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Patrick Ryan
Subscribe to Patrick Ryan's PostsPatrick D. Ryan focuses his practice on employee benefits & executive compensation matters unique to business transactions as well as generalized qualified plan matters. Patrick also has experience with health and welfare benefits.Read Patrick D. Ryan's full bio.
DOL Proposes Significant Changes to VFCP Program
By Jennifer Hill, Jacob Mattinson and Patrick Ryan on Dec 22, 2022
Posted In Employee Benefits, Retirement Plans
On November 21, 2022, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program (VFCP), along with a proposed amendment to the Prohibited Transaction Exemption (PTE) 2002-51. The VFCP allows plan sponsors to voluntarily correct certain fiduciary breaches to avoid civil enforcement...
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Save It for a Rainy Day Part 2: IRS Announces Additional Plan Amendment Extensions
By Teal Trujillo, Patrick Ryan and Diane Morgenthaler on Oct 12, 2022
Posted In Employee Benefits, Employment, Executive Compensation, Retirement Plans
On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirement plans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual retirement accounts (IRAs). The extensions included many of the amendment deadlines under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE...
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Reportable Event Changes for Pension Plans Effective January 1, 2016
By McDermott Will & Emery, Diane Morgenthaler and Patrick Ryan on Dec 2, 2015
Posted In Fiduciary and Investment Issues, Retirement Plans
Effective January 1, 2016, the Pension Benefit Guaranty Corporation (PBGC) altered the reportable event rules for defined benefit pension plans. Although new PBGC regulations make electronic filing of all reportable event notices mandatory, the regulations also substantially reduce the reporting requirements for pension plan administrators, sponsors and contributing employers. Read the full article.
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Sixth Circuit Rejects Claim that Disgorgement of Profits Is Appropriate Remedy in ERISA Benefit Denial Action
By Michael T. Graham and Patrick Ryan on Mar 31, 2015
Posted In Benefit Controversies, Retirement Plans
On March 5, 2015, the U.S. Court of Appeals for the Sixth Circuit reversed the finding of a prior Sixth Circuit panel that allowed successful plaintiffs to recover additional equitable relief in the form of disgorgement of profits under a return-on-equity analysis in addition to the recovery of the denied benefits. This decision realigns the...
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Supreme Court to Review Application of ERISA’s Six-Year Statute of Limitations in Tibble v. Edison Int’l.
By Patrick Ryan on Nov 5, 2014
Posted In Retirement Plans
On October 2, 2014, the Supreme Court of the United States granted the plaintiffs’ petition for a writ of certiorari in Tibble v. Edison International to answer “Whether a claim that [Employee Retirement Income Security Act] ERISA plan fiduciaries breached their fiduciary obligation by offering higher-cost retail-class mutual funds to plan participants, even though identical lower-cost institutional-class...
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Senate Unanimously Approves Bill Modifying ERISA Section 4062(e)
By Michael T. Graham and Patrick Ryan on Sep 30, 2014
Posted In Retirement Plans
On September 16, 2014, the United States Senate unanimously approved Senate Bill 2511, which would amend Section 4062(e) of the Employee Retirement Income Security Act of 1974, as amended (ERISA), to clarify the definition of substantial cessation of operations. ERISA Section 4062(e) enables the Pension Benefit Guaranty Corporation to require that employers financially guarantee pension...
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PBGC Announces 2014 Moratorium on ERISA Section 4062(e) Enforcement Actions
By McDermott Will & Emery, Michael T. Graham and Patrick Ryan on Jul 10, 2014
Posted In Retirement Plans
On July 8, 2014, the Pension Benefit Guaranty Corporation (PBGC) issued a press release announcing a moratorium on its enforcement of Employee Retirement Income Security Act of 1974(ERISA) Section 4062(e) through the end of 2014. In general, ERISA Section 4062(e) allows PBGC to require that employers financially guarantee pension obligations in the form of plan...
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IRS Releases Final Instruction for Form W-8BEN-E
By Andrew Liazos, Patrick Ryan, Ruth Wimer and Todd Solomon on Jun 27, 2014
Posted In Retirement Plans
In March 2013, the Internal Revenue Service (IRS) issued the final version of Form W-8BEN-E Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting. This form allows certain non-U.S. retirement plans to claim exemption from the reporting and withholding requirement of the Foreign Account Tax Compliance Act (FATCA). However, the...
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New IRS Program for Delinquent Form 5500 Filers of Non-ERISA Plans
By Jeffrey Holdvogt, Patrick Ryan and Todd Solomon on Jun 17, 2014
Posted In Retirement Plans
The Internal Revenue Service recently established a one-year pilot program that provides plan administrators and plan sponsors of certain non-ERISA and foreign plans subject to the annual Form 5500 reporting requirements relief from penalties under the Internal Revenue Code. The penalty relief is temporary and expires on June 2, 2015. Read the full article.
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Recent Case Opens Door to Civil Enforcement Claims for Negligent FICA Tax Withholding
By Patrick Ryan and Ruth Wimer on Nov 26, 2013
Posted In Benefit Controversies, Employment, Retirement Plans
A District Court in Eastern Michigan recently rejected a motion to dismiss a participant’s benefit claim, holding that an employer legally could be liable to a participant in a nonqualified deferred compensation plan when the employer did not properly withhold FICA tax in the manner most advantageous to the participant. As a best practice, plan...
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