August 14, 2007

Education Alert: Tax-Exempt Organizations Beware: Restrictive New IRS Section 457(f) Guidance is Coming

In today's competitive market for top executives, many colleges and universities use Section 457 deferred compensation plans as part of financial packages to attract and retain these executives. New guidance issued by the Internal Revenue Service requires that certain aspects of these plans be revised. Like other tax-exempt organizations that the new guidance covers, this memo will enable colleges and universities to prepare for the guidance and begin the process of making the appropriate design changes to conform with the evolving legal standards.
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