Experience

Advised Fortune 500 Company on Group Health and Welfare Benefit Plans

We were engaged by a Fortune 500 manufacturing company to provide legal and compliance services regarding its group health and welfare benefit plans. During the course of our representation, we have advised the company with respect to several significant matters including its COVID-19 vaccination incentive programs, creating a health and welfare benefit plans fiduciary committee, amending and restating the comprehensive summary plan description for its health and welfare benefit program, advising the company regarding the effects of the American Rescue Plan Act (ARPA) on dependent care tax credits, providing guidance with respect to several prelitigation demands, and providing welfare benefits integration advice on a billion dollar acquisition.

Comprehensive Benefit Plans Representation of Seller in Strategic Acquisition

We represented the largest physician network in Massachusetts in the employee benefits and executive compensation aspects of its acquisition by one of the largest health care companies in the United States. After several rounds of federal and state regulatory review, the transaction closed in 2022. In connection with the transaction, we advised the client regarding the full range of employee benefits and executive compensation issues that commonly arise in the mergers and acquisitions setting – including responses to due diligence requests, the negotiation of benefits-related terms in the transaction documents, the transfer of benefit plan sponsorship, administrative and legal compliance matters, and the like. Because of the unique circumstances (specifically, the acquisition of a tax-exempt organization by a for profit company), we were also required to resolve several novel legal issues regarding certain executive compensation plans maintained by the client and prepare significant related documentation. The law firms representing the client and the acquiror in the transaction are among the largest firms in the United States.

Defined Contribution Plans Investment Menu Harmonization

We advised a major Massachusetts health system regarding the harmonization and rationalization of more than two dozen defined contribution plans with participant-directed investments, which were the combined legacy of several mergers by which the health system was created. The plans had diverse investment option menus and the plans themselves are of varying types, each of which carries its own legal restrictions on permissible investment types. Employees within the system frequently participate in more than one plan because they move between affiliated hospitals and provider groups. We worked with the client’s investment advisors and employee benefits consultants to implement a uniform investment option menu across all plans to the extent possible within applicable legal requirements. We were responsible for all legal compliance work, including advice to the investment consultant during the investment menu selection, the review of new or amended contracts regarding certain investments/services, all necessary employee disclosures and other communications, and plan amendments, as required for each plan involved.

Firm Highlights

Blog

IRS Announces New Pilot Program for Retirement Plan Audits

On June 3, 2022, the Internal Revenue Service (“IRS”) announced a new pre-examination compliance pilot program beginning in June 2022. Under the pilot program, the IRS will notify a plan sponsor by letter that...

Matter

Advised Fortune 500 Company on Group Health and Welfare Benefit Plans

We were engaged by a Fortune 500 manufacturing company to provide legal and compliance services regarding its group health and welfare benefit plans. During the course of our representation, we have advised the company...

Blog

Department of Labor Guidance and Federal Initiatives Counsel a Wait-and-See Approach for 401(k) Plan Fiduciaries Interested in Cryptocurrency Options

On March 10, 2022, the Department of Labor published Compliance Assistance Release 2022-01, 401(k) Plan Investments in “Cryptocurrencies” . The Release strongly discourages the addition of cryptocurrency (and other digital asset) options to the...

Matter

Comprehensive Benefit Plans Representation of Seller in Strategic Acquisition

We represented the largest physician network in Massachusetts in the employee benefits and executive compensation aspects of its acquisition by one of the largest health care companies in the United States. After several rounds...

Publication/Podcast

2021 Year End Employee Benefit Plan Amendments

Health and Welfare Plans Employers that made available COVID-19 relief and benefit enhancements in 2020 – such as the increased carry over limit and extended grace period for health flexible spending accounts – need...

Publication/Podcast

Courts Expand on Rules Regarding the Protection of Retirement Plan Assets

Publication/Podcast

Employee Benefits & Executive Compensation 2021 Summer Client Advisory

Click here to view as a PDF. This Client Advisory summarizes developments in the law governing employee benefit plans prompted by the COVID-19 pandemic. We explain what these developments mean for plan sponsors and...

News

31 Verrill Attorneys, Across Four Offices, Recognized in 2022 Chambers & Partners Guide

Blog

Health Plans: PCORI Fee Is Due August 1, 2022

What is the PCORI Fee? The Affordable Care Act created a non-profit corporation, the Patient-Centered Outcomes Research Institute (“PCORI”), to conduct research to help individuals, providers, and policymakers make better healthcare choices by advancing...

News

Verrill Appoints Karen Hartford as Firm’s New Diversity & Inclusion Committee Chair

Contact Verrill at (855) 307 0700