AMENDMENT 2005-1 TO THE WACHOVIA CORPORATION ELECTIVE DEFERRAL PLAN

Exhibit (10)(e)

AMENDMENT 2005-1

TO THE

WACHOVIA CORPORATION

ELECTIVE DEFERRAL PLAN

(as amended and restated on April 16, 2002, and as subsequently amended)

WHEREAS, Wachovia Corporation (the “Corporation”) maintains the Wachovia Corporation Elective Deferral Plan (the “Plan”) for the benefit of certain employees;

WHEREAS, the Corporation wishes to amend the Plan to reflect certain administrative actions taken during the 2005 Plan Year to comply with Section 409A of the Internal Revenue Code of 1986, as amended; and

WHEREAS, pursuant to Section 10.3 of the Plan, the Corporation may amend the Plan at any time by action of the Management Resources and Compensation Committee of the Corporation’s Board of Directors.

NOW, THEREFORE, BE IT RESOLVED, effective as of January 1, 2005, Section 4.1(a) of the Plan is hereby amended to add the following to the end thereof:

“For the 2005 Plan Year, the Committee may permit an Eligible Employee to elect to defer a specified dollar amount and/or percentage of an Incentive Award after the beginning of the Plan Year which