Employee Benefits Legal Counsel for Fraternal Benefit Society

A well-known Catholic fraternal benefit society, and long-time Verrill client, engaged our EBEC group to help redesign pension benefits for its employees. Our team worked closely with the client and its actuary to design and implement customized cash balance formulas in three separate defined benefit pension plans. This intricate project involved negotiating with labor counsel, drafting plan amendments, and ensuring compliance with ERISA and the Internal Revenue Code. The new design is to yield significant long-term savings and streamline administrative processes for the client and more sustainable benefits for its employees.