Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator in accordance with the Plan of Allocation as follows: 6.3.1 The Settlement Administrator shall obtain from Class Counsel, Defendants, or the Plans’ recordkeepers the quarter-ending account balances invested in the Plans’ investment options or the Plans for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator. 6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows: 1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified for each quarter; 2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant; 3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan); 4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants; 5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4. 6.3.3 No amount shall be distributed to a Class Member that is ten dollars ($10.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13. 6.3.4 The Settlement Administrator shall determine the total settlement payment available to each Current Participants and Authorized Former 6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty 6.3.6 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6, and 6.7 of the Settlement Agreement; and (b) instructing the Plans as to the amounts to be distributed to the Current Participants under Paragraph 6.4 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) to fulfill this instruction. 6.3.7 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that the Plans are instructed to make to Current Participants may not exceed the Net Settlement Amount. Nothing in this Paragraph is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount. 6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 3 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement, Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator in accordance with the Plan of Allocation as follows:
6.3.1 The Settlement Administrator shall obtain from Class Counsel, DefendantsDefendant, or the Plans’ Plan’s recordkeepers the quarter-ending account balances invested in the Plans’ Plan’s investment options or the Plans Plan for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ Plan’s recordkeepers for each Current Participant as of January 14June 30, 20212019. Defendants agree Defendant agrees to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant Participants are identified for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall be distributed to a Class Member that is ten five dollars ($10.005.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 The Settlement Administrator shall determine the total settlement payment available to each Current Participants and Authorized FormerFormer Participant by calculating each such participant’s share of the Net Settlement as set forth above.
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty
6.3.6 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6, and 6.7 of the Settlement Agreement; and (b) instructing the Plans Defendant as to the amounts to be distributed to the Current Participants under Paragraph 6.4 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) to fulfill this instruction.
6.3.7 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that the Plans are Defendant is instructed to make to Current Participants may not exceed the Net Settlement Amount. Nothing in this Paragraph is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.not
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator in accordance with the Plan of Allocation as follows:
6.3.1 The Settlement Administrator shall obtain from Class Counsel, Defendants, or the Plans’ recordkeepers the quarter-ending account balances invested in the Plans’ investment options or the Plans for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
6.4.1 The Settlement Administrator shall obtain from Class Counsel, the Duke Defendants or the Plan’s recordkeeper(s) the quarter-ending account balances invested in the Plan’s investment options or the Plan for each Class Member during the Class Period. The Duke Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.4.2 The Net Settlement Fund will be allocated among Current and Authorized Former Participants as follows:
1. The end-of-quarter quarterly balances for the Class Period of each Current Participant and each Authorized Former Participant Participants are identified for each quarter;
2. All end-of-quarter quarterly balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter quarterly balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter quarterly balance of step 3 is divided by the average end-of-quarter quarterly balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 6.4.3 No amount shall be distributed to a Class Member an Authorized Former Participant that is ten five dollars ($10.005.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 6.4.4 The Settlement Administrator shall determine the total settlement payment available to each Current Participants and Authorized Former
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirtyParticipant and Current Participant by calculating each such participant’s share of the Net Settlement as set forth above.
6.3.6 6.4.5 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants and Current Participants under Paragraphs 6.5, 6.6, 6.6 and 6.7 of the Settlement Agreement; and (b) instructing the Plans Plan as to the amounts to be distributed to the Current Participants under Paragraph 6.4 6.5 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) Plan account to fulfill this instruction.
6.3.7 6.4.6 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that deposits to the Plans are instructed to make to Current Participants Participants’ Plan accounts may not exceed the Net Settlement Amount. Nothing in this Paragraph 6.4.6 is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 6.4.7 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator in accordance with the following Plan of Allocation as followsAllocation:
6.3.1 6.4.1. The Settlement Administrator shall obtain from Class Counsel, Defendants, or the Plans’ recordkeepers Plan’s recordkeeper the quarter-ending account balances invested in the Plans’ Plan’s investment options or the Plans for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments 6.4.2. The allocation shall have two components: a per capita component and a pro rata component. The per capita component shall comprise 25% of the Net Settlement Amount and the pro rata component shall comprise 75% of the Net Settlement Amount.
