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

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...

News

35 Verrill Attorneys Named 2020 Super Lawyers and Rising Stars

(November 9, 2020) – The 2020 edition of New England Super Lawyers and Rising Stars© has recognized a total of 35 Verrill attorneys for excellence in their individual areas of practice. Only the top...

Blog

Reporting Deferred Compensation on Form 990

Tax-exempt organizations often provide deferred compensation to their officers, key employees, and most highly compensated employees. Like current compensation payable to such employees, deferred compensation must be reported annually on Form 990, Schedule J...

Blog

Webinar: The Effect of COVID-19 on Employee Benefit Plans – Making Sense of the Abundance of New Legislation and Guidance

Join us on Thursday, March 18 for the next segment in the virtual series that comprises Verrill’s 2021 Employment Law Annual Update! For this segment, employee benefits attorneys Karen Hartford, Bill Jewett, and Chris...

Blog

DOL Guidance on Missing Pension Plan Participants - Part II

On January 18, we published a blog post regarding new Department of Labor (“DOL”) guidance on missing plan participants. That post is available here , and describes the DOL’s guidance on Missing Participants...

Blog

Consolidated Appropriations Act of 2021 Includes Flexible Spending Account Relief

The Consolidated Appropriations Act of 2021 (the “Act”) was signed into law on December 27, 2020. Buried within its 5,593 pages is some welcome flexibility relating to 2020 and 2021 health care and dependent...

Blog

DOL Guidance on Missing Pension Plan Participants

The Department of Labor (“DOL”) has undertaken a nationwide compliance initiative to ensure that retirement plan participants receive the benefits that they were promised when they reach their retirement age. To that end, the...

Blog

Partial Plan Terminations – An Update

In our April 2020 post , we detailed how employee layoffs can cause a qualified retirement plan to undergo a “partial termination,” resulting in required 100% vesting of the affected employees’ benefits. As 2020...

Blog

IRS Notice 2021-15 Provides Clarity Regarding FSA Relief Available Under Consolidated Appropriations Act

Section 214 of the Consolidated Appropriations Act, 2021 (CAA) provides a substantial amount of flexibility for the operation of health and dependent care Flexible Spending Accounts (FSAs). The CAA did, however, leave many open...

Blog

Order of Benefit Deductions from Employee Pay

From time to time we field questions about the order in which deductions for various employee benefits ( e.g. , 401(k) plan elective deferrals and insurance premiums for welfare benefit plan benefits) should be...

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