Plan of Allocation. 6.1 After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Plans for distribution to the accounts of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court. 6.2 To be eligible for a distribution from the Net Settlement Amount, a person must be a Current Participant or an Authorized Former Participant, or a Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions to the 6.3 Beneficiaries will receive settlement payments as described in this Article 6 in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participant’s Plan accounts during the Class Period and/or by the Beneficiary’s own Plan accounts during the Class Period if an account was created in the Plans for the Participant’s Beneficiary. Alternate Payees will receive settlement payments if and to the extent they are entitled to receive a portion of a Current Participant’s or Authorized Former Participant’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations Order. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
Appears in 3 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement, Class Action Settlement Agreement
Plan of Allocation. 6.1 After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Defined Contribution Plans Master Trust for distribution allocation to the accounts of of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
6.2 To be eligible for a distribution from the Net Settlement Amount, a person must be a Current Participant or an Authorized Former Participant, Participant or a the Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions earnings credited to thetheir Plan accounts as described in this Article 6 unless, as of the date of the settlement payments, they no longer have an account in the Plan. Authorized Former Participants shall receive their settlement payments in the form of checks as described in this Article 6.
6.3 Beneficiaries will receive settlement payments checks as described in this Article 6 in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participant’s Plan accounts during the Class Period and/or by the Beneficiary’s own Plan accounts during the Class Period if an account was created in the Plans for the Participant’s Beneficiary. Alternate Payees will receive settlement payments checks if and to the extent they are entitled to receive a portion of a Current Participant’s or Authorized Former Participant’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations Order. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
Plan of Allocation. 6.1 After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Plans Plan for distribution to the accounts of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
6.2 To be eligible for a distribution from the Net Settlement Amount, a person must be a Current Participant or an Authorized Former Participant, or a Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions to thetheir account in the Plan, as provided for in Paragraph 6.5 below, unless, as of the date of their settlement payments, they no longer have an Active Account in the Plan, in which case they shall be treated as Authorized Former Participants. Authorized Former Participants shall receive their settlement payments in the form of tax-qualified rollovers to an individual retirement account or other eligible employer plan, or in the form of checks, as provided in Paragraph 6.6 below.
6.3 Beneficiaries will receive settlement payments as described in this Article 6 in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participant’s Plan accounts during the Class Period and/or by the Beneficiary’s own Plan accounts during the Class Period if an account was created in the Plans for the Participant’s Beneficiary. Alternate Payees will receive settlement payments if and to the extent they are entitled to receive a portion of a Current Participant’s or Authorized Former Participant’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations Order. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
Plan of Allocation. 6.1 After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Plans Plan for distribution to the accounts of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court6.5.
6.2 To be eligible for a distribution from the Net Settlement AmountAmount via the Court approved Plan of Allocation, a person must be (i) a Current Participant; (ii) a Former Participant whose allocable portion of the Net Settlement Amount is at least twenty-five dollars ($25); or an Authorized Former Participant, or (iii) a Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions to theany eligible Class Member.
6.3 Beneficiaries will receive settlement payments as described in this Article 6 in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant Class Member with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participant’s Plan accounts account during the Class Period and/or by the Beneficiary’s own Plan accounts account during the Class Period if an account was created in the Plans Plan for the Participant’s Beneficiary. Alternate Payees will receive settlement payments if and to the extent they are entitled to receive a portion of a Current Participant’s or Authorized Former ParticipantClass Member’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations OrderQDRO. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
6.4 The proportion of the settlement allocated to each Class Member shall be calculated, in general, as the sum of month-end account balances of a Class Member during the Class Period divided by the sum of the month-end annual account balances of all Class Members during the Class Period. The Settlement Administrator shall also obtain, in writing, an agreement between the Settling Parties as to the amount of the Net Settlement Amount. The amounts due to each Class Member shall be calculated by the Settlement Administrator as follows:
STEP 1: The Settlement Administrator shall obtain the opening balance as of March 31, 2011 and each of the month-end account balances for every Class Member for the Class
STEP 2: The Settlement Administrator shall sum each Class Member’s opening account balance and month-end balances for the Class Period (“Total Balance”), and for any Class Member with a positive sum, shall divide that sum by the sum of all the Class Members’ Total Balances for the Class Period, with the quotient representing the Entitlement Percentage for each such Class Member. (Total Balance For Each Class Member (positive only) ÷ Sum of Total Balances for all Class Members = Entitlement Percentage)
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
Plan of Allocation. 6.1 After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Plans for distribution to the accounts of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
6.2 To be eligible for a distribution from the Net Settlement Amount, a person must be a Current Participant or an Authorized Former Participant, or a Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions to thetheir account(s) in the Plans, as provided for in Paragraph 6.5 below, unless, as of the date of their settlement payments, they no longer have an Active Account in the Plans, in which case they shall be treated as Authorized Former Participants. Authorized Former Participants shall receive their settlement payments in the form of tax-qualified rollovers to an individual retirement account or other eligible employer plan or in the form of checks, as provided in Paragraph 6.6 below.