6.4.3. To calculate the per capita component of the settlement allocation, the Settlement Administrator shall allocate 25% of the Net Settlement Amount to Authorized Former Participants and Current Participants in equal shares for every quarter during the Class Period in which they had a positive Plan account balance on the last day of the quarter.
6.4.4. The pro rata component of the settlement allocation shall be calculated by the Settlement Administrator as follows:
1. The end-of-quarter quarterly balances for the Class Period of each Current Participant Participants and each Authorized Former Participant are Participants invested in each investment option in the Plan, excluding amounts invested in the Bond Oriented Balanced Fund and the Diversified Stock Fund, shall be identified for each quarter;
2. All end-of-quarter quarterly balances identified in step 1 are shall be summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter quarterly balance for each Current Participant and each Authorized Former Participant is shall be calculated for the Class Period (with a zero included as the balance for any quarter during quarter-end for which the individual did not participate maintain a balance in the PlanPlan invested in options other than the Bond Oriented Balanced Fund and the Diversified Stock Fund);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter quarterly balance of calculated in step 3 is shall be divided by the average end-of-quarter quarterly balance for the Class Period of all Current and Authorized Former Participants, again excluding amounts invested in the Bond Oriented Balanced Fund and the Diversified Stock Fund;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4remaining after the deduction of per capita allocations.
6.3.3 6.4.5. No amount shall be distributed to a Class Member that is ten dollars ($10.00) or lessless shall be distributed by check to a Class Member, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 6.4.6. The Settlement Administrator shall determine the total settlement payment available to each Authorized Former Participant and Current Participants and Authorized Former
6.3.5 The Participant by calculating each such participant’s share of the Net Settlement as set forth above. Such calculations shall be made by the Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirtyno later than forty-five (45) business days after the Settlement Effective Date.
6.3.6 6.4.7. The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6, and 6.7 of the Settlement Agreement; and (b) instructing the Plans as to the amounts to be distributed to the Current Participants under Paragraph 6.4 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) to fulfill this instruction.
6.3.7 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that the Plans are instructed to make to Current Participants may not exceed the Net Settlement Amount. Nothing in this Paragraph is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.Paragraphs 6.6 and
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants Participants, Participants, Beneficiaries, or Alternate Payees, shall be calculated by the Settlement Administrator in accordance with pursuant to the Plan of Allocation as follows:
6.3.1 1.5.1 The Settlement Administrator shall obtain from Class Counseldetermine a “Settlement Allocation Score” for each Participant, DefendantsAuthorized Former Participant, Beneficiary, or Alternate Payee by (i) determining the Plans’ recordkeepers the quarteryear-ending end account balances invested in the Plans’ investment options or the Plans for of each Class Member Participant and Authorized Former Participant during the Class Period, as well as data reflecting or, if a Beneficiary or Alternate Payee had a separate account in the allocation Plan during the Class Period, by determining the year-end balance of new contributions among each such Beneficiary or Alternate Payee, and (ii) dividing the Plans’ recordkeepers for sum of each Current Participant as of January 14Participant’s or Authorized Former Participant’s, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information or to the Settlement Administratorextent applicable, each Beneficiary’s or Alternate Payee’s, year-end account balances during the Class Period by the total sum of year-end asset amounts in the Plan during the Class Period.
6.3.2 Payments 1.5.2 If the dollar amount of the settlement payment to an Authorized Former Participants and Current Participants shall be Participant, or a Beneficiary or Alternate Payee who does not have an Active Account, is initially calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall to be distributed to a Class Member that is ten dollars ($10.00) 10.00 or less, because such an amount is de minimis and would cost more in processing than its valuethen that person’s payment shall be $10.00. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.131.13.
6.3.4 1.5.3 The Plan Recordkeepers (or designee) shall provide the necessary data subject to its control as may be reasonably available and necessary to enable the Settlement Administrator shall determine to perform the total settlement payment available to each Current Participants and Authorized Formerabove calculations.
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty
6.3.6 1.5.4 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6Participants, and 6.7 to Beneficiaries or Alternate Payees who do not have Active Accounts, under Paragraph 1.7 of the Settlement Agreementthis Plan of Allocation; and (b) instructing the Plans Plan as to the amounts amount of the Net Settlement Amount to be distributed allocated to the Current Participants Participants, and to Beneficiaries or Alternate Payees who have Active Accounts, under Paragraph 6.4 1.6 of the Settlement Agreement this Plan of Allocation and calculating the total amount to deposit into each Current Participant’s of their Active Account(s) to fulfill this instruction.
