Frequently Asked Questions

 

The following are “Frequently Asked Questions” about the settlement.

If you do not find an answer to your question here:

  • Documents such as the Settlement Agreement can be found by clicking here
  • You can write the Settlement Administrator at the address listed here
What is this lawsuit about?

In the Class Action, the Class Representatives claim that Defendants did not comply with ERISA by causing the Plan to pay excessive fees to Plan service providers, by not using payments received from the Plan for proper expenses, and by making available a set of target date funds (the “Lincoln TDFs”) that were not selected solely for participants’ benefit or based on a prudent decision-making process.

Defendants also deny that they are liable at all to the Class, and deny that the Class or the Plan have suffered any harm or damage for which Defendants could or should be held responsible.

The Notice you received summarizes the proposed Settlement. For the precise terms and conditions of the Settlement, review the Settlement Agreement and other court documents, available here.

How much money will I get?

The amount, if any, that will be allocated to you will be based upon records maintained by the Plans’ recordkeepers. To receive a distribution from the Net Settlement Amount, you must either be a (1) “Current Participant” or (2) an “Authorized Former Participant” who submitted a completed, satisfactory Former Participant Claim Form by the deadline.

The Net Settlement Amount will be divided pro rata among Class Members based on each eligible Class Member’s weighted account balance during the Class Period. For purposes of determining each Class Member’s weighted balance, account balances invested in Lincoln TDFs will be weighted at a rate of two (2) times the dollar amount invested, and other account balances will be weighted at a rate of 1 times the dollar amount invested. There are approximately 69,000 Class Members. If the dollar amount of the settlement payment to an Authorized Former Participant is calculated to be less than $1.00, then that Authorized Former Participant’s payment or pro rata share shall be zero for all purposes.

What do I need to do?

Whether you need to submit a claim form to receive your distribution depends on whether you are considered a “Current Participant” or a “Former Participant.”

If the notice you received describes you as a Current Participant, you do not need to do anything to receive your share of the Settlement.

If the notice you received describes you as a Former Participant, you will need to fill out the Claim Form that was mailed to you and mail it back by December 10, 2018.

When and how will I receive my money?

The timing of the distribution of the Net Settlement Amount is conditioned on several matters, including the Court’s final approval of the Settlement and that approval becoming final and no longer subject to any appeals in any court. An appeal of the final approval may take several years. If the Settlement is approved by the Court, and there are no appeals, the Settlement distribution likely will occur within six months of the Court’s Final Approval Order. There will be no payments under the Settlement if the Settlement Agreement is terminated.

Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their accounts in the Plan. 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. Current Participants who leave the Plan after July 31, 2018 but before receiving their distribution, will receive a check.

This website will be updated with status as available.

Do I have a lawyer in this case?

Yes, the Court has appointed the law firms Nichols Kaster, PLLP in Minneapolis, Minnesota and Morgan & Morgan, P.A. in Tampa, Florida as Class Counsel in the Class Action.

The lawyers will be paid from the settlement amount if approved, so you will not be charged personally for their work on the case.

When will the Court decide if my payment is approved?

The Court will hold a Fairness Hearing at 12:30 p.m. on December 19, 2018 at the U.S. District Court for the Southern District of Florida, West Palm Beach Division, Paul G. Rogers Federal Building and Courthouse, 701 Clematis Street, Room 202, West Palm Beach, Florida 33401.

At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. If there are objections, the Court will consider them. After the Fairness Hearing, the Court will decide whether to give its final approval to the Settlement. The Court also will consider the motion for Administrative Expenses, Attorneys’ Fees and Costs, and Class Representative Service Awards.

If there is a change in time or location of the hearing, it will be posted on this settlement website.

What if I have more questions?

You may call the Settlement Administrator toll-free at 888-267-1494. You may also email them at Info@Oasis401KSettlement.com and your inquiry will be responded to as quickly as possible.