If you were a participant in the University of Chicago’s 403(b) Retirement Plans at any time from May 18, 2011 through May 23, 2018 you may benefit from this class action settlement.
In the lawsuit, Plaintiffs allege various claims related to the operation of the Contributory Retirement Plan (“CRP”) and the Retirement Income Plan for Employees (“ERIP”) (collectively the “Plans”). In particular, Plaintiffs claim that the University should not have selected and maintained the CREF Stock Account and TIAA Real Estate Account as investment options in the Plans. Plaintiffs also claim that the Plans paid higher recordkeeping and administrative fees than necessary to the Plans’ recordkeepers. The University denies all of the allegations in the lawsuit and contends that its conduct was entirely proper.
YOUR LEGAL RIGHTS AND OPTIONS
You may benefit in two ways. First, you may be entitled to receive a portion of the Distributable Settlement Amount. Only Monetary Relief Class Members are eligible to receive a portion of the Distributable Settlement Amount. (See the answer to Question 6 in the Class Notice (PDF: 2.9 MB).) Whether or not a person meets this definition will be based on the Plans’ records. Persons have been mailed the Class Notice (PDF: 2.9 MB) because, based on the Plans’ records, they are believed to be members of the Monetary Relief Class. The Plan of Allocation attached to the Class Notice (PDF: 2.9 MB) will determine the amount paid to each eligible participant.
Second, if you are a current participant in the University’s 403(b) plans, you will receive the benefit of the changes that recently became effective and that the University has agreed to maintain (described in the answer to Question 5 in the Class Notice (PDF: 2.9 MB)). Among other things, the University has agreed not to increase per-participant recordkeeping fees for three years and has discontinued offering the CREF Stock Account as an investment option in the Plans’ investment lineup.
The Settlement does not allow any Settlement Class Members to exclude themselves from the Settlement or decide not to be a part of the Settlement.
Comment or Object by August 22, 2018
Prior to the Fairness Hearing, Settlement Class Members will have the opportunity to object to approval of the Settlement. Settlement Class Members can object to the Settlement and give reasons why they believe that the Court should not approve it. To object, you must send your objection to the Court, at: U.S. District Court, Northern District of Illinois, 219 S. Dearborn Street, Chicago, IL 60604 by no later than August 22, 2018. For more information please see the Frequently-Asked-Questions or the Class Notice (PDF: 2.9 MB).
Attend the Fairness Hearing
Anyone can attend the Fairness Hearing. But the Court will only allow those who file and serve a timely written objection in accordance with the Class Notice (PDF: 2.9 MB) to speak at the Fairness Hearing either in person or through counsel retained at their expense. Those persons or their attorneys intending to speak at the Fairness Hearing must serve notice of their intention to appear setting forth on Class Counsel and Defendant’s counsel (at the addresses set out in the Class Notice (PDF: 2.9 MB)) and file it with the Court Clerk by no later than August 22, 2018. The notice of intention to appear must include: (1) the name, address, and telephone number of the Settlement Class Member, and (2) if applicable, the name, address, and telephone number of that Settlement Class Member’s attorney. Anyone who does not timely file and serve a notice of intention to appear in accordance with this paragraph shall not be permitted to speak at the Fairness Hearing, except by Order of the Court for good cause shown. Any comment or objection that is timely filed will be considered by the Court even in the absence of a personal appearance by the Settlement Class Member or that Settlement Class Member’s counsel.
The Court will consider Settlement Class Member objections in deciding whether to grant final approval. Objectors are not required to attend the Fairness Hearing, but if you intend to appear you must state your intention to do so in the manner described above. Settlement Class Members who do not comply with these procedures, or who miss the deadline to file an objection, lose the opportunity to have their objection considered by the Court or to appeal from any order or judgment entered by the Court regarding the Settlement.
If you have questions about the Class Notice (PDF: 2.9 MB) or the proposed Settlement, you may contact Class Counsel (see answer to Question 11 in the Class Notice (PDF: 2.9 MB) for contact information).
Please do not contact the Court or the Defendant for information about the Settlement. The Settlement Administrator or Class Counsel can answer any questions you may have about the proposed Settlement.