6.3.7 1.5.5 The total amount of all rollovers or checks to be written paid by the Settlement Administrator for Authorized Former Participants, and Beneficiaries or Alternate Payees who do not have Active Accounts, plus the total amount of all credits allocations that the Plans are Plan is instructed to make to Current Participants Participants, and Beneficiaries or Alternate Payees who have Active Accounts, may not exceed the Net Settlement Amount. Nothing in this Paragraph 1.5 is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.Paragraph
Appears in 2 contracts
Samples: Settlement Agreement, Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants (including Beneficiaries and Alternate Payees) shall be calculated by the Settlement Administrator in accordance with pursuant to the Plan of Allocation as follows, based on account information maintained and provided by NRECA as the Plan’s recordkeeper:
6.3.1 The 6.4.1 For each Authorized Former Participant and Current Participant, the Settlement Administrator shall obtain from Class Counseldetermine an Average Account Balance. For purposes of making this determination, Defendants, or the Plans’ recordkeepers Average Account Balance shall be calculated based on the quarter-ending account balances invested in the Plans’ investment options or the Plans balance for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified and Current Participant for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for during the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);Period.1
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall be distributed to a Class Member that is ten dollars ($10.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 6.4.2 The Settlement Administrator shall determine the total settlement payment available to each Current Participants and Authorized Former
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirtyParticipant and Current Participant by calculating each such participant’s pro-rata
6.3.6 6.4.3 The Settlement Administrator shall utilize the calculations required to be performed herein for (a1) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6, and 6.7 Paragraph 6.6 of the Settlement Agreement; and (b2) instructing NRECA as the Plans Plan’s recordkeeper as to the amounts amount of the Net Settlement Fund to be distributed allocated to the Current Participants under Paragraph 6.4 6.5 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) in the Plan to fulfill this instruction.
6.3.7 6.4.4 The total amount of all tax-qualified rollovers or checks to be written by the Settlement Administrator for Authorized Former Participants, plus the total amount of all credits allocations that NRECA as the Plans are Plan’s recordkeeper is instructed to make to Current Participants Participants, may not exceed the Net Settlement Amount. Nothing in this Paragraph is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation total would otherwise require payments exceeding exceed the Net Settlement Amount, the Settlement Administrator is authorized to make such pro rata changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Current Participants, Former Participants and Current Participants Participants, Beneficiaries, or Alternate Payees, shall be calculated by the Settlement Administrator in accordance with pursuant to the Plan of Allocation as follows:
6.3.1 1.5.1 The Settlement Administrator shall obtain from Class Counseldivide the Net Settlement Amount into an “Investments Settlement Amount” and “Excessive Fees Settlement Amount.” The Investments Settlement Amount shall be equal to 75% of the Net Settlement Amount, Defendantsand the Excessive Fees Settlement Amount shall be equal to 25% of the Net Settlement Amount.
1.5.2 The Settlement Administrator shall determine two “Settlement Allocation
1.5.3 If the dollar amount of the settlement payment to a Former Participant, or the Plans’ recordkeepers the quarter-ending account balances invested in the Plans’ investment options a Beneficiary or the Plans for each Class Member during the Class PeriodAlternate Payee who does not have an Active Account, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be is initially calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall to be distributed to a Class Member that is ten dollars ($10.00) 10.00 or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts then that person’s payment shall be retained in be
1.5.4 The Plan’s Recordkeeper (or designees) shall provide the Qualified Settlement Fund for distribution under Paragraph 6.13.necessary data
6.3.4 The Settlement Administrator shall determine the total settlement payment available to each Current Participants and Authorized Former
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty
6.3.6 1.5.5 The Settlement Administrator shall utilize the calculations required to be performed herein for for: (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6Participants, and 6.7 to Beneficiaries or Alternate Payees who do not have Active Accounts, under Paragraph 1.7 of the Settlement Agreementthis Plan of Allocation; and (b) instructing the Plans Plan as to the amounts amount of the Net Settlement Amount to be distributed allocated to the Current Participants Participants, and to Beneficiaries or Alternate Payees who have Active Accounts, under Paragraph 6.4 1.6 of the Settlement Agreement this Plan of Allocation and calculating the total amount to deposit into each Current Participant’s of their Active Account(s) to fulfill this instruction.
