PLR 201024011: IRS Rules That State's Restated Deferred Compensation Plan Qualifies Under Section 457(b)

In PLR 201024011, the IRS ruled that a state's restated deferred compensation plan constitutes an eligible deferred compensation plan as defined in Section 457(b), and the amounts of compensation deferred in accordance with the terms of the plan will be includible under Section 457(a)(1)(A) in the recipient's gross income, but only for the taxable years in which the amounts are paid to a participant or beneficiary in accordance with the terms of the plan.