On October 11 2004, the U.S. Congress passed the American Jobs Creation Act of 2004, also known as the JOBS bill. It is anticipated that President Bush will sign the JOBS bill shortly after the November presidential election. In addition to substantially changing corporate tax provisions, the JOBS bill makes the most significant changes to the tax rules applicable to nonqualified deferred compensation plans in a generation. These changes are not limited to just traditional salary and bonus deferral programs. The new rules affect supplemental executive retirement plans (SERPs), statutory restoration plans, equity-based compensation arrangements such as stock appreciation rights (SARs) and restricted stock units (RSUs), long-term incentive plans and directors’ fee deferral programs.