In the Class Action, the Class Representatives claim that the Defendants failed to prudently monitor and control the Plan’s recordkeeping expenses and allowed class members to be charged amounts in excess of what similarly sized plans would have paid for such services. A more complete description of what Plaintiffs allege is in the Complaint.

The Defendants have denied and continue to deny liability as to all claims and assert that they have always acted prudently and in keeping with their fiduciary duties under ERISA by monitoring, reviewing, and evaluating the recordkeeping expenses paid by the Plan and by ensuring the Plan and Plan participants paid reasonable fees for all recordkeeping services provided to the Plan.

The Court has not reached a final decision as to the Class Representatives’ claims. Instead, the Class Representatives and the Defendants have agreed to the Settlement. The Settlement is the product of arm’s-length negotiations between the Class Representatives, the Defendants, and their counsel, who were assisted in their negotiations by a neutral, experienced mediator. The parties to the Settlement have taken into account the uncertainty, risks, and costs of litigation, and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representatives and Class Counsel believe that the Settlement is best for the Settlement Class. Nothing in the Settlement Agreement is an admission or concession on the Defendants’ part of any fault or liability whatsoever. They have entered into the Settlement Agreement to avoid the uncertainty, expense, and burden of additional litigation.

The amount, if any, that will be allocated to you will be based upon records maintained by the Plan’s recordkeeper. Calculations regarding individual distributions will be performed by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court- approved Plan of Allocation.

To receive a distribution from the Net Settlement Amount, you must either be a (1) “Current Participant” as described on page 1; or (2) a “Former Participant” as described on page 1; or (3) a Beneficiary or Alternate Payee of a person identified in (1) or (2).

There are approximately 36,000 Settlement Class Members. The Net Settlement Amount will be divided pro rata among Settlement Class Members (and eligible Beneficiaries and Alternate Payees) based on their Average Settlement Allocation Score in relation to other Class Members. To calculate the Average Settlement Allocation Score, the Settlement Administrator will review Class Members’ account balances in the Plan for each quarter during the Class Period, and will award one point for each dollar invested in the in the Plan, at the end of each quarter. A Settlement Class Member’s Average Settlement Allocation Score shall be the average of the quarterly scores during the Class Period, weighted to account for partial quarters.

If you are a Class Member, you do not need to do anything to receive your share of the Net Settlement Amount.

If you are a Current Participant in the Plan, you will automatically received your distribution directly to your Plan account.

If you are a Former Participant in the Plan, the Settlement Administrator will mail you a check for your share of the Net Settlement Amount.

The timing of the distribution of the Net Settlement Amount is conditioned on several matters, including the Court’s final approval of the Settlement and any approval becoming final and no longer subject to any appeals in any court. An appeal of the final approval order may take several years. If the Settlement is approved by the Court and there are no appeals, the Settlement distribution likely will occur within approximately six months of the Court’s Final Approval Order, unless there are unforeseen circumstances. There will be no payments under the Settlement if the Settlement Agreement is terminated.

No. The Settlement Class has been certified for settlement purposes under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Settlement Class Member, you are bound by the Settlement (if it receives final Court approval) and any judgments or orders that are entered in the Action. If you wish to object to any part of the Settlement, you may write to Class Counsel and the Defendants’ Counsel about why you object to the Settlement.

The Court will hold a Fairness Hearing at 2:00 p.m. on February 5, 2024, at the United States District Court for the District of Connecticut, ABRAHAM RIBICOFF FEDERAL BUILDING, United States Courthouse, located at 450 Main Street, Hartford, Connecticut 06103, in Courtroom 1. At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court also will consider the motion for Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation. If there are objections, the Court will consider them then. Please note that if the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on the Settlement Website.