Client Spotlight: Stoel Rives LLP Represents Timber Operators Council Retirement Plan in $245 Million Plan Termination and Pension Risk Transfer to Prudential

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PORTLAND, Ore. — Stoel Rives LLP represents the Timber Operators Council Retirement Plan (“TOCRP”) in connection with the termination of the TOCRP and the related pension risk transfer transaction by which the TOCRP settled approximately $245 million of its pension plan obligations for approximately 3,000 retirees, beneficiaries and deferred participants.

TOCRP, which Stoel Rives has represented as legal counsel for over 50 years, is a defined-benefit pension plan that was established by a group of Western wood products employers in 1961 to provide retirement benefits for their non-union employees. The TOCRP began a multi-year strategy to fully fund and ensure full delivery of all benefits due under the TOCRP, which ultimately resulted in the termination of the TOCRP.

The pension risk transfer transaction occurred through the purchase of a group annuity contract from The Prudential Insurance Company of America, which the Board of Trustees selected after a thorough process of evaluating a number of annuity providers. Prudential is expected to assume responsibility for paying these benefits beginning April 1, 2022.

“Our trusted legal counsel from Stoel Rives was critical to developing our multi-year strategy to financially secure our pension promises, then wind down the Plan,” TOCRP Board Chair Rodger Glos said. “They were also indispensable in executing this complex and highly regulated process as well as providing our Board of Trustees the understanding and confidence to make the critical fiduciary decisions required along the way.”

Stoel Rives partner Jeffrey M. Krueger leads the legal team that serves as legal counsel to the TOCRP, including with respect to the plan termination and pension risk transfer transactions.

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Jeffrey M. Krueger
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