On November 30, 2010, the IRS issued Notice 2010-80, providing additional relief for employers1 that voluntarily correct failures under Internal Revenue Code (Code) § 409A pursuant to Notice 2008-113 (correction procedures for certain operational failures) or Notice 2010-6 (correction procedures for certain plan document failures). Of immediate importance is the relief provided from some of the information and reporting requirements for certain document corrections made before January 1, 2011 and the elimination of the requirement that the employer provide the employee information regarding a same-year operational correction. Notice 2010-80 also expands the relief available with respect to payments contingent upon the execution of a release or upon some other employment-related condition. Finally, the Notice clarifies the availability of the document correction program to linked plans under certain circumstances and expands its availability for limited stock right issues.

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