The U.S. Internal Revenue Service ("IRS") issued the Code Section 409A deadline extension that we had all hoped for; unfortunately it was not nearly as helpful as we would have liked. The deadline for most plan amendments has been extended to December 31, 2008. However, the new guidance also requires affected plans to be operated in compliance with the final regulations and other guidance from and after January 1, 2008. In addition, and most significantly, arrangements subject to Section 409A must designate in writing a compliant time and form of payment on or before December 31, 2007. In some cases, significant plan re-designs are still required by December 31, 2007. IRS officials have publicly stated that a further, more robust extension is under serious consideration; nevertheless, we recommend that plan sponsors continue to review their plans for compliance and prepare appropriate amendments. See IRS Notice 2007-78.