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This settlement is closed!
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Participants or beneficiaries of the Georgia-Pacific LLC Hourly 401(k) Plan, the Koch Industries Inc. Employees’ Savings Plan, or the Georgia-Pacific LLC 401(k) Retirement Savings Plan may be eligible to receive a payment thanks to a recent $4 million Koch retirement plan class action lawsuit settlement.
Settlement Class Members include all participants or beneficiaries of the Georgia-Pacific LLC Hourly 401(k) Plan, the Koch Industries Inc. Employees’ Savings Plan, or the Georgia-Pacific LLC 401(k) Retirement Savings Plan between July 16, 2014, and Dec. 31, 2020.
In a class action lawsuit, plaintiffs allege the defendants overcharged them by deducting excess fees from their accounts under the guise of recordkeeping costs. Further, the plaintiffs say, the defendants failed to monitor and control recordkeeping expenses, which led to the plaintiffs being overcharged compared to what similarly sized plans would have paid for recordkeeping. As a result, the overage charges were unreasonable.
The company denies any wrongdoing, and it does not accept liability for the plaintiffs’ claims, arguing it has always taken its fiduciary duties seriously and has monitored, reviewed, and evaluated the recordkeeping expenses paid by the plaintiffs.
After considering the ongoing costs, time, and risks spent on defending themselves in court, the company has agreed to the settlement.
Koch and Georgia-Pacific Retirement Settlement Benefits
As part of the Koch retirement plan class action lawsuit settlement agreement, the company will pay $4 million to resolve the claims in the class action.
Each eligible Class Member will receive a share of the settlement amount, but the exact amount depends on how many eligible Class Members file a claim, as well as on the amount of fees deducted from that Class Member’s account and the base amount the plans paid for recordkeeping services in excess of the current base recordkeeping rate, which is $35 per year.
On top of payments to eligible Class Members, the defendants have agreed to issue a new request for proposals for recordkeeping services for their plans within 180 days of the settlement’s effective date.
Current participant Class Members do not need to take action to receive their share of the settlement.
Former participants who wish to receive their share must file a Former Participant Rollover Form.
A final approval hearing in the Koch retirement plan lawsuit settlement will be held Dec. 9, 2021.
Class Members have a right to object to the settlement by Nov. 18, 2021.
The deadline to file a Former Participant Rollover Form is Dec. 27, 2021.
Who’s Eligible
Settlement Class Members include all participants or beneficiaries of the Georgia-Pacific LLC Hourly 401(k) Plan, the Koch Industries Inc. Employees’ Savings Plan, or the Georgia-Pacific LLC 401(k) Retirement Savings Plan between July 16, 2014, and Dec. 31, 2020.
Potential Award
Varies
Proof of Purchase
No proof of purchase necessary.
Former Participant Rollover 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.
Former Participant Rollover Form Deadline
12/27/2021
Case Name
David Kinder, et al. v. Koch Industries, Inc., et al., Case No. 1:20-cv-02973-MHC, in the United States District Court for the Northern District of Georgia Atlanta Division
Final Hearing
12/09/2021
Settlement Website
Claims Administrator
Koch ERISA Settlement
P.O. Box 2007
Chanhassen, MN 55317-2007
info@KochERISASettlement.com
855-918-5985
Class Counsel
Kai Richter
Paul Lukas
NICHOLS KASTER PLLP
Defense Counsel
Evan Miller
Miguel F. Eaton
JONES DAY
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10 thoughts onKoch Retirement Plan Recordkeeping $4M Class Action Settlement
I was work there I have to out because I get sick there that didn’t give all my 401 k money at I work there for 5yr. I come out the last yr.
When will these fees be paid out?
When will we get our settlement
That’s what I want to know…
When will this be paid out?
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The lawsuits website and the notices I recieved in the mail state, as a former member, it’s optional to fill out a rollover form. Otherwise I will recieve a check. This article states that former members have to fill out a rollover form..??
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