6.3.7 1.5.6 The total amount of all rollovers or checks to be written paid by the Settlement Administrator for Former Participants, and Beneficiaries or Alternate Payees who do not have Active Accounts, plus the total amount of all credits allocations that the Plans Plan are instructed to make to Current Participants Participants, and Beneficiaries or Alternate Payees who have Active Accounts, may not exceed the Net Settlement Amount. Nothing in this Paragraph 1.5 is intended to modify the requirements of Paragraph 6.8 1.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation total would otherwise require payments exceeding exceed the Net Settlement Amount, the Settlement Administrator is authorized and required to make such pro rata changes as are necessary to the Plan of Allocation such that said totals do total does not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator in accordance with the Plan of Allocation as follows:
6.3.1 The Settlement Administrator shall obtain from Class Counsel, Defendants, or the Plans’ recordkeepers the quarter-ending account balances invested in the Plans’ investment options or the Plans for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
6.4.1 The Settlement Administrator shall obtain from Class Counsel, the Vanderbilt Defendants or the Plan's recordkeeper(s) the quarter-ending account balances invested in the Plan's investment options or the Plan for each Class Member during the Class Period. The Vanderbilt Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.4.2 The Net Settlement Fund will be allocated among Current and Authorized Former Participants as follows:
1. The end-of-quarter quarterly balances for the Class Period of each Current Participant and each Authorized Former Participant Participants are identified for each quarter;
2. All end-of-quarter quarterly balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter quarterly balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter quarterly balance of step 3 is divided by the average end-of-quarter quarterly balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 6.4.3 No amount shall be distributed to a Class Member an Authorized Former Participant that is ten five dollars ($10.005.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 6.4.4 The Settlement Administrator shall determine the total settlement payment available to each Current Participants and Authorized Former
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirtyParticipant and Current Participant by calculating each such participant's share of the Net Settlement as set forth above.
6.3.6 6.4.5 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants and Current Participants under Paragraphs 6.5, 6.6, 6.6 and 6.7 of the Settlement Agreement; and (b) instructing the Plans Plan as to the amounts to be distributed to the Current Participants under Paragraph 6.4 6.5 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) 's Plan account to fulfill this instruction.
6.3.7 6.4.6 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that deposits to the Plans are instructed to make to Current Participants Participants' Plan accounts may not exceed the Net Settlement Amount. Nothing in this Paragraph 6.4.6 is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 6.4.7 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by 6.2.1 The Plan will provide the Settlement Administrator in accordance with data reflecting the differential between potential earnings that could have been deferred to the Plan of Allocation by each Class Member, based on their deferral elections and funds available to them after other deductions were made, if credit card tipped earnings had been available for deferral (“Potential Deferral”) and the amount actually deferred by the Class Member during each pay period in the Class Period (“Actual Deferral”). The difference between the Potential Deferral and the Actual Deferral is referred to as follows:the Delta.
6.3.1 6.2.2 The Settlement Administrator shall obtain from Class Counsel, Defendants, or calculate lost investment earnings to the Plans’ recordkeepers the quarter-ending account balances invested in the Plans’ investment options or the Plans Delta for each Class Member during by applying an annual interest factor based on IRC section 6621(c)(1), from the Class Period, as well as data reflecting date the allocation of new contributions among deferral should have been made to the Plans’ recordkeepers settlement date (“Investment Earnings”).
6.2.3 To calculate the Total Delta for each Current Participant as of January 14participant, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for shall add the Class Period of each Current Participant Delta and each Authorized Former Participant are identified for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period Investment Earnings (with a zero included as the balance for any quarter during which the individual did not participate in the Plan“Total Delta”);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall be distributed to a Class Member that is ten dollars ($10.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 6.2.4 The Settlement Administrator shall determine calculate the total settlement payment available to each Current Participants and Authorized FormerTotal Class Delta, which is the sum of the Total Deltas for all Class Members.
