Affected Settlement Class members do not have to submit claim forms to receive a Settlement recovery. Their Settlement recoveries will be distributed automatically in the following manner if the Court approves the Settlement:
“Current Participants” are current Plan participants who have a positive balance in their Plan account. The Settlement recovery for Current Participants who invested in the Challenged Funds will be deposited directly into their Plan accounts in accordance with their investment elections for future contributions. If no investment elections for future contributions are on file, the payment will be invested in the Plan’s qualified default investment alternative, the State Street Conservative Target Retirement Non-Lending Series Fund. For payments to Current Participants into their Plan accounts, taxes will not be withheld.
“Former Participants” are individuals who had an active Plan account sometime since March 13, 2014, but currently do not have an account with a positive balance. Former Participants who invested in the Challenged Funds will automatically receive payments under the Settlement in the form of a check with applicable 1099 taxes withheld; and do not need to submit any paperwork to receive a payment under the settlement. However, Former Participants who would prefer to have their Settlement recovery rolled over into a qualified retirement plan account or individual retirement account may elect that rollover option by filling out an electronic form (the “Former Participant Rollover Form”) available here by July 21, 2022.
For payments effectuated as a rollover, taxes will not be withheld. The Settlement Administrator will provide information regarding how to properly complete the Former Participant Rollover Form, but it will not provide financial, tax or other advice concerning which form of payment to elect. Because the form of payment may have certain tax consequences for affected Former Participants, please consult your tax advisor before deciding whether to do nothing (and receive your payment as a check) or elect a rollover.
If your mailing address has changed, please contact the Settlement Administrator to provide your current address and ensure your payment is sent there.