WHAT DOES THE SETTLEMENT PROVIDE. 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. In addition to the monetary component of the Settlement, as discussed above, the Settlement also provides certain additional terms that provide substantial value to Class Members and materially add to the total value of the Settlement above the already significant monetary component. These additional terms include: (1) within 30 calendar days after the end of the first and second year of the Settlement Period, Duke will provide to Class Counsel a list of the Plan’s investment options and fees, and a copy of the Plan’s Investment Policy Statement (if any); (2) no later than January 1, 2020, Duke shall communicate, in writing, with current Plan participants and inform them of the investment options available in the new lineup, including the annuity option, and provide a link to a webpage containing the fees and performance information for the new investment options and the contact information for the individual or entity that can facilitate a fund transfer for participants who seek to transfer their investments in frozen annuity accounts to another fund in the Plan; (3) during the third year of the Settlement Period, the Plan’s fiduciaries shall retain an independent consultant to provide a recommendation regarding whether the Plan fiduciaries should issue Requests for Proposals for recordkeeping and administrative services provided to the Plan; (4) during the Settlement Period, in considering Plan investment options, the Plan’s fiduciaries shall consider, among other factors: (a) the cost of different share classes available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classes; and (b) the availability of revenue sharing rebates on any share class available for any investment option considered for inclusion in the Plan; (c) other factors that the Plan fiduciaries deem appropriate under the circumstances; and (5) during the Settlement Period, Duke shall not cause Plan assets or assets held in the Plan’s ERISA revenue credit or reimbursement account to be used to pay salaries and fringe benefits and other expenses incurred by Duke for services performed by Duke employees. All Class Members and anyone claiming through them will fully release the Plan as well as the Duke Defendants and the “Released Parties” from “Released Claims.” The Released Parties include: (a) Duke University, the Duke University Investment Advisory Committee, Duke University Health System, Inc. d/b/a Duke University Hospital, the Private Diagnostic Clinic, PLLC, and certain individual defendants identified in the Settlement Agreement; (b) their insurers, co-insurers, and reinsurers, (c) their past, present, and future parent corporation(s), (d) their past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors- in-interest, and assigns, (e) their past, present and future members of their respective boards of trustees, agents, officers, employees, independent contractors, representatives, attorneys, administrators, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, administrators, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan (including their owners and employees), members of their immediate families, consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them, and
Appears in 2 contracts
Samples: Class Action Settlement Agreement, Class Action Settlement Agreement
WHAT DOES THE SETTLEMENT PROVIDE. 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. In addition to the monetary component of the Settlement, as discussed above, the Settlement also provides certain additional terms that provide substantial value to Class Members and materially add to the total value of the Settlement above the already significant monetary component. These additional terms include: (1) within 30 thirty (30) calendar days after the end of the first and second year years of the Settlement Period, Duke and within thirty (30) calendar days after the conclusion of the Settlement Period, the Vanderbilt Defendants will provide to Class Counsel a list of the Plan’s 's investment options and feesthe fees for those investment options, and as well as a copy of the Plan’s Investment Policy Statement (if any)for the Plan; (2) no later than January 131, 2020, Duke shall communicate, in writing, Vanderbilt University will communicate by email with current currently employed Plan participants and inform them of the identifying current investment options available in the new lineupPlan, including the annuity option, and provide providing a link to a webpage containing disclosure of the fees and performance information for of the new investment options frozen annuity accounts and the current investment options, and providing contact information for the individual or entity that can facilitate a fund transfer for participants who seek to transfer their investments in frozen annuity accounts to another fund in transfer; the Planform of this communication shall be approved by Class Counsel; (3) during the third year of the Settlement Periodon or before April 1, 2022, the Plan’s 's fiduciaries shall retain an independent consultant to provide conduct a recommendation regarding whether the Plan fiduciaries should issue Requests request for Proposals proposals (“RFP”) for recordkeeping and administrative services provided for the Plan to at least three qualified service providers; the PlanRFP shall request that any