PA Legislative Fix For Nonqualified Deferred Compensation Plans

"Pennsylvania's Governor Rendell recently signed House Bill 176 effectively overturning the Pennsylvania Commonwealth Court's recent decision in Ignatz v. Commonwealth of Pennsylvania, 2004 WL 1057453 (Pa. Commw. May 12, 2004). Under the House Bill, elective deferrals into nonqualified deferred compensation arrangements will now be taxed at the time of distribution and not at the time of deferral."

Read more in this BIPC article found via this Benefitsblog post.