Thomas Cryan's arrival at Miller & Chevalier was covered by General Counsel News.
- Represented clients in successful lobbying efforts to narrow the scope and limit the effective date of Code Section 409A. Persuaded Congressional staffers to adopt favorable rules in applying proposed $1 million cap on deferred compensation to supplemental executive retirement plan (SERP) benefits.
- Consulted with financial institution on unique issues arising out of participation in the Trouble Asset Relief Program (TARP), such as the special Section 162(m) deduction rules applicable to the institution due to participation in TARP and the tax consequences to employees and employer of employees returning bonuses.
- Assisted a major technology company in structuring compensation arrangements for senior executives of a cross-border joint venture based in Europe. Developed an arrangement under which each of the venture’s key executives were given a "country friendly" employment agreement, coupled with a separate severance agreement providing additional benefits subject to U.S. law. This novel arrangement was designed to preclude an executive from ever challenging the severance benefits in a European court.
- Obtained more than 20 favorable private letter rulings (PLRs) in the last 10 years dealing with executive and equity compensation matters in a variety of areas, such as those involving Section 162(m) performance-based compensation and Section 423 employee stock purchase plans. (See, e.g., PLR 200613012, PLR 200537005, and 200547007).
- Advised Fortune 100 companies regarding executive agreements (e.g. employment, severance, and change-of-control agreements), deferred compensation plans (e.g., account balance plans, Supplemental Executive Retirement Plans (SERPS), and bonus deferrals) and equity awards (e.g., stock options, Stock Appreciation Rights (SARs), Restricted Stock Units (RSUs), deferred shares, and performance share) on wide-ranging issues dealing with plan design and administration, proxy disclosure, and corrections, arising under that various tax rules set forth in Sections 61, 83, 162(m), 280G, 402(b), 404(a)(5), 404A, 409A, 457A, 3121(v)(2), and 4999.
- Obtained private letter ruling allowing company to transfer excess pension assets to a Section 401(h) account through a Section 420 transfer on behalf of retirees who have had their pension benefits settled through retiree lump sum window or otherwise (PLR 201511044).
- Obtained three private letter rulings allowing companies to offer retiree lump sum windows as part of their pension plan de-risking strategies (PLR 201228045, PLR 201431034, PLR 201424031).
- Obtained private letter ruling involving a transaction freezing of accruals and contributions under a floor-offset retirement plan arrangement and Rev. Rul. 76-259 and Section 411(d)(6).
- Assisted large companies in the termination of their defined benefit pension plans and related annuity placements, some of which included Section 401(h) accounts for retiree medical benefits.
- Obtained favorable administrative scrutiny determinations by IRS with respect to separate lines of business under section 414(r).
- Obtained VCP approval for method of correction for ESOP operation issue for large energy company, avoiding millions of dollars in potential correction costs.