proposal for basic recordkeeping services express fees on a per-participant basis; (4) during after conducting the Settlement PeriodRFP, in considering Plan investment options, the Plan’s fiduciaries shall consider, among other factors: (a) the cost of different share classes available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classes; and (b) the availability of revenue sharing rebates on any share class available for any investment option considered for inclusion in the Plan; (c) other factors that the Plan fiduciaries deem appropriate under may decide to retain the circumstancescurrent recordkeeper or retain a new recordkeeper; and the Plan's fiduciaries shall contractually prohibit the recordkeeper from using information about Plan participants acquired in the course of providing recordkeeping services to the Plan to market or sell products or services unrelated to the Plan to Plan participants unless a request for such products or services is initiated by a Plan participant; (5) during the Settlement Period, Duke shall not cause Plan assets or assets held in the Plan’s ERISA revenue credit or reimbursement account to be used to pay salaries and fringe benefits and other expenses incurred by Duke for services performed by Duke employees. All Class Members and anyone claiming through them will fully release the Plan as well as the Duke Defendants and the “Released Parties” from “Released Claims.” The Released Parties include: (a) Duke University, the Duke University Investment Advisory Committee, Duke University Health System, Inc. d/b/a Duke University Hospital, the Private Diagnostic Clinic, PLLC, and certain individual defendants identified in the Settlement Agreement; (b) their insurers, co-insurers, and reinsurers, (c) their past, present, and future parent corporation(s), (d) their past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors- in-interest, and assigns, (e) their past, present and future members of their respective boards of trustees, agents, officers, employees, independent contractors, representatives, attorneys, administrators, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, administrators, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan (including their owners and employees), members of their immediate families, consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them, andwithin thirty
Appears in 1 contract
Samples: Class Action Settlement Agreement
WHAT DOES THE SETTLEMENT PROVIDE. 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. In addition to the monetary component of the Settlement, as discussed above, the Settlement also provides certain additional terms 1) the Plan fiduciaries will engage a consulting firm to conduct a Request for Proposal for investment consulting firms that provide substantial value are unaffiliated with BB&T and engage an Investment Consultant to Class Members and materially add independent consulting services to the total value of Plan; 2) the Settlement above the already significant monetary component. These additional terms include: (1) within 30 calendar days after the end of the first and second year of the Settlement Period, Duke Investment Consultant will provide to Class Counsel a list of evaluate the Plan’s investment options and fees, and a copy provide the Plan fiduciaries an evaluation of the Plan’s Investment Policy Statement (if any); (2) no later than January 1, 2020, Duke shall communicate, in writing, with current Plan participants and inform them of the investment options available in the new lineup, including the annuity option, and provide a link to a webpage containing the fees and performance information for the new investment options and the contact information for the individual or entity that can facilitate a fund transfer for participants who seek to transfer their investments in frozen annuity accounts to another fund in the Plan; (3) during within two years after the third year entering of the Settlement PeriodFinal Order, the Plan’s fiduciaries shall retain an independent consultant to provide a recommendation regarding whether the Plan fiduciaries should issue Requests for Proposals for recordkeeping and administrative services provided to the Planwill participate in a training session regarding ERISA’s fiduciary duties; (4) during the Settlement Periodtwo year period following entry of the Final Order. BB&T will rebate to the Plan participants any 12b-1 fees, in considering Plan investment optionssub-ta fees, or other monetary compensation that any mutual fund company pays or extends to the Plan’s fiduciaries shall consider, among other factors: (a) recordkeeper based on the cost of different share classes available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classesPlan’s investments; and (b5) if during a two-year time period following the availability entry of revenue sharing rebates on any share class available the Final Order, BB&T were to decide to charge Plan participants a periodic fee for any investment option considered for inclusion in the Plan; (c) other factors that recordkeeping services, the Plan fiduciaries deem appropriate under will conduct a request for proposal for the circumstances; provision of recordkeeping and (5) during the Settlement Period, Duke shall not cause Plan assets or assets held in the Plan’s ERISA revenue credit or reimbursement account to be used to pay salaries and fringe benefits and other