Common use of WHAT DOES THE SETTLEMENT PROVIDE Clause in Contracts

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey or its insurers will pay $39,500,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at Question 5 below). Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Authorized Former Participants who are entitled to a distribution may receive their distribution as a check or, if available and they elect, as a rollover to a qualified retirement account. In addition, the Settlement provides that prospectively as of the Settlement Effective Date: (1) for a period of no less than three years, Defendants shall retain an independent investment consultant to provide ongoing review of the investment options in the Plans, and review and approve any communications to participants regarding the Plans’ investment options; (2) for a period of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the Plans. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and the Released Parties from Released Claims. The governing release terms are found within the Settlement Agreement, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx]. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, or related parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire Settlement Agreement is available at [xxx.xxxxxxxxxxxxxxxxx.xxx].

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey or its insurers will pay $39,500,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at Question 5 below). Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Authorized Former Participants who are entitled to a distribution may receive their distribution as a check or, if available and they elect, as a rollover to a qualified retirement account. In addition, the Settlement provides that prospectively as of the Settlement Effective Date: (1) for a period of no less than three years, Defendants shall retain an independent investment consultant to provide ongoing review of the investment options in the PlansPlan, and review and approve any communications to participants regarding the Plans’ investment options; (2) for a period of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the PlansPlan. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and the Released Parties from Released Claims. The governing release terms are found within the Settlement Agreement, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx]. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, or related parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire Settlement Agreement is available at [xxx.xxxxxxxxxxxxxxxxx.xxx].

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey or its insurers will pay $39,500,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at Question 5 below)Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the PlansPlan accounts. Authorized Former Participants who are entitled to a distribution may will receive their distribution as a check mailed to their last known address or, if available and they elect, as a rollover to a qualified retirement account. In addition to the monetary component of the Settlement, as discussed above, Defendant agreed that the Plan’s fiduciaries will conduct a RFP process for recordkeeping services to the Plan. Within the first year following final approval of the Settlement, Defendant has agreed to publish a communication to then current Plan participants explaining the risks and benefits of the Plan’s money market fund investment option. Defendant also will use an independent consultant familiar with fixed income investment options in such plans who will review the investment lineup and make recommendations to the Plan’s fiduciaries regarding whether to retain the money market fund and whether to add a stable value or comparable fund. In addition, during the three-year Settlement provides that prospectively as period, Defendant has agreed to provide Class Counsel a list of the Settlement Effective DatePlan’s investment options and fees. In considering investment options for the Plan, Defendant has agreed that the Plan’s fiduciaries will consider: (1) the lowest-cost share class available for a period of no less than three years, Defendants shall retain an independent investment consultant to provide ongoing review of the investment options any mutual fund considered for inclusion in the Plans, and review and approve any communications Plan as well as other criteria applicable to participants regarding the Plans’ investment optionsdifferent share classes; (2) the availability of revenue sharing rebates on any share class available for a period of no less than three years, all expense reimbursements by any mutual fund considered for inclusion in the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursementsPlan; and (3) before the expiration availability of collective trusts, to the current recordkeeping agreement extent such investments are permissible and are otherwise identical to a particular mutual fund considered for inclusion in the Plans, McKinsey will issue a request for proposal for recordkeeping services for the Plans. Plan All Class Members and anyone claiming through them will fully release the Plans Plan as well as Defendants Defendant and the its “Released Parties” from “Released Claims.” The Released Parties from Released Claims. The governing release terms are found within the Settlement Agreement, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx]. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, or related parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire Settlement Agreement is available at [xxx.xxxxxxxxxxxxxxxxx.xxx].include (a) Defendant and its insurers,

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey or its insurers will pay $39,500,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at Question 5 below)Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the PlansPlan accounts. Authorized Former Participants who are entitled to a distribution may will receive their distribution as a check mailed to their last known address or, if available and they elect, as a rollover to a qualified retirement account. In additionAs discussed above, the Settlement Agreement also provides that prospectively as of for non-monetary benefits to the Settlement Effective Date: (1) for a period of no less than three years, Defendants shall retain an independent investment consultant to provide ongoing review of the investment options in the PlansPlan, and review and approve any communications changes were made to participants regarding the Plans’ investment options; (2) for a period Plan, benefitting Class Members, during the nine years of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the Planslitigation. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and their “Released Parties” from “Released Claims.” The Released Parties include Defendants and any past, present, and future related entities, and all of their past, present, and future officers, directors, employees, attorneys, and agents. The Released Claims include all claims that were asserted in the Class Action, that arise out of the conduct alleged in the Complaint, or that relate to: (1) the selection, oversight, retention, or performance of the Plan’s investment options and service providers; (2) fees, costs, or expenses charged to, paid, or reimbursed by the Plan; (3) disclosures or failures to disclose information regarding the Plan’s investment options or service providers; and (4) all claims relating to the implementation of the Settlement. This is only a summary of the Released Parties from and Released Claims and not a binding description of the Released Parties or Released Claims. The actual governing release terms are is found within the Settlement Agreement, which is available Agreement at [xxx.xxxxxxxxxxxxxxxxx.xxx]xxx.XXXXxxxxxxxxx.xxx. Generally, the release means that Class Members will not have the right to sue xxx the Plans, Defendants, Defendants or related parties the Related Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuitClass Action. This is only a summary of the Settlement. The entire Settlement Agreement is available at [xxx.xxxxxxxxxxxxxxxxx.xxx]xxx.XXXXxxxxxxxxx.xxx.

