10 December 2008 - On October 3, 2008, Congress passed and President Bush signed the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (the “Act”) which dramatically limits the ability of certain non-US investment funds (e.g., hedge funds and private equity funds) to provide nonqualified deferred compensation to US taxpayers. As a result, such funds’ existing deferred compensation arrangements will generally no longer be effective for deferring taxable income with respect to services performed by US taxpayers after December 31, 2008.