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John Hancock Life Insurance Retirement Plan Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

John Hancock Life Insurance Company (USA) and the John Hancock US Benefits Committee are spending $14 million to settle a class action about whether they fulfilled their duties under the Employee Retirement Income Security Act of 1974 (ERISA). The complaint alleged that they did not properly monitor recordkeeping fees or the fees and performance of the funds that were part of the plan.

Docket Number:

1:20-cv-10397-RGS

Company: John Hancock Life Insurance Company (USA)

Filing Deadline: September 15, 2021

Class Period: February 27, 2014 to June 2, 2021

Objection Deadline: September 8, 2021

Final Approval Hearing: September 29, 2021

Proof of Purchase:

If you are a Former Participant and want to receive your payment as a rollover, you must fill out a Former Participant Rollover Form. If you are a Current Participant, you do not need to do anything; your payment will be deposited directly into your account.

Eligibility:

You may be eligible if you were a participant or a beneficiary of the Investment-Incentive Plan for John Hancock Employees at any time between February 27, 2014 and June 2, 2021.

- Current Participants: Participants who had an account during that period where the balance was greater than $0 on June 2, 2021.
- Former Participants: Participants, or beneficiaries or alternate payees of participants, who had an account during that period but who did not have a balance greater than $0 on June 2, 2021. Former Participants can choose to receive their payments as a rollover to a qualified retirement account.

Typical Settlement Amount:

Share of the net settlement fund, according to a plan of allocation, taking into consideration each person's account balances during the class period.

Total Settlement Amount: $14,000,000

Class Representative Proposed Incentive Fee:

Up to $10,000

Law Firms:
Block & Leviton LLP
Nichols Kaster PLLP

Claim Form: Former Participant Rollover Form

Case Name: Baker, et al. v. John Hancock Life Insurance Company (U.S.A.), et al.

Settlement Website: John Hancock Life Insurance Retirement Plan Settlement Website

Claims Administrator:
Analytics Consulting, LLC

Claims Administrator Contact Information:

The Investment-Incentive Plan for John Hancock Employees Settlement
P.O. Box 2004
Chanhassen, MN 55317-2004
info@JohnHancockERISASettlement.com
866-360-1054

Tags: Breach of Fiduciary Duty, ERISA Violations, Retirement Plans