Twenty years ago this month the Enron Corporation imploded in spectacular fashion and declared bankruptcy. In the weeks leading up to its bankruptcy filing, over 100 highly compensated employees raced to receive early distributions of nonqualified deferred compensation, and were ultimately successful in removing over $50 million from the company before the bankruptcy filing. One of the most significant consequences of the Enron story was enactment of Section 409A of the Internal Revenue Code (“Code”), which now governs the time and form of payment of nonqualified deferred compensation. READ MORE