6.3.5 6.2.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty
6.3.6 The Settlement Administrator shall utilize will calculate each Class Member’s Preliminary Allocation as the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6, and 6.7 Class Member’s proportionate share of the Settlement Agreement; and (b) instructing the Plans as to the amounts to be distributed to the Current Participants under Paragraph 6.4 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) to fulfill this instruction.
6.3.7 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that the Plans are instructed to make to Current Participants may not exceed the Net Settlement Amount. Nothing in this Paragraph is intended to modify The calculation for each class Member will be the requirements of Paragraph 6.8 below. In Class Member’s Total Delta, divided by the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement AmountTotal Class Delta, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed multiplied by the Net Settlement Amount.
6.3.8 The Released Parties shall not 6.2.6 Class Members who no longer have any responsibility for or liability whatsoever with respect to an account in the Plan and who have a Class Member Preliminary Allocation of Allocationless than $10 (the “De Minimis Amount”) shall receive no allocation from the Net Settlement Amount. The Settlement Administrator shall then, includingtaking into account the Class Members who will receive nothing because they do not satisfy the De Minimis Amount, but not limited to, recalculate the determination amount to distribute to Class Members who satisfy the De Minimis Amount or who have an account in the Plan to arrive at the amount to be paid to each remaining Class Member. The amounts paid to each individual Class Member is referred to as the Payment. The sum of the Plan of Allocation or Payments must equal the reasonableness of the Plan of AllocationNet Settlement Amount.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator in accordance with the Plan of Allocation as follows:
6.3.1 The Settlement Administrator shall obtain from Class Counsel, Defendants, or the Plans’ recordkeepers the quarter-ending account balances invested in the Plans’ investment options or the Plans for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
6.4.1 The Settlement Administrator shall obtain from the Plan’s recordkeeper the quarter-ending account balances invested in the BB&T or Sterling affiliated funds (“Proprietary Funds”) for each Class Member during the Class Period.
6.4.2 The Net Settlement Fund will be allocated among Current and Authorized Former Participants as follows:
1. The end-of-quarter quarterly balances for the Class Period of each Current Participant and each Authorized Former Participant Participants invested in Proprietary Funds are identified for each quarter;
2. All end-of-quarter quarterly balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter quarterly balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan)Period;
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter quarterly balance of step 3 is divided by the average end-of-quarter quarterly balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 6.4.3 No amount shall be distributed to a Class Member that is ten five dollars ($10.005.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 6.4.4 The Settlement Administrator shall determine the total settlement payment available to each Current Participants and Authorized Former
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirtyParticipant and Current Participant by calculating each such participant’s share of the Net Settlement as set forth above.
6.3.6 6.4.5 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants and Current Participants under Paragraphs 6.5, 6.6, 6.6 and 6.7 of the Settlement Agreement; and (b) instructing the Plans Plan as to the amounts to be distributed to the Current Participants under Paragraph 6.4 6.5 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) Plan account to fulfill this instruction.
6.3.7 6.4.6 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that deposits to the Plans are instructed to make to Current Participants Participants’ Plan accounts may not exceed the Net Settlement Amount. Nothing in this Paragraph 6.4.6 is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 6.4.7 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized participants, Former Participants and Current Participants Participants, Beneficiaries, or Alternate Payees, shall be calculated by the Settlement Administrator in accordance with pursuant to the Plan of Allocation as follows:
6.3.1 1.5.1 The Settlement Administrator shall obtain from Class Counseldetermine a “Settlement Allocation Score” for each participant, DefendantsFormer Participant, Beneficiary, or Alternate Payee by (i) determining the Plans’ recordkeepers the quarteryear-ending end account balances invested in the Plans’ investment options or the Plans for of each Class Member participant and Former Participant during the Class Period, as well as data reflecting or, if a Beneficiary or Alternate Payee had a separate account in the allocation Plan during the Class Period, by determining the year-end balance of new contributions among each such Beneficiary or Alternate Payee; and (ii) dividing the Plans’ recordkeepers for sum of each Current Participant as of January 14participant’s or Former Participant’s, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information or to the extent applicable, each Beneficiary’s or Alternate Payee’s, year-end account balances during the Class Period by the total sum of year-end asset amounts in the Plan during the Class Period. The Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants Allocation Score shall be used to calculate the
1.5.2 If the dollar amount of the settlement payment to a Former Participant, or a Beneficiary or Alternate Payee who does not have an Active Account, is initially calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall to be distributed to a Class Member that is ten dollars ($10.00) 10.00 or less, because such an amount is de minimis and would cost more in processing than its valuethen that person’s payment shall be $10.00. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.131.13.
