Columbus Regional Healthcare System $2M ERISA Settlement

If you were a participant or beneficiary in the Columbus Regional Healthcare System Retirement Savings Plan between February 2, 2015, and May 31, 2019, you may be eligible to claim a portion of a $2,000,000 class action settlement.

Columbus Regional Healthcare System, Inc. has agreed to pay $2,000,000 to settle a class action lawsuit for alleged breaches of fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).

Can I Claim an Award?

The class members eligible for this settlement include all individuals who were participants or beneficiaries in the Columbus Regional Healthcare System Retirement Savings Plan from February 2, 2015, to May 31, 2019. This includes anyone who had an account balance in the Plan during this period. The court has certified this group as a mandatory non-opt-out class, meaning you cannot exclude yourself from the settlement.

To be more specific, if you had an account balance in the Plan at any time between February 2, 2015, and May 31, 2019, you are automatically considered a member of the Settlement Class. This includes both current and former employees who participated in the Plan during the specified period.

• Active Account Members: Those who maintain an account in the Piedmont 401(k) Plan with a balance greater than $0 as of the date of the Final Approval Order.
• Non-Active Account Members: Those who do not have an account with the Piedmont 401(k) Plan with a balance greater than $0 as of the date of the Final Approval Order.

What Awards Can Class Members Claim?

The settlement amount will be distributed among class members based on a Plan of Allocation. This plan considers the weighted average account balance of each member over the class period. The Net Settlement Fund, which is the settlement amount minus administrative expenses, attorneys' fees, and any case contribution awards to the plaintiffs, will be divided among the class members.

Each member's share will be calculated by dividing their weighted average account balance by the total weighted average of Plan assets over the class period, then multiplying by the Net Settlement Fund. For example, if the Net Settlement Fund is $1,500,000 and the total weighted average of Plan assets is $10,000,000, a member with a weighted average account balance of $100,000 would receive:

Example Calculation:

• Member's Share = ($100,000 / $10,000,000) \* $1,500,000 = $15,000

• Active Account Members: Settlement proceeds will be deposited directly into their Piedmont 401(k) Plan accounts.
• Non-Active Account Members: Settlement proceeds will be received via check.

Is Proof Required to Claim the Reward?

Not applicable. The Settlement Administrator already has the necessary information to identify and distribute the awards to class members.

How to Claim Your Award

To claim your award, you do not need to take any action if you are a member of the Settlement Class. The Settlement Administrator will handle the distribution based on the information they have.

How do I Get Paid?

Active Account Members will receive their settlement proceeds directly into their Piedmont 401(k) Plan accounts. Non-Active Account Members will receive their share via check mailed to their last known address.

$2,000,000 Settlement Fund Breakdown

The total settlement amount is $2,000,000. This amount will be used to cover various expenses and payments, including:

• Settlement Administration Expenses: Costs associated with identifying class members, sending notices, and distributing the settlement funds.
• Attorneys' Fees and Expenses: Class Counsel will request a portion of the settlement fund to cover their fees and litigation expenses.
• Case Contribution Awards: Plaintiffs may receive awards for their efforts in prosecuting the case, up to $10,000 each for Goodman and Countryman, and up to $5,000 each for Clarke, Gallops, Stuckey, and Spivey.

The remaining amount, known as the Net Settlement Fund, will be distributed among the class members based on the Plan of Allocation.

Important Dates

• Fairness Hearing: June 12, 2024
• Deadline to File a Claim: Not applicable

When will Awards be Paid?

Awards will be paid as soon as possible after the final approval of the settlement and resolution of any appeals. This process may take several months.

Why is There a Class Action Settlement?

The settlement resolves allegations that Columbus Regional Healthcare System, Inc. breached its fiduciary duties under ERISA by failing to monitor and control investment fees, recordkeeping fees, and the Plan's stable value fund option. The company denies any wrongdoing but agreed to the settlement to avoid the cost and risk of further litigation.