WakeMed Health and Hospitals Retirement Plan $975K Class Action Settlement

WAKEMED HEALTH AND HOSPITALS SETTLEMENT UPDATE:

• The claim deadline has been changed to Dec. 30, 2021.
• Final hearing date has been changed to Jan. 10, 2022.

WakeMed Health and Hospitals retirement savings plan participants may be entitled to seek compensation under a recent $975,000 class action settlement agreement.

The Class consists of anyone who participated in the WakeMed Retirement Savings Plan, together with all other defined contribution plans sponsored by WakeMed — including plans offered under §457 of the Internal Revenue Code — at any time during between Aug. 25, 2014, and May 4, 2021 (the Class Period), as well as any beneficiary of a deceased person who participated in the plan at any time during the Class Period and any alternate payee of a person subject to a Qualified Domestic Relations Order who participated in the plan during the Class Period.

The plaintiffs in a class action lawsuit had alleged WakeMed breached its fiduciary duties under the federal Employee Retirement Income Security Act (ERISA) by selecting and maintaining mutual funds that were more expensive than other options and by failing to appropriately structure certain plan expenses.

The Court has not ruled in favor of either party in this case, and WakeMed denies all allegations of wrongdoing. However, the parties have agreed to a settlement to avoid the ongoing cost and risks of litigation.

WakeMed Health and Hospitals, based in Raleigh, North Carolina, offers primary and urgent care services at more than 80 office locations. The health system also has three acute-care hospitals and a physical rehabilitation hospital.

WakeMed Health and Hospitals Settlement Benefits

Each Class Member’s payment will be based on the size of their monthly average end-of-quarter retirement plan account balances during the Class Period.

Class Members who are current plan participants will receive their payment via a deposit into their plan account. This payment will be invested initially in the plan’s qualified default investment alternative. The Class Member may choose to change that investment election later.

Beneficiaries entitled to receive payments on behalf of a Class Member, alternate payees entitled to a payment on behalf of a Class Member pursuant to a Qualified Domestic Relations Order, and authorized former participants who file a Former Participant Claim Form will receive their payment in the form of a check. 

The settlement administrator will not distribute any amount that is $10 or less because such a small amount would cost more in processing than it is worth. These amounts and other settlement proceeds will be distributed to Class Members entitled to receive more than $10.

In addition to the monetary relief, WakeMed also has agreed to take certain measures when it comes to future evaluation of plan service providers.

Within 18 months of the settlement’s effective date, WakeMed will conduct a request for proposals for investment advisory services for its retirement plan. 

A final approval hearing in the WakeMed Health and Hospitals retirement savings plan settlement is scheduled for Jan. 10, 2022.

The objection deadline is Dec. 30, 2021.

The deadline to file a claim is also Dec. 30, 2021.

Who’s Eligible

Anyone who participated in the WakeMed Retirement Savings Plan, together with all other defined contribution plans sponsored by WakeMed — including plans offered under §457 of the Internal Revenue Code — at any time during between Aug. 25, 2014, and May 4, 2021 (the Class Period), as well as any beneficiary of a deceased person who participated in the plan at any time during the Class Period and any alternate payee of a person subject to a Qualified Domestic Relations Order who participated in the plan during the Class Period.

Potential Award

Varies.

Each Class Member’s payment will be based on the size of their monthly average end-of-quarter retirement plan account balances during the Class Period.

Proof of Purchase

No proof of purchase is necessary.

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

12/30/2021

Case Name

Conte, et al. v. WakeMed, Case No. 5:21-cv-00190-D in the U.S. District Court for the Eastern District of North Carolina

Final Hearing

01/10/2022

Settlement Website

WakeMedERISASettlement.com

Claims Administrator

WakeMed ERISA Settlement
P.O. Box 2007
Chanhassen, MN 55317-2007
info@wakemederisasettlement.com
1-888-845-0364

Class Counsel

ROBBINS GELLER RUDMAN & DOWD LLP

Defense Counsel

MORGAN, LEWIS & BOCKIUS LLP