Providence 401(k) Plan Settlement: What Class Members Receive

The approximately $42.72 million gross settlement value is not one cash payment divided immediately among Class Members. It combines Plan assets, three years of expense coverage, and a separate amount for settlement-related expenses.

• About $21.42 million consists of assets in two Plan accounts as of December 31, 2025. Those assets are to be allocated to Class Members.
• The defendants also agreed to cover regular recordkeeping and administrative expenses for 2026, 2027, and 2028. The notice estimates that benefit at $15.3 million total.
• A separate $6 million payment is intended to cover court-approved lawyer fees, costs, administration expenses, and any award to the class representative. Any amount left after those court-approved payments is to be allocated to Class Members.

The notice does not promise a fixed individual payment. It gives an estimate, not a guaranteed amount.

• The allocation from the Unallocated Plan Assets and the remaining Net Cash Fund is per capita. In other words, each Class Member is to receive the same amount from those two sources.
• The Settlement Administrator will calculate the amount using Plan records and the Court-approved Plan of Allocation.
• Class Counsel estimates an individual payment of about $106, but that is only an estimate. The actual amount can change, including because the Court will decide fees, costs, administration expenses, and any service award.

The account allocation and the three-year expense coverage are separate parts of the settlement. A Class Member’s entitlement to the allocation does not depend on filing a claim.

• All Settlement Class Members are to receive the equal allocation from the Unallocated Plan Assets and any remaining Net Cash Fund.
• The notice separately says Plan Participants will not be charged regular recordkeeping or administrative expenses in calendar years 2026, 2027, and 2028.
• The notice describes the expense benefit as a benefit to Plan Participants. It does not clearly explain how that expense provision applies to a Beneficiary or Alternate Payee who is not also a Plan Participant.

You generally do not need to send loss records or other documents to receive the automatic allocation. The notice relies on existing Plan records instead.

• No claim form is required for the automatic allocation. The Settlement Administrator will use Plan recordkeeper records to calculate payments.
• The payment is to go into the member’s Plan account. The recordkeeper will invest it in the Vanguard Fiduciary Trust Company Target Retirement Income Trust.
• No taxes will be withheld when a payment is allocated to an individual Plan account.

A former participant may receive the settlement allocation through a reactivated Plan account first. A later distribution from that account follows the Plan’s ordinary distribution rules.

• The settlement calls for former participants’ Plan accounts to be reactivated at the defendants’ expense so they can receive settlement funds.
• Under normal Plan rules, a former participant with a reactivated account may request a distribution. Accounts with balances of $1,000 or less may also be automatically distributed under the Plan’s normal process.
• A distribution check to a former participant, that person’s Beneficiary, or an Alternate Payee may have required tax withholding or penalties taken out.

The October 2026 hearing is not a payment date. The timing depends on final approval and whether there is an appeal.

• The Court must give final approval, and that approval must become final after any appeals are over before the allocation and distribution can occur.
• If the Court approves the settlement and there are no appeals, the notice says allocation and distribution will likely occur within six months after the Final Approval Order.
• The notice cautions that an appeal can take several years. If the Settlement Agreement is terminated, there will be no settlement payments.

This is a mandatory settlement class under Federal Rule of Civil Procedure 23(b)(1). The notice directs readers to the Settlement Agreement for the full definition of the claims being released.

• Class Members cannot opt out, meaning they cannot remove themselves from this settlement class.
• If the settlement receives final approval, Class Members release the claims covered by the settlement against the people and entities it covers.
• A Class Member may object to the settlement, but objecting does not remove that person from the class or prevent an otherwise eligible payment.

You do not have to attend the hearing for the Court to consider a timely written objection that meets the notice requirements.

• A written objection must be postmarked by October 6, 2026, and sent to the U.S. District Court for the Western District of Washington at 700 Stewart Street, Seattle, WA 98101-9906.
• It must identify the case, provide the objector’s name and address, state that the person is a Class Member, explain the specific reasons for the objection, include supporting materials, and be signed.
• To ask to speak at the Fairness Hearing, state that intention in the written objection or file and serve a notice of intent to participate by October 6, 2026. The hearing is scheduled for October 20, 2026, at 10:30 a.m. P.S.T. in Seattle, although the Court may change it.
• If represented by counsel, you or your lawyer must file through the Court's CM/ECF system. Follow notice Questions 16 and 19 for the complete requirements and the notice-of-intent instructions.

The notice describes approximately $5,867,000 in requested attorneys' fees plus approximately $23,000 in costs. Together these equal the $5,890,000 limit on fees and costs stated later in the notice. These are requests, not court awards. The $6 million component also covers administration expenses and a requested service award of up to $5,000; any remainder goes to class members.

Call the Settlement Administrator at 1-866-930-1550 if your mailing address has changed or you have questions about your account. The official website checked September 9, 2026 lists the October 20 hearing at 10:30 a.m. and labels the time P.S.T., as does the notice. Confirm local attendance details before making plans: https://2026providence401ksettlement.com/.