The American Jobs Creation Act of 2004, which President George W. Bush signed into law last October, places new restrictions on executive non-qualified deferred-compensation plans to try to avoid Enron-type situations. The law also requires that companies revise their compensation tracking and payroll systems to comply with new reporting and withholding requirements. The compensation parts of the law took effect on Jan. 1. They apply to both public and private companies and nonprofit organizations. 
 
The law defines non-qualified deferred-compensation arrangements broadly. The definition doesn’t include bona fide 401(k), defined benefit or profit-sharing plans; or vacation, sick leave ...