Goldstein v. Mutual of America ERISA Settlement

UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK

Case No. 1:22-cv-7862-GHW-OTW

If you participated in the Mutual of America Life Insurance Company Savings Plan (the “Plan”) at any time from September 14, 2016 to June 6, 2023, you are part of a class action settlement.

IMPORTANT
PLEASE READ THE NOTICE CAREFULLY
THE NOTICE RELATES TO THE PENDENCY OF A CLASS ACTION LAWSUIT AND, IF YOU ARE A SETTLEMENT CLASS MEMBER, CONTAINS IMPORTANT INFORMATION ABOUT YOUR RIGHTS TO OBJECT TO THE SETTLEMENT

A Federal Court authorized the Notice. You are not being sued.

This is not a solicitation from a lawyer.

•A Settlement has been reached in a class action lawsuit against Mutual of America Life Insurance Company (“Mutual of America”) and the Mutual of America Investment Manager Committee (“Investment Committee”) (together, “Defendants”). The class action lawsuit involves whether or not Defendants violated their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) in managing the Plan. Defendants deny all claims, and nothing in the Settlement is an admission or concession on Defendants’ part of any fault or liability whatsoever.

•You are included as a Class Member if you participated in the Plan at any time from September 14, 2016 to June 6, 2023 (the “Class Period”).

•The terms and conditions of the Settlement are set forth in the Settlement Agreement dated April 13, 2023, and are summarized in the Notice. Capitalized terms used in the Notice but not defined in the Notice have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement is available HERE. Certain other documents will also be posted on this website. All papers filed in this lawsuit are also available for review via the Public Access to Court Electronic Records System (PACER), at www.pacer.gov.

•Under the Settlement, Mutual of America has agreed to cause its insurers to pay $2,750,000.00 into a settlement fund. Class Members are eligible to receive a pro rata share of the amount of the settlement fund remaining after payment of Administrative Expenses, any Attorneys’ Fees and Costs that the Court awards to Class Counsel, and any Service Awards that the Court awards to the Named Plaintiffs. The amount of each Class Member’s payment is based on a Plan of Allocation that takes into account each Class Member’s account balances, as well as the Plan investment options each Class Member invested in, over the period of September 16, 2016 through May 1, 2023. Payments to Class Members who had a Plan account with a balance greater than $0.00 as of June 6, 2023 (referred to herein as “Participant Class Members”) will be deposited into their respective Plan accounts. Payments to Former Participant Class Members who no longer have an account balance above $0.00 will be made directly by check, unless the Former Participant Class Member elects to receive their payment through a rollover to a qualified retirement account or the Former Participant Class Member’s Final Entitlement Amount is less than $10.00. Participant Class Members who are determined to no longer have a Plan account with a balance greater than $0.00 as of the date of their Settlement payments will be treated as Former Participant Class Members and will receive an allocation by check.

•Please read the Notice carefully. Your rights and the choices available to you — and the applicable deadlines to act — are explained in the Notice. Your legal rights are affected whether you act or not. Please note that neither Mutual of America nor any Mutual of America affiliate nor any employees or representatives of Mutual of America or a Mutual of America affiliate may advise you as to what the best choice is for you or how you should proceed.

•The Court still has to decide whether to give its Final Approval to the Settlement. A Fairness Hearing has been scheduled for October 4, 2023 at 10:00 a.m. before the Court in courtroom 20D of the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, New York, New York. Payments under the Settlement will be made only if the Court finally approves the Settlement and that Final Approval is upheld in the event of any appeal.

THIS TABLE CONTAINS A SUMMARY OF YOUR LEGAL RIGHTS AND
OPTIONS IN THIS SETTLEMENT CURRENT PARTICIPANT CLASS MEMBER
DO NOTHINGCurrent Participant Class Member. You do not need to do anything to receive your settlement payment. You will get a share of the Settlement benefits to which you are entitled and will give up your rights to sue Defendants about the allegations in this case.
OBJECT BY SEPTEMBER 6, 2023If you wish to object to any part of the Settlement, you must write to Class Counsel and Defendants’ Counsel (as identified on item 15 on the Frequently Asked Questions Page) to explain why you object.
ATTEND A HEARINGYou may also attend the Fairness Hearing and speak at the Fairness Hearing on October 4, 2023. You may attend the hearing and speak at the hearing without filing a notice of your intention to appear, but you will not be permitted to make an objection if you do not comply with the requirements for making objections.
SUBMIT A FORMER PARTICIPANT ROLLOVER FORM IF YOU BELIEVE YOU ARE A FORMER PARTICIPANT CLASS MEMBERIf you believe our records are inaccurate, and you are a “Former Participant Class Member” who did not have a Plan account balance greater than $0.00 on June 6, 2023, or are a Beneficiary or Alternate Payee of such a Participant, you can elect to receive your payment through a rollover to a qualified retirement account. If you are a Former Participant Class Member and would prefer to receive your settlement payment through a rollover to a qualified retirement account, you must complete, sign, and mail a Former Participant Rollover Form by September 20, 2023. If you believe you are a Former Participant Class Member, a Former Participant Rollover Form may be obtained HERE. Former Plan participants who fail to complete, sign, and mail their Former Participant Rollover Form will receive their Settlement distribution by check. Regardless of whether you submit a Former Participant Rollover Form, you will give up your rights to sue Defendants about the allegations in this case.
THIS TABLE CONTAINS A SUMMARY OF YOUR LEGAL RIGHTS AND
OPTIONS IN THIS SETTLEMENT FORMER PARTICIPANT CLASS MEMBER
SUBMIT A ROLLOVER FORM IF YOU WANT TO RECEIVE YOUR PAYMENT THROUGH A ROLLOVER.
 
Former Participant Class Member. You can elect to receive your payment through a rollover to a qualified retirement account. If you 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 September 20, 2023. Regardless of whether you submit a Former Participant Rollover Form, you will give up your rights to sue Defendants about the allegations in this case.
DO NOTHINGFormer Participant Class Member. As a Former Participant Class Member, if you do not complete, sign, and mail your Former Participant Rollover Form, you will receive the share of the Settlement benefits to which you are entitled via check and will give up your rights to sue Defendants about the allegations in this case.
OBJECT BY SEPTEMBER 6, 2023
If you wish to object to any part of the Settlement, you must write to Class Counsel and Defendants’ Counsel as identified on item 15 on the Frequently Asked Questions Page) to explain why you object.
ATTEND A HEARING
 
You may also attend the Fairness Hearing and speak at the Fairness Hearing on October 4, 2023. You may attend the hearing and speak at the hearing without filing a notice of your intention to appear, but you will not be permitted to make an objection if you do not comply with the requirements for making objections.