IRS Section 457(f) Proposed Regulations for Deferred Compensation of Tax-Exempt Organizations: Worth the Wait

The Internal Revenue Service (IRS) has issued long-anticipated proposed regulations governing Internal Revenue Code (Code) Section 457(f), which applies to nonqualified, unfunded deferred compensation plans or arrangements established by state and local governments and tax-exempt employers. The proposed regulations and related proposed regulations under Code Section 409A were published in the Federal Register on June 22, 2016.