6.3.4 1.5.3 The Plan’s Recordkeeper (or designee) shall provide the necessary data subject to its control as may be reasonably available and necessary to enable the Settlement Administrator shall determine to perform the total settlement payment available to each Current Participants and Authorized Formerabove calculations.
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty
6.3.6 1.5.4 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6Participants, and 6.7 to Beneficiaries or Alternate Payees who do not have Active Accounts, under Paragraph 1.7 of the Settlement Agreementthis Plan of Allocation; and (b) instructing the Plans Plan as to the amounts amount of the Net Settlement Amount to be distributed allocated to the Current Participants Participants, and to Beneficiaries or Alternate Payees who have Active Accounts, under Paragraph 6.4 1.6 of the Settlement Agreement this Plan of Allocation and calculating the total amount to deposit into each Current Participant’s of their Active Account(s) to fulfill this instruction.
6.3.7 1.5.5 The total amount of all rollovers or checks to be written paid by the Settlement Administrator for Former Participants, and Beneficiaries or Alternate Payees who do not have Active Accounts, plus the total amount of all credits allocations that the Plans are Plan is instructed to make to Current Participants participants, and Beneficiaries or Alternate Payees who have Active Accounts, may not exceed the Net Settlement Amount. Nothing in this Paragraph 1.5 is intended to modify the requirements of Paragraph 6.8 1.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation total would otherwise require payments exceeding exceed the Net Settlement Amount, the Settlement Administrator is authorized and required to make such pro rata changes as are necessary to the Plan of Allocation such that said totals do total does not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Current Participants, Former Participants and Current Participants Participants, Beneficiaries, or Alternate Payees, shall be calculated by the Settlement Administrator in accordance with pursuant to the Plan of Allocation as follows:
6.3.1 The Settlement Administrator shall obtain from Class Counsel, Defendants, or the Plans’ recordkeepers the quarter-ending account balances invested in the Plans’ investment options or the Plans for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers for each Current Participant as of January 14, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall be distributed to a Class Member that is ten dollars ($10.00) or less, because such an amount is de minimis and would cost more in processing than its value. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.13.
6.3.4 1.5.1 The Settlement Administrator shall determine the total “Settlement Allocation Score” for each Current Participant, Former Participant, Beneficiary, or Alternate Payee, by: (i) determining the sum of the year-end account balances in the Plan of each Current Participant and Former Participant during the Class Period, or, if a Beneficiary or Alternate Payee had a separate account in the Plan during the Class Period, by determining the sum of the year-end balance in the Plan of each such Beneficiary or Alternate Payee; and (ii) dividing the sum of each Current Participant’s or Former Participant’s, or, to the extent
1.5.2 If the dollar amount of the settlement payment available to each Current Participants and Authorized Former
6.3.5 The a Former Participant, or a Beneficiary or Alternate Payee who does not have an Active Account, is initially calculated by the Settlement Administrator to be $10.00 or less, then that person’s payment shall complete all payment calculations for all Current Participants be
1.5.3 The Plan’s Recordkeeper (or designees) shall provide the necessary data subject to its control as may be reasonably available and Authorized Former Participants within thirtynecessary to enable the Settlement Administrator to perform the above calculations.
6.3.6 1.5.4 The Settlement Administrator shall utilize the calculations required to be performed herein for for: (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6Participants, and 6.7 to Beneficiaries or Alternate Payees who do not have Active Accounts, under Paragraph 1.7 of the Settlement Agreementthis Plan of Allocation; and (b) instructing the Plans Plan as to the amounts amount of the Net Settlement Amount to be distributed allocated to the Current Participants Participants, and to Beneficiaries or Alternate Payees who have Active Accounts, under Paragraph 6.4 1.6 of the Settlement Agreement this Plan of Allocation and calculating the total amount to deposit into each Current Participant’s of their Active Account(s) to fulfill this instruction.
