CentraCare Retirement Plan ERISA Settlement: $800K
CentraCare Class Action Settlement: $800K for Mismanaged Retirement Plans
Were you a participant in CentraCare's Retirement Plan or 403(b) Plan between June 13, 2016, and May 17, 2024? You might be eligible for a share of an $800,000 settlement.
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Claim Form
Click Here to Submit a ClaimWho's eligible?
You are eligible for a share of the settlement if you were a participant in either the CentraCare Health System Retirement Plan or the CentraCare Health System 403(b) Plan at any time between June 13, 2016, and May 17, 2024. This includes:
- Current participants (still enrolled in one or both plans)
- Former participants (no longer enrolled in either plan)
Proof of Purchase
N/A
Settlement At a Glance
Settlement Amount
Varies
Claim Form Deadline
08/12/2024
Exclusion Deadline (Opt-Out)
09/05/2024
Final Approval Hearing
09/26/2024
Additional Information
A class action lawsuit against CentraCare Health System, a Central Minnesota health care network with numerous hospitals, clinics, and specialty centers, has been settled for $800,000. The lawsuit alleged that CentraCare breached its fiduciary duty under the Employee Retirement Income Security Act of 1974 (ERISA).
The lawsuit centered on CentraCare's alleged failure to uphold its obligations as the plan sponsor for the CentraCare Health System Retirement Plan and the CentraCare Health System 403(b) Plan (collectively referred to as "the Plans"). ERISA sets a legal standard requiring plan sponsors to act in the best interests of plan participants and their retirement savings.
The lawsuit specifically claimed CentraCare violated its ERISA fiduciary duties by:
- Failing to adequately investigate the fees charged by investment options within the Plans.
- Not offering a sufficient variety of investment options with reasonable fees.
- Neglecting to remove high-fee investment options when lower-cost alternatives were available.
These alleged breaches of fiduciary duty resulted in plan participants paying excessive fees, potentially reducing their potential retirement savings.
CentraCare denies any wrongdoing in managing the Plans. However, to avoid the expense and uncertainty of further litigation, both parties agreed to a settlement of $800,000.
The settlement amount will be divided among eligible class members based on a formula considering their account balances in the Plans during the class period (June 13, 2016, to May 17, 2024).
- Current Participants: Settlement proceeds will be automatically deposited into your existing plan account according to your investment instructions (or the plan's default investment option if no instructions are available).
- Former Participants: You can receive your share of the settlement in one of two ways:
- Rollover to another qualified retirement account: Submit a completed Former Participant Claim Form at
https://www.centracareerisasettlement.com/ - Check payment: If you do not submit a claim form, the settlement administrator will mail you a check for your share of the funds.
- Rollover to another qualified retirement account: Submit a completed Former Participant Claim Form at
Think you might have a case? If you believe you've been affected by a similar situation, browse our list of Class Action Lawsuits and Open Class Action Settlements you may be able to join!
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Legal Representation
Case Name:
Class Counsel:
Scott A. Moriarity
WANTA THOME PLC
Defense Counsel:
Nicholas J. Bullard
DORSEY & WHITNEY LLP
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