IMPORTANT - PLEASE READ THIS NOTICE CAREFULLY
THIS NOTICE RELATES TO THE PENDENCY OF A CLASS ACTION LAWSUIT AND, IF YOU ARE A SETTLEMENT CLASS MEMBER, CONTAINS IMPORTANT INFORMATION ABOUT YOUR RIGHTS TO OBJECT TO THE SETTLEMENT.
A Federal Court authorized this notice. You are not being sued.
This is not a solicitation from a lawyer.
- A Settlement has been reached in a class action lawsuit against the University of Miami (“Defendant” or “Miami”). The class action lawsuit involves whether Miami complied with its fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) in managing several defined contribution plans Miami sponsored for employees, including the University of Miami Retirement Savings Plan, the Defined Contribution Retirement Plan for Faculty of the University of Miami, the University of Miami Retirement Savings Plan II, the UHealth Retirement Savings Plan III, and the University of Miami Supplemental Retirement Annuity Program (collectively, the “Plans”). Miami denies any wrongdoing but agreed to settle this case to avoid the expense, inconvenience, and disruption of class-action litigation.
- You are included as a Settlement Class Member if you are currently a participant in one or more of the Plans, or if you were a participant in one or more of the Plans at any time from May 1, 2014 through August 31, 2021 (the “Settlement Class Period”), or if you are a Beneficiary or Alternate Payee of one of the above individuals.
- Miami, through its insurance provider, has agreed to pay $1,850,000 into a settlement fund and has also agreed to certain nonmonetary terms concerning Miami’s future evaluation of service providers for the Plans. Settlement Class Members are eligible to receive a pro rata share of the Settlement Amount remaining after payment of notice and administrative expenses, taxes and tax expenses, attorneys’ fees and expenses that the Court awards to Class Counsel and to the Plaintiffs as service awards (the “Net Settlement Amount”). The amount of each Settlement Class Member’s payment is based on his or her average account balance in the Plans during the Settlement Class Period. Payments to Current Participants will be deposited into one or more of their active account(s) in the Plans. Payments to certain Zero Account Balance Current Participants, Authorized Former Participants, Beneficiaries and Alternate Payees will be made directly by check. (Unless specified otherwise herein, all capitalized terms are defined in the Settlement Agreement.)
- Please read this notice carefully. Your legal rights are affected whether you act or do not act.
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YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT |
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DO YOU NEED TO FILE A CLAIM? |
If you are a Current Participant, meaning you had a positive balance in one or more of the Plans as of August 31, 2021, you do not need to submit a claim to get a share of the Net Settlement Fund. If you are a Former Participant, meaning you participated in one or more of the Plans during the Settlement Class Period but did not have a positive balance in any one of those Plans on August 31, 2021, you must submit, either electronically or by mail, a Former Participant Claim Form in order to get a share of the Net Settlement Fund. (See the Former Participant Claim Form for instructions.) |
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OBJECT BY MARCH 7, 2022 |
If you wish to object to any part of the Settlement, Class Counsel’s request for attorneys’ fees and expenses, or the proposed service awards to the Plaintiffs, you may (as discussed below) write to the Court to explain why you object. Please note that if you object, the Court has authorized the parties to seek discovery from you, including requests for documents and appearance at a deposition. |
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FINAL HEARING |
If you submit a written objection to the Court and counsel before the deadline above, you may ask to speak at a hearing in Court about the fairness of the Settlement. You may attend the hearing even if you do not file a written objection, but you will not be permitted to address the Court at the hearing unless you notify the Court and counsel by March 7, 2022, of your intention to appear at the hearing. |
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DO NOTHING |
If you are a Current Participant, you will get a share of the Net Settlement Fund to which you are entitled and will give up your rights to sue Miami about the allegations in this case. If you are a Former Participant, and do not submit a Former Participant Claim Form, you will not get a share of the Net Settlement Fund and will give up your rights to sue Miami about the allegations in this case. |
The Court still has to decide whether to approve this settlement, which may take some time. Please be patient.