6.3.7 1.5.5 The total amount of all rollovers or checks to be written paid by the Settlement Administrator for Former Participants, and Beneficiaries or Alternate Payees who do not have Active Accounts, plus the total amount of all credits allocations that the Plans Plan are instructed to make to Current Participants Participants, and Beneficiaries or Alternate Payees who have Active Accounts, may not exceed the Net Settlement Amount. Nothing in this Paragraph 1.5 is intended to modify the requirements of Paragraph 6.8 1.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation total would otherwise require payments exceeding exceed the Net Settlement Amount, the Settlement Administrator is authorized and required to make such pro rata changes as are necessary to the Plan of Allocation such that said totals do total does not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator in accordance with the Plan of Allocation as follows:
6.3.1 The Settlement Administrator shall obtain from Class Counsel, Defendants, or the Plans’ recordkeepers Plan’s recordkeeper (or, as applicable, the Successor Plan’s recordkeeper) the quarter-ending account balances invested in the Plans’ Plan’s investment options or the Plans Plan for each Class Member during the Class Period, as well as data reflecting the allocation of new contributions among the Plans’ recordkeepers Plan’s recordkeeper (or, as applicable, the Successor Plan’s recordkeeper) for each Current Participant as of January 1431, 20212024. Defendants agree to provide the necessary approvals authorizing transmission of such information to the Settlement Administrator.
6.3.2 Payments to Current Participants and Authorized Former Participants and Current Participants shall be calculated by the Settlement Administrator as follows:
1. The Current Participants and Authorized Former Participants will be separated into two categories: (a) all Current Participants and Authorized Former Participants, and (b) Current Participants and Authorized Former Participants who invested in the Xxx Xxxxxx Collective Investment Trusts. The categories are not mutually exclusive, and individuals who satisfy the definition of both categories will receive a payment that reflects the total of the calculation performed under both category (a) and category (b).
2. After taking account of the De Minimis Amounts (as described below in paragraph 6.3.3), those in category (a) will receive 10% of the Net Settlement Amount, and those in category (b) will receive 90% of the Net Settlement Amount.
3. Within each category, the allotted percentage of the Net Settlement Amount will be divided using the following method:
(i) The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified for each quarter;
2. (ii) All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. (iii) An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. (iv) For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. (v) Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4assigned to their respective category.
6.3.3 No amount 4. The amounts resulting from this initial calculation shall be distributed known as the “Preliminary Entitlement Amount.”
6.3.3 Class Members who are entitled to a Class Member that is distribution of less than ten dollars ($10.00) or lesswill receive a payment of $10.00 (the “De Minimis Amount”) from the Net Settlement Amount. The Settlement Administrator shall progressively increase Class Members’ awards falling below the De Minimis Amount until the lowest Current Participant and Authorized Former Participant award is the De Minimis Amount, because such an amount is de minimis and would cost more in processing than its valuei.e., ten dollars ($10.00). All such amounts The resulting calculation shall be retained in known as the Qualified Settlement Fund “Final Entitlement Amount” for distribution under Paragraph 6.13each Class Member.
6.3.4 The Settlement Administrator shall determine the total settlement payment available to each Current Participants Participant and Authorized FormerFormer Participant by calculating each such participant’s share of the Net Settlement as set forth above.
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty
6.3.6 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6, and 6.7 of the Settlement Agreement; and (b) instructing the Plans as to the amounts to be distributed to the Current Participants under Paragraph 6.4 of the Settlement Agreement and calculating the total amount to deposit into each Current Participant’s Active Account(s) to fulfill this instruction.
6.3.7 The total amount of all checks to be written by the Settlement Administrator plus the total amount of all credits that the Plans are instructed to make to Current Participants may not exceed the Net Settlement Amount. Nothing in this Paragraph is intended to modify the requirements of Paragraph 6.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation would otherwise require payments exceeding the Net Settlement Amount, the Settlement Administrator is authorized to make such changes as are necessary to the Plan of Allocation such that said totals do not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Calculation of Settlement Payments. Payments to Authorized Current Participants, Former Participants and Current Participants Participants, Beneficiaries, or Alternate Payees, shall be calculated by the Settlement Administrator in accordance with pursuant to the Plan of Allocation as follows:
6.3.1 1.5.1 The Settlement Administrator shall obtain from Class Counseldetermine a “Settlement Allocation Score” for each participant, DefendantsFormer Participant, Beneficiary, or Alternate Payee by (i) determining the Plans’ recordkeepers the quarteryear-ending end account balances invested in the Plans’ investment options or the Plans for of each Class Member participant and Former Participant during the Class Period, as well as data reflecting or, if a Beneficiary or Alternate Payee had a separate account in the allocation Plan during the Class Period, by determining the year-end balance of new contributions among each such Beneficiary or Alternate Payee; and (ii) dividing the Plans’ recordkeepers for sum of each Current Participant as of January 14participant’s or Former Participant’s, 2021. Defendants agree to provide the necessary approvals authorizing transmission of such information or, to the extent applicable, each Beneficiary’s or Alternate Payee’s, year-end account balances during the Class Period by the total sum of year-end asset amounts in the Plan during the Class Period. The Settlement Administrator.
