As part of the Settlement, a Gross Settlement Amount of $4,000,000 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 Named Plaintiffs. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plan. 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 Defendants shall issue a new request for proposals for recordkeeping services for the Plans within one hundred eighty (180) days of the Settlement Effective Date.
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. The Released Parties include the Plans, each Defendant, each individual Administrative Committee member, and certain related parties as outlined in the Settlement Agreement. The Released Claims include any claims against any of the Released Parties with respect to any of the Plans arising on or before December 31, 2020 that were asserted in the Action or could have been asserted in the Action, or that are based on the same factual predicate, including those that arise out of, relate to, are based on, or have any connection with (i) the selection, oversight, retention or performance of the Plans’ recordkeeper, Alight Solutions, LLC, or (ii) the amounts paid to, received by, charged by, or deducted for recordkeeping, administrative or other services provided by the Plans’ recordkeeper or its affiliates that are related to the Plans. In addition, the Released Claims also include certain other claims as set forth in the Settlement Agreement.
This is only a summary of the Released Parties and Released Claims, and is not a binding description of either. The governing releases are found within the Settlement Agreement, which is available here.