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This settlement is closed!
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RWJBarnabas Health agreed to a $1.75 million class action settlement to resolve claims it mismanaged employee retirement funds in violation of the federal Employee Retirement Income Security Act (ERISA).
The settlement benefits participants in the RWJBarnabas Health 401(k) Savings Plan and the RWJBarnabas Health 403(b) Savings Plan between Sept. 23, 2014, and May 26, 2022.
RWJBarnabas Health is a healthcare system based in New Jersey. The company partners with Rutgers University and its medical schools to provide the latest treatments, according to the RWJBarnabas Health website.
According to a class action lawsuit against RWJBarnabas Health, the company mismanaged employee retirement funds. Specifically, the healthcare system allegedly failed to reduce plan expenses or invest in well-performing funds. As a result, the retirement funds failed to perform to the best of their ability, plaintiffs claims.
The retirement class action lawsuit argues RWJBarnabas’ failures violate ERISA. Under ERISA, employers have fiduciary duties to run retirement plans prudently, diversify investments, and prevent massive losses to the best of their ability. RWJBarnabas allegedly failed in these and other fiduciary duties.
RWJBarnabas hasn’t admitted any wrongdoing but agreed to resolve these allegations with a $1.75 million class action lawsuit settlement.
Under the terms of the RWJBarnabas ERISA settlement, class members are eligible for a cash payment.
Payments will be calculated based on the amount each class member had as a balance on their retirement plan accounts for the end of each year during the class period. The sum of these balances will be used to determine the proportional share each class member is eligible for under the settlement.
Exact payment amounts will vary depending on the net settlement fund and other factors. Generally, class members who have higher summed balances will be eligible for larger shares of the settlement fund. Inversely, those who have lower summed balances will receive smaller shares of the net settlement fund — though payments will be at least $10 for all class members.
Class members cannot exclude themselves from the ERISA settlement but may object to the terms of the deal by Sept. 15, 2022.
The final approval hearing for the settlement is scheduled for Sept. 29, 2022.
Current plan participants will receive their share of the settlement fund as a payment to their retirement account. Former participants will receive their share of the settlement in the form of a check sent through the mail.
No claim form is required to benefit from the settlement. Class members may provide their updated address to class counsel listed on the settlement website.
Who’s Eligible
The settlement benefits participants in the RWJBarnabas Health 401(k) Savings Plan and the RWJBarnabas Health 403(b) Savings Plan between Sept. 23, 2014 and May 26, 2022.
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable
Objection Deadline
09/15/2022
Case Name
McGowan, et al. v. Barnabas Health, Inc., et al., Case No. 2:20-cv-13119, in the U.S. District Court for the District of New Jersey
Final Hearing
09/29/2022
Settlement Website
Claims Administrator
Barnabas ERISA Settlement
P.O. Box 2009
Chanhassen, MN 55317-2009
info@BarnabasERISAsettlement.com
888-604-1748
Class Counsel
Mark K Gyandoh
CAPOZZI ADLER PC
Defense Counsel
Neil V Shah
PROSKAUER ROSE LLP
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20 thoughts onRWJBarnabas Health retirement plan mismanagement $1.75M class action settlement
add me
I worked at RWJB JCMC EMS from 2019 – 2021
I received the initial lawsuit letter
I have moved from the “on file” address, how do I change that ??
I worked for St Barnabas as well. I left the hospital end of 2006. However, I had their retirement fund that had to sit there until I could take it at 65. I also got the notice of class action settlement which said that I was a participant in the plan during the specified dates. I too am curious as to whether I am entitled to any of the settlement
Yes I did work for Saint Barnabas and was sent a letter when the law suit was filled and I’m just checking if I’m due compensation
New address 690 Sumner Street add me please
I worked in Livingston at St. Barnabas starting in 1989-2008. Please add me.
I’m Reaching Out Because I Worked For Community Medical Center
( One Of The Barnabas Hospitals ) In 2016 And Stayed With The Company For Quite Some Time. I Did Receive The Paperwork In The Mail About The Settlement And I Was Just Wondering Who I Reach Out To About My Current Mailing Address. Thank You So Much For Your Time.
Add me please
Add me please
Have any of the people saying “add me” actually worked for St. Barnabas hospital and have a retirement fund with them? First of all, you can’t just add yourself by saying “add me” and secondly, you need to actually work for the company in order to receive the benefits of the lawsuit. It’s fraud if you don’t and you will be caught!
Yes I did work for Saint Barnabas and was sent a letter when the law suit was filled and I’m just checking if I’m due compensation