This excerpt taken from the AES 10-K filed Feb 26, 2009.
As Amended and Restated on December 29, 2008
The AES Corporation (the Sponsor) established the AES Corporation International Retirement Plan (the Plan), effective January 1, 2007. The purpose of this Plan is to provide certain employees of the Sponsor and Affiliates with retirement benefits. The Plan is amended and restated as set forth herein to comply with Section 409A.
This Plan is an unfunded plan intended to be a nonqualified deferred compensation plan. This plan will be subject to section 409A of the Internal Revenue Code of 1986, as amended (the Code) for United States taxpayers. The amounts that may be payable under this Plan shall constitute general, unsecured obligations of the Sponsor, payable solely out of the general assets of the Sponsor, and no Participant shall have any rights to any specific assets of the Sponsor. Balances under this Plan represent mere promises to pay amounts in the future. In the event the Sponsor becomes subject to an insolvency or bankruptcy proceeding, a Participant in the Plan shall only have the rights of a general, unsecured creditor of the Sponsor for any Balances due under the Plan.