The Court has approved the proposed settlement (the “Settlement”) of a class action lawsuit brought by certain participants in the Plans against the University of Southern California and the USC Retirement Plan Oversight Committee (“Defendants”), alleging violations of the Employee Retirement Income Security Act (“ERISA”) as being fair, reasonable, and adequate. The Settlement provides for the allocation of monies directly into the individual accounts of members of the Settlement Class who had Plan accounts recordkept by TIAA-CREF, Prudential Insurance Company of America, Fidelity Investments, or the Vanguard Group during the Class Period with a balance greater than $0 as of December 31, 2022 (“Current Participants”). Class Members who are entitled to a distribution but who no longer had a Plan account with a balance greater than $0 as of December 31, 2022 (“Former Participants”) will receive their allocation in the form of a check mailed to their last known address or a rollover, if elected.
The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation that has been 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.
If you are a Former Participant, to receive your share of the Net Settlement Amount, you must have returned a Former Participant Claim Form that was postmarked or electronically filed by August 4, 2023. If you did not return a Former Participant Claim Form that was postmarked or electronically filed by August 4, 2023, you will not receive a share of the Net Settlement Amount, but you will be bound by the Settlement, including the release.