Maureen O'Brien

Maureen O'Brien

McDermott Will & Emery

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Latest Publications


Seventh Circuit Continues to Apply Federal Successor Liability Doctrine to Multiemployer Pension Plan Withdrawal Liability

Regarding multiemployer pension plans, the U.S. Court of Appeals for the Seventh Circuit has long held that a purchaser can incur withdrawal liability in an asset transaction because of the federal successor liability...more

9/30/2015 - Multi-Employer Pensions Notice Requirements Remand Successor Liability Withdrawal Liability

Focus on Private Equity - July 2015

What Private Equity Funds Should Know About ERISA: Basics of ERISA Coverage - The Employee Retirement Income Security Act of 1974, as amended (ERISA) imposes numerous duties on fiduciaries holding employee benefit...more

7/22/2015 - 401k Asset Diversification Breach of Duty DOL Duty of Care Duty of Loyalty Employee Benefits ERISA Exceptions Fee Disclosure Fiduciary Duty Former Employer Hedge Funds IRS Personal Liability Plan Documents Private Equity Funds Prohibited Transactions Stock Drop Litigation Stocks Transfer of Assets

Fiduciary Risks Involved in Transferring Assets from a Seller’s 401(k) Plan to the Buyer’s Plan

In many transactions, particularly those where the buyer is a portfolio company of a private equity fund, the buyer agrees to cause its 401(k) plan to accept a transfer of assets from the seller’s 401(k) plan. The asset...more

6/3/2015 - 401k Benefit Plan Sponsors ERISA Fiduciary Duty Private Equity Funds Retirement Plan Stock Drop Litigation

ERISA Section 4062(e) Significantly Reformed Effective December 16, 2014

On December 16, 2014, President Obama signed into law the Consolidated and Further Continuing Appropriations Act, which contains provisions that significantly reform ERISA Section 4062(e). The new law is meant to ensure that...more

1/27/2015 - Defined Benefit Plans Defined Contribution Plans Employer Liability Issues ERISA Involuntary Reduction in Force New Legislation PBGC

PBGC Intends to Monitor Lump-sum and Annuity Cashouts Under Defined Benefit Plans

The Pension Benefit Guaranty Corporation (PBGC) stated in a filing published in the Federal Register on September 23, 2014, that it intends to require that plan sponsors report to the PBGC “certain undertakings” to cashout or...more

10/3/2014 - Annuities Benefit Plan Sponsors Defined Benefit Plans Distribution Rules PBGC Pensions Reporting Requirements

PBGC Announces 2014 Moratorium on ERISA Section 4062(e) Enforcement Actions

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...more

7/11/2014 - Enforcement ERISA Moratorium PBGC

New Publications 502 and 503 Released by IRS

The Internal Revenue Service has recently released the latest versions of its Publications 502 and 503. Publication 502 is a list of medical and dental expenses (including the Health Coverage Tax Credit) that are deductible...more

2/3/2014 - Healthcare Income Taxes IRS

View From McDermott: Multiemployer Union Plans Implement Aggressive Litigation Strategies to Fill $390 Billion Funding Deficit

While the funded status of single-employer corporate defined benefit pension plans has improved, the funded status of multiemployer union pension plans has remained stagnate and, in some cases, further deteriorated. The...more

1/29/2014 - Employee Benefits Multiemployer Plan Pension Deficiencies Pensions Unions

PBGC Releases Revised Proposed Regulations Addressing Reportable Event Requirements under ERISA

Section 4043 of the Employee Retirement Income Security Act of 1974 (ERISA) requires pension plan sponsors to report a variety of corporate and plan events to the Pension Benefit Guaranty Corporation (PBGC). In November...more

6/14/2013 - Benefit Plan Sponsors ERISA PBGC Pensions Reporting Requirements Waivers

Employers Can Obtain Refund for Excess FICA Tax Paid as Result of Increased Excludable Limit for Transit Benefits

On January 11, 2013, the Internal Revenue Service published Notice 2013-8 providing a special administrative procedure for employers with respect to 2012 transit pass benefits. The American Taxpayer Relief Act retroactively...more

1/23/2013 - American Taxpayer Relief Act FICA Taxes Form 941 IRS Refunds Retroactive Application Transit Benefits W-2

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