As part of the Settlement, a Gross Settlement Amount of $3,900,000 is being paid to resolve the claims in the Action. Class Members are eligible to receive a pro rata share of the Net Settlement Amount remaining after payment of Administrative Expenses, any Attorneys’ Fees and Costs that the Court awards to Class Counsel, and any compensation that the Court awards to the Class Representatives. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Former Participants who are entitled to a distribution may receive their distribution as a check or, if they choose, as a rollover to a qualified retirement account.
In addition, the Settlement provides that for three (3) years following the Settlement Effective Date, Defendants shall retain one or more independent consultants pursuant to ERISA § 3(21), who is not an existing investment or service provider or affiliated with the Plans, to provide ongoing assistance in reviewing the investment options in the Plans, the fees for those investment options, and any brokerage fees incurred by the Plans.
In exchange for the foregoing monetary and prospective relief, all Settlement Class Members and anyone claiming through them will fully release the Defendants and other Released Parties from the Released Claims, as defined in the Settlement Agreement, which is available here. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, or related parties for conduct during the Class Period arising out of or related to the allegations in the Action.