A client wants to put in a new deferred compensation plan effective April 1, 2009. They want to include a performance-based bonus election (2009 bonus payable in 2010).

If a participant makes an election to defer this bonus, will the deferral amount need to be prorated from April 1 - Dec 31? Or can the full 2009 bonus be deferred because the election was made six-month prior to the end of the bonus performance cycle?