NMU's Compliance Database - Northern Michigan University
Nonqualified Deferred Inclusion
| Reviewed By | Internal Auditor Owner |
| Regulation Reference Cite | 26 U.S.C. § 409A |
| Report Due Date (Actual) | Refer to description |
| Level | Requirement |
| Oversight Unit | HUMAN RESOURCES |
| Person Responsible | Rhea Dever |
| Secondary Person Responsible | |
| President / VP Level | Finance |
| Description |
If at any time during a taxable year a nonqualified deferred compensation plan (I) fails to meet the requirements of paragraphs (2), (3), and (4), or (II) is not operated in accordance with such requirements, all compensation deferred under the plan for the taxable year and all preceding tax able years shall be includible in gross income for the taxable year to the extent not subject to a substantial risk of forfeiture and not previously included in gross income. Reporting due by the last day of 7th month after end of plan year. An automatic extension of up to 2½ months may be obtained by filing Form 5558 with the IRS before the return/reports regular due date. NMU is not required to report, as we are not subject to ERISA requirements. |
| Contacts and Data Sources |
| https://codes.findlaw.com/us/title-26-internal-revenue-code/26-usc-sect-409a.html |
| Internal Notes |
| This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information |