Reliance Trust Co. has agreed to a $39.8 million settlement to resolve claims by Insperity 401(k) holders that the company violated the Employee Retirement Income Security Act (ERISA).
All participants and beneficiaries of the Insperity 401(k) plan between Dec. 22, 2009, and March 31, 2019, may benefit from this settlement.
Plaintiffs in the Insperity 401(k) class action lawsuit alleged the defendants violated ERISA by causing the plan to pay unreasonable administrative and investment costs and invest in the Insperity Horizon Risk-Managed target date funds.
The plaintiffs claimed those funds were added to the plan unlawfully.
The defendants deny the claims made in the class action lawsuit and say they have acted appropriately under ERISA.
ERISA is a law intended to protect employees paying into employer-sponsored retirement accounts, such as the Insperity 401(k) plan, in addition to welfare benefit plans, such as long-term disability insurance.
There are more than 220,000 Class Members, according to the settlement notices.
Class Members’ payment amounts will be over $10, as anything $10 or less would cost more to process than the value of the payment.
Settlement distribution is expected in the second half of 2021, if the Court approves the settlement and there are no appeals.
Those who attend the final hearing must notify the Court and counsel by Feb. 23, 2021, of their intention to appear. Anyone who does not notify the proper parties will not be allowed to address the Court.
Those who are eligible to benefit from the Insperity 401(k) settlement fall into two groups: current participants and former participants.
Current participants — those who participated in the Insperity 401(k) plan during the Class Period and had an active account balance on Sept. 30, 2020 — do not need to take any action to be a part of the settlement.
Former participants — those who participated in the plan during the Class Period but did not have an active account as on Sept. 30, 2020 — must file a claim form postmarked or filed online by March 4, 2021.
The deadline for former participants to file a claim in the Insperity 401(k) settlement is March 4, 2021.
The deadline to object to the settlement has passed.
A final hearing is scheduled for March 5, 2021.
All participants and beneficiaries of the Insperity 401(k) plan between Dec. 22, 2009, and March 31, 2019.
- Class Members’ payment amounts will be over $10, as anything $10 or less would cost more to process than the value of the payment
Proof of Purchase
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
Pledger, et al. v. Reliance Trust, et al., Case No. 1:15-cv-4444-MHC in the U.S. District Court for the Northern District Of Georgia, Atlanta Division
The Insperity 401(k) Plan Settlement Administrator
P.O. Box 2007
Chanhassen, MN 55317-2007
SCHLICHTER, BOGARD & DENTON
O’MELVENY & MYERS LLP
ALSTON & BIRD LLP
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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.