expenses incurred by Duke for services performed by Duke employeesadministrative services. All Class Members and anyone claiming through them will fully release the Plan as well as the Duke BB&T Defendants and the its “Released Parties” from “Released Claims.” The Released Parties include: include (a) Duke UniversityBB&T Corporation, the Duke University Investment Advisory Branch Banking and Trust Company, Sterling Capital Management LLC, BB&T Corporation Employee Benefits Plan Committee, Duke University Health SystemBB&T Corporation Board of Directors, Inc. d/b/a Duke University HospitalCompensation Committee of the Board of Directors of BB&T Corporation, the Private Diagnostic ClinicCardinal Investment Advisors, PLLCLLC, and certain individual defendants identified in the Settlement Agreement, Xxxx X. Xxxxxxx, XX, Xxxxxxxx X. Banner, K. Xxxxx Xxxxx, Jr., Xxxx X. Xxxxxx, Xxxxx X. Xxxxxxx, Xxxxxx X. Deal, Xxx X. Xxxxx, Xxxxx X. Xxxxxxxx, Xxxxx X. Xxxxxxxxxxx, X. Xxxxxxxxx Xxxxxx, Jr., L. Xxxxxxx Xxxxxxx, Xxxx X. Xxxx, I. Xxxxxxxx Xxxxx, Xxxx X. Xxxx, III, Xxxx X. Xxxxxxxx, Xxxxx X. Xxxx, Xxxxxxx Xxxxx Xxx, Xxxxx X. Xxxx, Xxxxx X. Xxxxxxx, Xxxxxx X. XxXxxxxx, Xxxxxx X. Xxxxxxxx, X. Xxxxxx Xxxxxxxx, Xxxxxxx X. Xxxxxx, Nido X. Xxxxxx, Xxxxxxx X. Xxxxxx, Xxxxxx X. Xxxx, Xx., X. Xxxxx Xxxxxx, Xxxxxxxxx Sears, Xxxxxx X. Xxxxxx, Xxxxxx X. Xxxxxxxx, Xxxxx X. Xxxxx, Xxxxxxx X. Xxxxxxxx, Xxxxxx X. Xxxxxx, Xxxx Xxxxxx, Xxx Xxxxxxxx, Xxxxxx Xxxxxxxx-Xxxxx, Xxxxx Xxxxx, Xxxx Xxxx, Xxxxx Xxxx, Xxxxx Xxxxxxx, Xxxxx Xxxxxxx; (b) their insurers, co-insurers, and reinsurers, (c) their past, present, and future parent corporation(s), (d) their past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors- in-interest, and assigns, (e) their past, present and future members of their respective boards of trustees, agents, officers, employees, independent contractors, representatives, attorneys, administrators, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, administrators, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan (including their owners and employees), members of their immediate families, consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them, and,
Appears in 1 contract
Samples: Class Action Settlement Agreement
WHAT DOES THE SETTLEMENT PROVIDE. 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. In addition to the monetary component of the Settlement, as discussed above, the Settlement also provides certain additional terms that provide substantial value to Class Members and materially add to the total value of the Settlement above the already significant monetary component. These additional terms include: (1) within 30 thirty (30) calendar days after the end of the first and second year years of the Settlement Period, Duke and within thirty (30) calendar days after the conclusion of the Settlement Period, the Vanderbilt Defendants will provide to Class Counsel a list of the Plan’s 's investment options and feesthe fees for those investment options, and as well as a copy of the Plan’s Investment Policy Statement (if any)for the Plan; (2) no later than January 131, 2020, Duke shall communicate, in writing, Vanderbilt University will communicate by email with current currently employed Plan participants and inform them of the identifying current investment options available in the new lineupPlan, including the annuity option, and provide providing a link to a webpage containing disclosure of the fees and performance information for of the new investment options frozen annuity accounts and the current investment options, and providing contact information for the individual or entity that can facilitate a fund transfer for participants who seek to transfer their investments in frozen annuity accounts to another fund in transfer; the Planform of this communication shall be approved by Class Counsel; (3) during the third year of the Settlement Periodon or before April 1, 2022, the Plan’s 's fiduciaries shall retain an independent consultant to provide conduct a recommendation regarding whether the Plan fiduciaries should issue Requests request for Proposals proposals (RFP) for recordkeeping and administrative services provided for the Plan to at least three qualified service providers; the PlanRFP shall request that any proposal for basic recordkeeping services express fees on a per-participant basis; (4) during after conducting the Settlement PeriodRFP, in considering Plan investment options, the Plan’s fiduciaries shall consider, among other factors: (a) the cost of different share classes available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classes; and (b) the availability of revenue sharing rebates on any share class available for any investment option considered for inclusion in the Plan; (c) other factors that the Plan fiduciaries deem appropriate under may decide to retain the circumstancescurrent recordkeeper or retain a new recordkeeper; and the Plan's fiduciaries shall contractually prohibit the recordkeeper from using information about Plan participants acquired in the course of providing recordkeeping services to the Plan to market or sell products or services unrelated to the Plan to Plan participants unless a request for such products or services is initiated by a Plan participant; (5) during the Settlement Period, Duke shall not cause Plan assets or assets held in the Plan’s ERISA revenue credit or reimbursement account