6.3.2 Payments to Authorized Former Participants and Current Participants Allocation Score shall be used to calculate the
1.5.2 If the dollar amount of the settlement payment to a Former Participant, or a Beneficiary or Alternate Payee who does not have an Active Account, is initially calculated by the Settlement Administrator as follows:
1. The end-of-quarter balances for the Class Period of each Current Participant and each Authorized Former Participant are identified for each quarter;
2. All end-of-quarter balances identified in step 1 are summed together for each Current Participant and each Authorized Former Participant;
3. An average end-of-quarter balance for each Current Participant and each Authorized Former Participant is calculated for the Class Period (with a zero included as the balance for any quarter during which the individual did not participate in the Plan);
4. For each Current Participant and each Authorized Former Participant, the average end-of-quarter balance of step 3 is divided by the average end-of-quarter balance for the Class Period of all Current and Authorized Former Participants;
5. Each Current Participant and each Authorized Former Participant will receive the fraction of the total Net Settlement Amount which is calculated in step 4.
6.3.3 No amount shall to be distributed to a Class Member that is ten dollars ($10.00) 10.00 or less, because such an amount is de minimis and would cost more in processing than its valuethen that person’s payment shall be $10.00. All such amounts shall be retained in the Qualified Settlement Fund for distribution under Paragraph 6.131.13.
6.3.4 1.5.3 The Plan’s Recordkeeper (or designees) shall provide the necessary data subject to its control as may be reasonably available and necessary to enable the Settlement Administrator shall determine to perform the total settlement payment available to each Current Participants and Authorized Formerabove calculations.
6.3.5 The Settlement Administrator shall complete all payment calculations for all Current Participants and Authorized Former Participants within thirty
6.3.6 1.5.4 The Settlement Administrator shall utilize the calculations required to be performed herein for (a) making the required payments to Current Participants and Authorized Former Participants under Paragraphs 6.5, 6.6Participants, and 6.7 to Beneficiaries or Alternate Payees who do not have Active Accounts, under Paragraph 1.7 of the Settlement Agreementthis Plan of Allocation; and (b) instructing the Plans Plan as to the amounts amount of the Net Settlement Amount to be distributed allocated to the Current Participants Participants, and to Beneficiaries or Alternate Payees who have Active Accounts, under Paragraph 6.4 1.6 of the Settlement Agreement this Plan of Allocation and calculating the total amount to deposit into each Current Participant’s of their Active Account(s) to fulfill this instruction.
6.3.7 1.5.5 The total amount of all rollovers or checks to be written paid by the Settlement Administrator for Former Participants, and Beneficiaries or Alternate Payees who do not have Active Accounts, plus the total amount of all credits allocations that the Plans are Plan is instructed to make to Current Participants Participants, and Beneficiaries or Alternate Payees who have Active Accounts, may not exceed the Net Settlement Amount. Nothing in this Paragraph 1.5 is intended to modify the requirements of Paragraph 6.8 1.8 below. In the event that the Settlement Administrator determines that the Plan of Allocation total would otherwise require payments exceeding exceed the Net Settlement Amount, the Settlement Administrator is authorized and required to make such pro rata changes as are necessary to the Plan of Allocation such that said totals do total does not exceed the Net Settlement Amount.
6.3.8 The Released Parties shall not have any responsibility for or liability whatsoever with respect to the Plan of Allocation, including, but not limited to, the determination of the Plan of Allocation or the reasonableness of the Plan of Allocation.
Appears in 1 contract
Samples: Class Action Settlement Agreement
