- A Settlement has been reached in a class action lawsuit against New York Life Insurance Company (“New York Life”), the Plans’ Fiduciary Investment Committees (the “Committees”), their predecessor Boards of Trustees (“Boards”), and certain current and former members of the Committees and Boards (collectively, the “Defendants”).[1] The class action lawsuit involves whether Defendants complied with the Employee Retirement Income Security Act (“ERISA”) in managing the Plans and retaining certain Disputed Investments affiliated with New York Life.
- You are included as a Class Member if you are or were a Plan participant or beneficiary at any time from March 2, 2015 to the Effective Date of the Settlement (the “Class Period”) and your Plan account was invested in one or more of the following investments: the MainStay Epoch U.S. All Cap Fund, MainStay Epoch U.S. Small Cap Fund, MainStay Income Builder Fund, any MainStay Retirement Fund, or the Fixed Dollar Account (the “Disputed Investments”).
- New York Life and/or its insurers have agreed to pay $19,000,000.00 into a settlement fund to resolve the claims of the Settlement Class. Class Members are eligible to receive a pro rata share of the Net Settlement Fund, which is the amount in the settlement fund remaining after payment of administrative expenses, taxes, tax expenses, any attorneys’ fees and expenses that the Court awards to Class Counsel, and any class representative service awards to Plaintiffs. The amount of each Class Member’s payment will be based on a Plan of Allocation that takes into account each Class Member’s investment in the Disputed Investments. Payments to current Plan participants will be deposited into their respective Plan accounts. Beneficiaries entitled to receive payment on behalf of a current Plan participant will receive their payment by check. Payments to former Plan participants (or their beneficiaries) will be made directly by check, unless they elect to receive their payment through a rollover to a qualified retirement account. If you are a Former Participant (or beneficiary of a Former Participant) and would prefer to receive your settlement payment through a rollover to a qualified retirement account, you must complete, sign, and mail the Former Participant Rollover Form by July 8, 2024.
1 The named Committee and/or Board member defendants are Katherine O’Brien, Anthony R. Malloy, Yie-Hsin Hung, Arthur A. Seter, Scott L. Lenz, and Robert J. Hynes.