The IRS has extended the transition period for compliance with the final regulations under Section 409A of the Internal Revenue Code until December 31, 2008. While companies have a current obligation during the transition period to operate their non-qualified deferred compensation plans in good faith compliance with Section 409A, the transition period has provided flexibility that will no longer be available after the effective date of the final regulations. Compliance with Section 409A after December 31, 2008 will not be as easy. With only months remaining before the effective date, companies must determine how their compensation and benefit arrangements will operate after December 31, 2008. In this seminar, Ian Levin and Joshua Miller discuss certain notable concepts and issues that companies should bear in mind as they review their nonqualified deferred compensation plans for Section 409A compliance in contemplation of the deadline.