$1.9M MyMichigan 403(b) ERISA Settlement

MyMichigan Health and its pension committee agreed to a $1.9 million settlement over claims that the MyMichigan Health 403(b) Savings Plan's stable-value investment option was imprudently managed. Defendants deny all claims and do not admit fault or liability.

deadline No claim required

no proof Automatic payment; no claim required

with proof Rollover form only for rollover election

status Proposed

Note: This is an informational summary only. Official terms, full details, and claim forms are on the administrator site and court documents.

Benefit Summary

The net fund will be allocated pro rata under a court-approved plan based on each eligible person's average daily balance in the Plan's stable-value investment option relative to all class members. Current participants will automatically receive deposits into Plan accounts. Former participants will automatically receive checks unless they timely elect a qualified rollover.

Maximum Award

Varies; pro rata share of the net $1.9 million fund based on relative average daily stable-value balances

Who Is Included

All MyMichigan Health 403(b) Savings Plan participants who used GoalMaker or directed any part of their account to the Plan's guaranteed interest fund (GIF) from March 18, 2019 through the preliminary-approval date, plus their beneficiaries and alternate payees of record. Committee members are excluded.

Proof required: No claim or supporting documents are required for payment. Former participants need a Rollover Form only if they elect a direct rollover instead of the automatic check.

How to File a Claim

Claim method: Automatic payment; optional rollover election by mail
Claim deadline: -
Instructions: No claim is required. Current participants will receive an automatic Plan-account deposit. Former participants will receive an automatic check unless they submit a Rollover Form postmarked by November 18, 2026 to elect a qualified rollover. Payments depend on final approval and resolution of appeals.

Case Details

Case name: Moffit et al. v. MyMichigan Health et al.
Case number: 1:25-cv-10761-DML-PTM
Court: United States District Court for the Eastern District of Michigan
Official Settlement Website: https://www.mymichigansettlement.com/

Sources