Payments to Current Participants. Current Participants will not be required to submit a Former Participant Claim Form to receive a settlement payment.
6.4.1 Within two (2) business days after the Settlement Administrator has completed all payment calculations for all Current Participants, the Settlement Administrator will provide to each of the Plan’s recordkeepers an Excel spreadsheet containing the name, Social Security number, and the amount of the settlement payment to be made by that recordkeeper into the Active Account(s) for each Current Participant.
6.4.2 Thereafter, within ten (10) business days’ written notice to Defendant (or its designee), the Settlement Administrator shall effect a transfer from the Qualified Settlement Fund to each of the Plan’s recordkeepers of the aggregate amount of all settlement payments payable to Current Participants with that recordkeeper, as reflected in the spreadsheets provided by the Settlement Administrator.
6.4.3 Defendant (or its designee) shall direct the Plan’s recordkeepers to credit the individual Active Account(s) of each Current Participant in an amount equal to that stated on the spreadsheets provided by the Settlement Administrator in relation to such Current Participant.
6.4.4 The settlement payment for each Current Participant with each recordkeeper will be invested in accordance with and proportionate to such Current Participant’s investment elections then on file for new contributions with that recordkeeper. If there is no investment election for new contributions on file for any Current Participant with a recordkeeper, then such Current Participant shall be deemed to have directed such payment to be invested in the relevant Plan’s “Qualified Default Investment Alternative” as defined in 29 C.F.R. § 2550.404c-5.
6.4.5 The Plan’s recordkeepers shall process all Current Participant transactions within thirty (30) calendar days of receiving direction from Defendant (or its designee) for any Current Participant.
Payments to Current Participants. Current Participants will not be required to submit a Former Participant Claim Form to receive a settlement payment.
6.4.1 Within two (2) business days after the Settlement Administrator has completed all payment calculations for all Current Participants, the Settlement Administrator will provide notice to Miami and send to the Plans’ recordkeepers an Excel spreadsheet in a form requested by the Plans’ recordkeepers containing the name and the amount of the settlement payment to be made for each Current Participant, along with other identifying information as requested by the recordkeepers.
6.4.2 Within ten (10) business days after the Settlement Administrator provides the Current Participant information detailed in Paragraph 6.4.1 to the Plans’ recordkeepers, such recordkeepers will provide the Settlement Administrator a list of which Current Participants (if any) is a Zero Account Balance Current Participant.
6.4.3 Thereafter, within twenty (20) business days after written notice to Miami (or its designee) as provided in Paragraph 6.4.1, the Settlement Administrator shall effect a transfer from the Qualified Settlement Fund to the Plans’ recordkeepers of the aggregate amount of all settlement payments payable to Current Participants, as reflected in the spreadsheets provided by the Settlement Administrator, less the amount of all settlement payments payable to Zero Account Balance Current Participants.
6.4.4 Miami (or its designee) shall direct the Plans’ recordkeepers to credit the individual Active Account(s) of each Current Participant who is not a Zero Account Balance Current Participant in an amount equal to that stated on the spreadsheets provided by the Settlement Administrator in relation to such Current Participant.
6.4.5 The Settlement payment for each Current Participant who is not a Zero Account Balance Current Participant will be invested initially in the Plan’s “Qualified Default Investment Alternative” as defined in 29 C.F.R. § 2550.404c-5. Thereafter, the Current Participant may redirect the investment among any other investment options available in the relevant Plan or Plans.
Payments to Current Participants. The Settlement Administrator shall complete all payment calculations for all Current Participants within forty-five (45) calendar days after the Settlement Effective Date.
6.6.1 Within five (5) calendar days after the Settlement Administrator has completed all payment calculations for all Current Participants, the Settlement Administrator will provide the Plan Administrator with an Excel spreadsheet containing the name, Social Security number, and the amount of the settlement payment to be made into the Active Account(s) for each of the Current Participants.
6.6.2 Thereafter, within fourteen (14) calendar days’ written notice to the Plan Administrator, the Settlement Administrator shall effect a transfer from the Qualified Settlement Fund to the Plan’s trustee of the aggregate amount of all settlement payments payable to Current Participants, as reflected in the spreadsheet provided by the Settlement Administrator. The Plan’s trustee will credit the individual Active Account(s) of each Current Participant in an amount equal to that stated on the spreadsheet provided by the Settlement Administrator in relation to such Current Participant.
6.6.3 The settlement payment for each Current Participant will be invested in accordance with and proportionate to such Current Participant’s investment elections then on file. If there is no investment election on file for any Current Participant, then such Current Participant shall be deemed to have directed such payment to be invested in the relevant Plan’s “Qualified Default Investment Alternative,” as defined in 29 C.F.R. § 2550.404c-5.
6.6.4 The Settling Parties understand the Plan’s Recordkeeper will process all Current Participant transactions within thirty (30) calendar days of receiving direction from the Settlement Administrator for any Current Participant.
6.6.5 The Plan may be amended, to the extent necessary, to reflect the settlement allocation to Current Participants’ Active Account(s) in accordance with this § 6.
Payments to Current Participants. Current Participants will not be required to submit a Former Participant Claim Form to receive a settlement payment.
6.5.1 Within five (5) Business Days after the Settlement Administrator has completed all payment calculations for all Current Participants, the Settlement Administrator will provide McKinsey (or its designee, i.e.., the Plans’ recordkeeper), in a format and via a delivery method mutually agreed upon by the Settlement Administrator and McKinsey, with an Excel spreadsheet (or other format acceptable to the Plans’ recordkeeper) containing the name, the amount of the settlement payment for each of the Current Participants, and any other information requested by McKinsey or the Plans’ recordkeeper as necessary to effectuate this provision. This shall include a breakdown showing which portion of the settlement payment shall be allocated to each Current Participant’s account in the PSRP and which portion shall be allocated to each Current Participant’s account in the MPPP. For each Current Participant, this breakdown shall be proprtional to their account balances in each of the Plans as of August 5, 2020 based on account balance data provided by the Plans’ recordkeeper (e.g., if a Current Participant is entitled to receive $1,000 under the Settlement based on his or her Settlement Allocation Score, and has a balance in the PSRP of $10,000 and a balance in the MPPP of $90,000 as of August 5, 2020, then $100 will be designated for such Current Participant’s account in the PSRP and $900 shall be designated for such Current Participant’s account in the MPPP).
Payments to Current Participants and Beneficiaries or Alternate Payees with Active Accounts. Current Participants, and Beneficiaries or Alternate Payees who have Active Accounts, will not be required to submit a Former Participant Claim Form to receive a settlement payment.
1.6.1 Within a reasonable time after the Settlement Administrator has completed all payment calculations for all Current Participants, and Beneficiaries or Alternate Payees
Payments to Current Participants. 6.5.1. Current Participants will automatically receive a settlement payment to their accounts in the Plan.
6.5.2. Within five (5) Business Days after the Settlement Administrator has completed all payment calculations for all Current Participants, the Settlement Administrator will provide Defendant or its designee (i.e.., the Plan’s recordkeeper), in a format and via a delivery method mutually agreed upon by the Settlement Administrator and Defendant, with an Excel spreadsheet (or other format acceptable to the Plan’s recordkeeper) containing the name, the amount of the settlement payment for each of the Current Participants, and any other information requested by Defendant or the Plan’s recordkeeper as necessary to effectuate this provision.