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey NRECA or its insurers will pay $39,500,000 10,000,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Representatives’ Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at under Question 5 below). Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Authorized Former Participants who are entitled to a distribution may receive their distribution as a check or, if available and they elect, as a rollover to a qualified retirement account. In addition, the Settlement provides that prospectively as prospectively, Defendants will commit to certain processes and procedures designed to ensure that the Plan’s fees are reasonable and comply with applicable law. The complete terms regarding prospective relief are set forth in Article VII of the Settlement Effective Date: (1) for a period of no less than three yearsAgreement, Defendants shall retain an independent investment consultant to provide ongoing review of which is available on the investment options in the Plans, and review and approve any communications to participants regarding the Plans’ investment options; (2) for a period of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the PlansSettlement Website at [xxx.xxxxxxxxxxxxxxxxx.xxx]. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and the Released Parties from Released Claims. The governing release terms are found within Released Parties include (1) each Defendant; (2) each Defendant’s affiliates, members, shareholders, directors, officers, employees, attorneys, partners, insurers, predecessors, successors, and any person or agent acting on their behalf; (3) the Settlement AgreementPlan and any and all administrators, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx]fiduciaries, parties in interest, service providers, and trustees of the Plan. Generally, the release means that Class Members will not have the right to sue xxx the Plans, Defendants, or related parties Released Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire release language is set forth in the Settlement Agreement Agreement, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx].

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey NRECA or its insurers will pay $39,500,000 10,000,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Representatives’ Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at under Question 5 below). Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Authorized Former Participants who are entitled to a distribution may receive their distribution as a check or, if available and they elect, as a rollover to a qualified retirement account. In addition, the Settlement provides that prospectively as prospectively, Defendants will commit to certain processes and procedures designed to ensure that the Plan’s fees are reasonable and comply with applicable law. The complete terms regarding prospective relief are set forth in Article VII of the Settlement Effective Date: (1) for a period of no less than three yearsAgreement, Defendants shall retain an independent investment consultant to provide ongoing review of which is available on the investment options in the Plans, and review and approve any communications to participants regarding the Plans’ investment options; (2) for a period of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the PlansSettlement Website at [xxx.xxxxxxxxxxxxxxxxx.xxx]. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and the Released Parties from Released Claims. The Released Parties include (1) each Defendant; (2) each Defendant’s affiliates, members, shareholders, directors, officers, employees, attorneys, partners, insurers, predecessors, successors, and any person or agent acting on their behalf; (3) the Plan and any and all administrators, fiduciaries, parties in interest, service providers, and trustees of the Plan. The governing release terms releases are found within the Settlement Agreement, which is available Agreement at [xxx.xxxxxxxxxxxxxxxxx.xxx]. Generally, the release means that Class Members will not have the right to sue xxx the Plans, Defendants, or related parties Released Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire release language is set forth in the Settlement Agreement Agreement, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx].

