Section 457 Reform and Simplification Act of 1989 - Amends the Internal Revenue Code to state that the accounting provisions applicable to the deferred compensation plans of State and local governments and of private tax-exempt organizations shall not apply to nonelective deferred compensation. Directs the Secretary of the Treasury to promulgate regulations defining nonelective deferred compensation.
Applies retroactively to tax year 1988 and thereafter.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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