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Life & Job Events : Job Loss
by Bruce S. Brumberg

When you lose or leave your job, your nonqualified deferred compensation is affected. Understand what will happen so that you are prepared for this transition and are not met by unwelcome surprises.

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Severance payments and benefits are generally subject to Internal Revenue Code (IRC) Section 409A, including the requirement of a six-month delay in payments for select employees of a public company. However, the 409A regulations provide several exceptions to payments made upon an involuntary separation from service. These exceptions include…

Severance arrangements must comply with Section 409A unless an exemption applies. Otherwise, the 409A penalties apply. These arrangements are divided under the 409A rules into those triggered by involuntary separations (also called “good reason” terminations) and by voluntary separations. Different …

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