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.