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From Mike Melbinger’s “Compensation Blog“: Apologies to those not old enough to have seen Spielberg’s Poltergeist in 1982 (and, thus, don’t understand this reference), but something really scary happened today. The IRS published its long-awaited final regulations (397 pages) under new Code Section 409A. This is a significant event for every employer in America because employers now have until the December 31, 2007 deadline to take a series of required steps.

In the upcoming days and weeks, I will be highlighting the most significant issues and requirements under the final regulations. However, the first step for most employers and their counsel is to determine the impact of the new rules on their plans, programs and agreements. Remember, these regulations can apply to employment and change in control agreements, severance plans and even equity compensations plans, in addition to deferred compensation plans, which were the original target of Congress.

Tomorrow! NASPP Webcast: The IRS and Treasury Speak about the New 409A Regulations

Talk about good timing! Catch the NASPP webcast tomorrow – “The IRS and Treasury Speak: Mid-Year Tax Update” – to hear representatives from the IRS and the US Department of Treasury, along with two former Treasury employees, talk about the new 409A regulations. The panel includes:

– Stephen Tackney, Senior Attorney, IRS, Office of Chief Counsel
– Daniel Hogans, Attorney Advisor, US Department of the Treasury
– Elizabeth Drigotas, Partner, Deloitte
– Deborah Walker, Partner, Deloitte

Try a no-risk trial membership to the NASPP to catch this webcast!

Farewell to Two Former SEC Commissioners

We are saddened to have learned of the recent deaths of two former SEC Commissioners – J. Carter Beese, Jr., who served from 1992 to 1994 and more recently was a venture capitalist; and James Needham, who served from 1969 to 1972 and became the first full-time, salaried chairman of the New York Stock Exchange.

I had the pleasure of meeting Carter several times and the guy was quite a character with a very sharp wit. He was among the youngest Commissioners to ever serve; he was only in his mid-30s when he sat on the Commission.