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The Treasury Department and IRS today issued clarifications to Notice 2005-1 today which provide additional guidance regarding transition rules under section 409A for nonqualified deferred compensation plans. An advance version of Notice 2005-1 was released to the public on December 20, 2004 . Two clarifications are being added to the transition rules in the notice. The revised notice, incorporating these two clarifications, will be included as scheduled in Internal Revenue Bulletin 2005-2, to be published on January 10, 2005 .
A copy of the revised Notice 2005-1 and the accompanying IRS announcement are attached.
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