xx.xxx xxxxx://xx.xxxxxxxxxxxxxx.xxx/FrontEnd/VendorSearchPu blic.asp The Omnibus Procurement Act of 1992 requires that by signing this bid proposal or contract, as applicable, Contractors certify that whenever the total bid amount is greater than $1 million:

  • Age Discrimination Act of 1975 The Contractor shall comply with the Age Discrimination Act of 1975 (42 U.S.C. § 6101 et seq.), as amended, and any applicable regulations. No person in the United States shall, on the basis of age, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under, any program or activity receiving Federal financial assistance.

  • General Regulations A. Excessively loud speakers and sound displays are not permitted, and BAC Productions shall have the right to reject any exhibit which does not, in its sole, and reasonable opinion, conform to the general tenor of the show.

  • Family and Medical Leave Act of 1993 (a) Leave provisions of this Agreement shall be construed consistently with the requirements of the Act. However, if the leave provisions under this Article are more generous, this Agreement shall prevail.

  • Compliance with Federal Law, Regulations, and Executive Orders This is an acknowledgement that FEMA financial assistance will be used to fund the contract only. The contractor will comply will all applicable federal law, regulations, executive orders, FEMA policies, procedures, and directives.

  • Health Insurance Portability and Accountability Act of 1996 (a) If the Contactor is a Business Associate under the requirements of the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), as noted in this Contract, the Contractor must comply with all terms and conditions of this Section of the Contract. If the Contractor is not a Business Associate under HIPAA, this Section of the Contract does not apply to the Contractor for this Contract.

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