to be used to pay salaries and fringe benefits and other expenses incurred by Duke for services performed by Duke employees. All Class Members and anyone claiming through them will fully release the Plan as well as the Duke Defendants and the “Released Parties” from “Released Claims.” The Released Parties include: (a) Duke University, the Duke University Investment Advisory Committee, Duke University Health System, Inc. d/b/a Duke University Hospital, the Private Diagnostic Clinic, PLLC, and certain individual defendants identified in the Settlement Agreement; (b) their insurers, co-insurers, and reinsurers, (c) their past, present, and future parent corporation(s), (d) their past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors- in-interest, and assigns, (e) their past, present and future members of their respective boards of trustees, agents, officers, employees, independent contractors, representatives, attorneys, administrators, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, administrators, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan (including their owners and employees), members of their immediate families, consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them, andwithin thirty
Appears in 1 contract
Samples: Class Action Settlement Agreement
WHAT DOES THE SETTLEMENT PROVIDE. 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. In addition to the monetary component of the Settlement, as discussed above, Xxxxxxxxx agreed that the Settlement also provides certain additional terms that provide substantial value to Class Members and materially add Plan's fiduciaries will conduct a RFP process for recordkeeping services to the total value Plan. Within the first year following final approval of the Settlement above Settlement, Defendant has agreed to publish a communication to then current Plan participants explaining the already significant monetary component. These additional terms include: (1) within 30 calendar days after the end risks and benefits of the first 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 second 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 of the Settlement Periodperiod, Duke will Defendant has agreed to provide to Class Counsel a list of the Plan’s 's investment options and fees, and a copy of . In considering investment options for the Plan’s Investment Policy Statement (if any); (2) no later than January 1, 2020, Duke shall communicate, in writing, with current Plan participants and inform them of the investment options available in the new lineup, including the annuity option, and provide a link to a webpage containing the fees and performance information for the new investment options and the contact information for the individual or entity Defendant has agreed that can facilitate a fund transfer for participants who seek to transfer their investments in frozen annuity accounts to another fund in the Plan; (3) during the third year of the Settlement Period, the Plan’s 's fiduciaries shall retain an independent consultant to provide a recommendation regarding whether the Plan fiduciaries should issue Requests for Proposals for recordkeeping and administrative services provided to the Plan; (4) during the Settlement Period, in considering Plan investment options, the Plan’s fiduciaries shall will consider, among other factors: (a1) the lowest-cost of different share classes class available for any particular mutual fund considered for inclusion in the Plan as well as other criteria applicable to different share classes; and (b2) the availability of revenue sharing rebates on any share class available for any investment option mutual fund considered for inclusion in the Plan; and (c3) other factors that the availability of collective trusts, to the extent such investments are permissible and are otherwise identical to a particular mutual fund considered for inclusion in the Plan fiduciaries deem appropriate under the circumstances; and (5) during the Settlement Period, Duke shall not cause Plan assets or assets held in the Plan’s ERISA revenue credit or reimbursement account to be used to pay salaries and fringe benefits and other expenses incurred by Duke for services performed by Duke employees. All Class Members and anyone claiming through them will fully release the Plan as well as the Duke Defendants Defendant and the its “Released Parties” from “Released Claims.” The Released Parties include: include (a) Duke University, the Duke University Investment Advisory Committee, Duke University Health System, Inc. d/b/a Duke University Hospital, the Private Diagnostic Clinic, PLLC, Defendant and certain individual defendants identified in the Settlement Agreement; (b) their its insurers, co-insurers, and reinsurers, (c) their past, present, and future parent corporation(s), (d) their past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors- in-interest, and assigns, (e) their past, present and future members of their respective boards of trustees, agents, officers, employees, independent contractors, representatives, attorneys, administrators, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, administrators, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan (including their owners and employees), members of their immediate families, consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them, and,
Appears in 1 contract
Samples: Class Action Settlement Agreement