6.3 Beneficiaries will receive settlement payments as described in this Article 6 in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participantCurrent Participant’s Plan or Authorized Former Participant’s accounts in the Plans during the Class Period and/or by the Beneficiary’s own Plan accounts in the Plans during the Class Period if an account was created in the Plans for the Current Participant’s or Authorized Former Participant’s Beneficiary. Alternate Payees will receive settlement payments if and to the extent they are entitled to receive a portion of a Current Participant’s or Authorized Former Participant’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations Order. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.Paragraph
Appears in 1 contract
Samples: Class Action Settlement Agreement
Plan of Allocation. 6.1 6.1. After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Plans Plan for distribution to the accounts of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.set
6.2 6.2. To be eligible for a distribution from the Net Settlement Amount, a person must be a Current Participant or an Authorized a Former Participant, or a Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions to thetheir account in the Plan, as provided for in Paragraph 6.5 below, unless, as of the date of their settlement payments, they no longer have an Active Account in the Plan, in which case they shall be treated as Former Participants. Former Participants shall receive their settlement payments in the form of checks as provided in Paragraph 6.6 below.
6.3 6.3. Beneficiaries will receive settlement payments as described in this Article 6 in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participant’s Plan accounts during the Class Period and/or by the Beneficiary’s own Plan accounts during the Class Period if an account was created in the Plans Plan for the Participant’s Beneficiary. Alternate Payees will receive settlement payments if and to the extent they are entitled to receive a portion of a Current Participant’s or Authorized Former Participant’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations Order. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.ordered
Appears in 1 contract
Samples: Class Action Settlement Agreement
Plan of Allocation. 6.1 After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Plans Plan for distribution to the accounts of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
6.2 To be eligible for a distribution from the Net Settlement Amount, a person must be a Current Participant or an Authorized Former Participant, or a Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions to thetheir Plan account(s), as provided for in Paragraph 6.5 below, unless, as of the date of their settlement payments, they no longer have an Active Account in the Plan, in which case they shall be treated as Authorized Former Participants. Authorized Former Participants shall receive their settlement payments in the form of checks or, if permitted by the Settlement Administrator, in
6.3 Beneficiaries will receive settlement payments as described in this Article 6 in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participant’s account in the Plan accounts during the Class Period and/or by the Beneficiary’s own account in the Plan accounts during the Class Period if an account was created in the Plans Plan for the Participant’s Beneficiary. Alternate Payees will receive settlement payments if and to the extent they are entitled to receive a portion of a Current Participant’s or Authorized Former Participant’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations Order. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval June 30, 2019 will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval June 30, 2019 will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
Appears in 1 contract
Samples: Class Action Settlement Agreement
Plan of Allocation. 6.1 After the Settlement Effective Date, the Settlement Administrator shall cause the Net Settlement Amount to be allocated and distributed to the Authorized Former Participants as set forth in Paragraph 6.6 below, and to the Plans Master Trust for distribution to the accounts of Current Participants as set forth in Paragraph 6.5 below, both in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.
6.2 To In order to be eligible for a distribution from the Net Settlement Amount, a person must be a Current Participant or an Authorized Former Participant, Participant or a the Beneficiary or Alternate Payee of such a person. Current Participants shall receive their settlement payments as contributions to the
6.3 Beneficiaries will receive settlement payments their Plan accounts as described in this Article 6 unless, as of the date of the settlement payments, they no longer have an account in the Plan. Authorized Former
6.3 Beneficiaries will receive checks as described in this Article 6, in amounts corresponding to their entitlement as beneficiaries of the Current Participant or of the Authorized Former Participant with respect to which the payment is made. This includes settlement payments to Beneficiaries determined by the participant’s Plan accounts during the Class Period and/or by the Beneficiary’s own Plan accounts during the Class Period if an account was created in the Plans for the Participant’s Beneficiary. Alternate Payees will receive settlement payments checks if and to the extent they are entitled to receive a portion of a Current Participant’s Participant or Authorized Former Participant’s allocation under this Article 6 pursuant to the terms of the applicable Qualified Domestic Relations Order. Beneficiaries and Alternate Payees with Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Current Participants, subject to Paragraph 6.5.6 below. Beneficiaries and Alternate Payees who do not have Active Accounts as of the date of the Motion for Preliminary Approval will receive payments by the method described in this Article 6 for Authorized Former Participants. The Settlement Administrator shall have sole and final discretion to determine the amounts to be paid to Beneficiaries and Alternate Payees Payees.
6.4 To facilitate administration, the Net Settlement Amount shall be apportioned among four groups of Class Members, or “Bands.” The Net Settlement Amount will be distributed between these Bands, and Current Participant or Authorized Former Participants will be assigned to a Band, based upon the number of points accumulated by each Current Participant or Authorized Former Participant. For each Current Participant or Authorized Former Participant who had an Active Account at any time after April 1, 1999, the Settlement Administrator will credit each one as follows:
6.4.1 1 point for each quarter between the second quarter of 1999 and the fourth quarter of 2000 (inclusive) a Class Member had an Active Account in accordance with the Plan of Allocation set forth in this Article 6 and as ordered by the Court.Plan
Appears in 1 contract
Samples: Class Action Settlement Agreement