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey or its insurers will pay $39,500,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at Question 5 below)Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the PlansPlan accounts. Authorized Former Participants who are entitled to a distribution may will receive their distribution as a check mailed to their last known address or, if available and they elect, as a rollover to a qualified retirement account. In additionAs discussed above, the Settlement Agreement also provides that prospectively as of for non-monetary benefits to the Settlement Effective Date: (1) for a period of no less than three years, Defendants shall retain an independent investment consultant to provide ongoing review of the investment options in the PlansPlan, and review and approve any communications changes were made to participants regarding the Plans’ investment options; (2) for a period Plan, benefitting Class Members, during the nine years of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the Planslitigation. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and their “Released Parties” from “Released Claims.” The Released Parties include Defendants and any past, present, and future related entities, and all of their past, present, and future officers, directors, employees, attorneys, and agents. The Released Claims include all claims that were asserted in the Class Action, that arise out of the conduct alleged in the Complaint, or that relate to: (1) the selection, oversight, retention, or performance of the Plan’s investment options and service providers; (2) fees, costs, or expenses charged to, paid, or reimbursed by the Plan; (3) disclosures or failures to disclose information regarding the Plan’s investment options or service providers; and (4) all claims relating to the implementation of the Settlement. This is only a summary of the Released Parties from and Released Claims and not a binding description of the Released Parties or Released Claims. The actual governing release terms are is found within the Settlement Agreement, which is available Agreement at [xxx.xxxxxxxxxxxxxxxxx.xxx]xxx.XXXXxxxxxxxxx.xxx. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, Defendants or related parties the Related Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuitClass Action. This is only a summary of the Settlement. The entire Settlement Agreement is available at [xxx.xxxxxxxxxxxxxxxxx.xxx]xxx.XXXXxxxxxxxxx.xxx.

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey NRECA or its insurers will pay $39,500,000 10,000,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Representatives’ Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at under Question 5 below). Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Authorized Former Participants who are entitled to a distribution may receive their distribution as a check or, if available and they elect, as a rollover to a qualified retirement account. In addition, the Settlement provides that prospectively as prospectively, Defendants will commit to certain processes and procedures designed to ensure that the Plan’s fees are reasonable and comply with applicable law. The complete terms regarding prospective relief are set forth in Article VII of the Settlement Effective Date: (1) for a period of no less than three yearsAgreement, Defendants shall retain an independent investment consultant to provide ongoing review of which is available on the investment options in the Plans, and review and approve any communications to participants regarding the Plans’ investment options; (2) for a period of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the PlansSettlement Website at [xxx.xxxxxxxxxxxxxxxxx.xxx]. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and the Released Parties from Released Claims. The Released Parties include (1) each Defendant; (2) each Defendant’s affiliates, members, shareholders, directors, officers, employees, attorneys, partners, insurers, predecessors, successors, and any person or agent acting on their behalf; (3) the Plan and any and all administrators, fiduciaries, parties in interest, service providers, and trustees of the Plan. The governing release terms releases are found within the Settlement Agreement, which is available Agreement at [xxx.xxxxxxxxxxxxxxxxx.xxx]. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, or related parties Released Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire release language is set forth in the Settlement Agreement Agreement, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx].

WHAT DOES THE SETTLEMENT PROVIDE. Under the Settlement, McKinsey NRECA or its insurers will pay $39,500,000 10,000,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Amount (after deduction of any Court- approved Attorneys’ Fees and Costs, Administrative Expenses, and Class Representative Representatives’ Compensation) will be allocated to Class Members according to a Plan of Allocation to be approved by the Court (as explained further at under Question 5 below). Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing accounts in the Plans. Authorized Former Participants who are entitled to a distribution may receive their distribution as a check or, if available and they elect, as a rollover to a qualified retirement account. In addition, the Settlement provides that prospectively as prospectively, Defendants will commit to certain processes and procedures designed to ensure that the Plan’s fees are reasonable and comply with applicable law. The complete terms regarding prospective relief are set forth in Article VII of the Settlement Effective Date: (1) for a period of no less than three yearsAgreement, Defendants shall retain an independent investment consultant to provide ongoing review of which is available on the investment options in the Plans, and review and approve any communications to participants regarding the Plans’ investment options; (2) for a period of no less than three years, all expense reimbursements by the Plans to McKinsey, MIO, or any other affiliated person or entity will be reviewed and approved by an independent fiduciary, who shall have final discretion to approve or reject reimbursements; and (3) before the expiration of the current recordkeeping agreement for the Plans, McKinsey will issue a request for proposal for recordkeeping services for the PlansSettlement Website at [xxx.xxxxxxxxxxxxxxxxx.xxx]. All Class Members and anyone claiming through them will fully release the Plans as well as Defendants and the Released Parties from Released Claims. The governing release terms are found within Released Parties include (1) each Defendant; (2) each Defendant’s affiliates, members, shareholders, directors, officers, employees, attorneys, partners, insurers, predecessors, successors, and any person or agent acting on their behalf; (3) the Settlement AgreementPlan and any and all administrators, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx]fiduciaries, parties in interest, service providers, and trustees of the Plan. Generally, the release means that Class Members will not have the right to sue the Plans, Defendants, or related parties Released Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit. The entire release language is set forth in the Settlement Agreement Agreement, which is available at [xxx.xxxxxxxxxxxxxxxxx.xxx].