Common use of WHAT DOES THE SETTLEMENT PROVIDE Clause in Contracts

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on July 22, 2019. Class Counsel filed this action on August 11, 2016. Since the filing of the case and for a period of almost three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 10,000 pages of documents produced by Defendant and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, to support their underlying claims. The Settling Parties participated in two different mediations, one with a court-appointed mediator and the second with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s length negotiation over a period of seven months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $14,000,000 will be established to resolve the Class Action. The Net Settlement Amount is $14,000,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the 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 Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on July 22October 12, 20192020, between the Class Representatives and Reliance Trust Company (the “Settling Parties”). Insperity, Inc., Insperity Holdings, Inc., and Insperity Retirement Services, L.P. are not parties to the Settlement and are not contributing to the Settlement. Nevertheless, these entities are covered by the Release. Class Counsel filed this action on August 11December 22, 20162015. Since the filing of the case and for a period of almost three over four and a half years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 10,000 pages of 98,000 documents (over 500,000 pages) produced by Defendant Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 19 depositions to support their underlying claims. The Settling Parties participated in two different mediations, one with a court-appointed mediator and the second mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive a two-week trial and subsequent arm’s length negotiation over a period of seven months after trial were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $14,000,000 39,800,000 will be established to resolve the Class Action. The Net Settlement Amount is $14,000,000 39,800,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the 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 Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on July 22September 12, 2019. Class Counsel filed this action on August 119, 2016. Since the filing of the case and for a period of almost over three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 10,000 149,000 pages of documents produced by Defendant Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 15 depositions to support their underlying claims. The Settling Parties participated in two different mediations, one with a court-appointed mediator and the second mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s length negotiation over a period of seven approximately four months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $14,000,000 18,100,000 will be established to resolve the Class Action. The Net Settlement Amount is $14,000,000 18,100,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Under the proposed Plan of Allocation, 25% of the Net Settlement Amount will be allocated to Class Members fall based simply on the number of quarters during the Class Period in which they participated in the Plan in any amount (the “Per Capita Component”), and 75% of the Net Settlement Amount will be allocated to Class Members based on the actual amount of their investments in Plan funds over the Class Period, taking into two categories: account quarterly balances in all Plan funds except for those in the Bond Oriented Balanced Fund and the Diversified Stock Fund (the “Pro Rata Component”). The method by which Class Members receive their settlement allocations will depend on whether they are characterized as Current Participants and or Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made have their distribution deposited into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on July 22September 24, 2019. Class Counsel filed this action on August 11March 4, 20162015. Since the filing of the case and for a period of almost three over four years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 10,000 hundreds of thousands of pages of documents produced by Defendant and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, to support their underlying claims. The Settling Parties participated in two different mediations, one with a court-appointed mediator and the second with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s length negotiation over a period of seven three months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $14,000,000 11,000,000 will be established to resolve the Class Action. The Net Settlement Amount is $14,000,000 11,000,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ and Individual Plaintiff’s Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the 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 Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on July 22September 12, 2019. Class Counsel filed this action on August 119, 2016. Since the filing of the case and for a period of almost over three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 10,000 149,000 pages of documents produced by Defendant Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 15 depositions to support their underlying claims. The Settling Parties participated in two different mediations, one with a court-appointed mediator and the second mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after extensive arm’s 's length negotiation over a period of seven approximately four months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $14,000,000 18,100,000 will be established to resolve the Class Action. The Net Settlement Amount is $14,000,000 18,100,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ ' Fees and Costs, Class Representatives’ ' Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Under the proposed Plan of Allocation, 25% of the Net Settlement Amount will be allocated to Class Members fall based simply on the number of quarters during the Class Period in which they participated in the Plan in any amount (the “Per Capita Component”), and 75% of the Net Settlement Amount will be allocated to Class Members based on the actual amount of their investments in Plan funds over the Class Period, taking into two categories: account quarterly balances in all Plan funds except for those in the Bond Oriented Balanced Fund and the Diversified Stock Fund (the “Pro Rata Component”). The method by which Class Members receive their settlement allocations will depend on whether they are characterized as Current Participants and or Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made have their distribution deposited into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.