Experience

Comment Letter to Federal Agency

We worked with a group of clients to submit a comment letter to the Department of Labor's Employee Benefits Security Administration in response to EBSA's Request for Information regarding electronic distribution of employee benefit plan information under ERISA. The group of clients comprised a cross-section of business types and sizes and included for-profit and tax-exempt entities. Drawing on input from individual clients and our own years of experience, we prepared a comment letter that provided EBSA with practical information and concrete recommendations for improving the electronic disclosure regulations.

Multi-Disciplinary Representation in Mill Purchase and Regulatory Compliance

We represented the buyer in the acquisition of Domtar Maine LLC, which owns and operates the pulp mill in Baileyville, Maine (also known as Woodland), and continue to represent the mill in regulatory compliance matters. The mill produces about 395,000 metric tons of pulp a year, and is Washington County's largest employer with about 300 employees. It also has significant hydroelectric generating assets, with surplus power being sold to New Brunswick Power.

Verrill acted as co-counsel with O'Melveny & Myers.

Our representation included extensive due diligence and contract negotiation, and we relied upon our extensive experience in real estate, pension and benefits, labor and employment (several unions are involved with the mill), energy (including FERC), environmental law, commercial finance, tax and intellectual property.

Retirement Plan Governance Structure

This project is a comprehensive review of virtually all aspects of our client's global retirement plans' governance, including structure, documentation, policies and processes, measured against both governing law in multiple jurisdictions and best practices in those same jurisdictions. This matter is significant due to the scope and complexity of the project as well as the international nature of the client. The client's ERISA plans melded governance of U.S. plans with those of several other countries. The plans also need to provide for system absorption of additional sizeable plans in the course of corporate acquisitions.

Retirement Plan Restructuring

Our client required an atypically complex restructuring of their retirement program to account for multiple classifications of medical and non-medical personnel at this tax-exempt employer, and the employer's desire to phase in both the freeze and plan changes, and to afford affected current plan participants an election between existing and new benefits. Our representation in this matter involved providing full analysis of legal compliance of design proposed by consulting firm, working with the employer and consultants to address legal issues and complexities and drafting new plan documents and summary plan descriptions.

Firm Highlights

Blog

Do you understand your Investment Policy Statement?

The Acme Rocket Sled Company Retirement Plan Administration Committee recently selected a new investment advisor for the company’s 401(k) plan. During the RFP process, the new advisor observed that the Investment Policy Statement (IPS...

News

65 Verrill Attorneys Recognized by Best Lawyers® 2022, Including Eight Named Lawyers of the Year

(August 31, 2021) – 65 Verrill attorneys were recognized as "Best Lawyers" by Best Lawyers® 2022 , including 8 attorneys named “Lawyer of the Year,” a distinguished recognition for only a single lawyer in...

Blog

Retirement Plan Administrators: Are You Ready to Comply with the New Lifetime Income Disclosure Requirement for Benefit Statements?

Lifetime Income Disclosure Requirement . The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), enacted December 20, 2019, added a new annual disclosure requirement for benefit statements to participants...

Blog

Massachusetts Now Requires Paid COVID-19 Leave for all Employees

Massachusetts now requires all employers, regardless of size, with Massachusetts employees to offer employees paid, job-protected leave for certain COVID-19-related reasons, including to get or recover from a COVID-19 vaccine. Massachusetts also has established...

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

32 Verrill Attorneys, Across Three Offices, Recognized in 2021 Chambers & Partners Guide

(May 27, 2021) – Verrill has been rated as a Leading Firm in a total of 11 categories and subcategories as evaluated by London-based Chambers & Partners, one of the world's most respected legal...

Blog

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...

Blog

Revenue Procedure 2021-30: A New and (Further) Improved EPCRS

The Internal Revenue Service has updated the Employee Plans Compliance Resolution System (EPCRS) in several respects that will be helpful to retirement plan sponsors. Revenue Procedure 2021-30 , published July 16, 2021, replaces the...

Publication/Podcast

Employee Benefits & Executive Compensation 2020 Year-End Client Advisory

Click here to view as a PDF . This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for...

Blog

Self-Insured Group Health Plan Sponsors: Action Steps to Mitigate Risk Under the Mental Health Parity and Addiction Equity Act

The Mental Health Parity and Addiction Equity Act (“MHPAEA”) provisions of the Consolidated Appropriations Act, 2021 (“CAA”) introduced a requirement that group health plans and insurance providers offering both medical and surgical benefits (“M/S...

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