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Koch Industries Retirement Plans Recordkeeping Expenses ERISA Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Koch Industries, Inc., Koch Business Solutions, LP, and the Koch Benefits Administrative Committee are spending $4 million to settle a class action alleging that it did not properly monitor and control recordkeeping expenses for its retirement plans, including the Georgia-Pacific LLC Hourly 401(k) Plan, the Georgia-Pacific LLC 401(k) Retirement Savings Plan, and the Koch Industries Inc. Employees’ Savings Plan. The complaint alleged that the defendants violated the Employee Retirement Income Security Act (ERISA) by breaching their fiduciary duty of prudence to the plans and letting participants be charged more than was reasonable for similarly-sized plans.

Docket Number:

1:20 cv 02973 MHC

Company: Koch Industries

Filing Deadline: December 27, 2021

Class Period: July 16, 2014 to December 31, 2020

Objection Deadline: November 18, 2021

Final Approval Hearing: December 9, 2021

Proof of Purchase:

You do not need to do anything if you are a current participant. If you are a former participant and want to take your share of the settlement as a rollover to another qualified retirement plan, you must fill out a Former Participant Rollover Form.

Eligibility:

You may be eligible if you are a participant or beneficiary of the Georgia-Pacific LLC Hourly 401(k) Plan, the Georgia-Pacific LLC 401(k) Retirement Savings Plan, or the Koch Industries Inc. Employees’ Savings Plan, at any time between July 16, 2014 and December 31, 2020.

If you had a positive value in your account as of July 30, 2021, you are a current participant. If you participated in the plan during the class period but did not have an active account as of July 30, 2021, you are a former participant.

Typical Settlement Amount:

Pro-rata share of the net settlement fund, based on a plan of allocation. Current participants will receive their payments as a deposit into their accounts; former participants will receive either a check or a rollover to another qualified retirement plan.

Total Settlement Amount: $4,000,000

Class Representative Proposed Incentive Fee:

$5,000

Law Firms:
Austin & Sparks, PC
Nichols Kaster PLLP
Sanford Law Firm PLLC

Claim Form: Former Participant Rollover Form

Case Name: David Kinder, et al. v. Koch Industries, Inc., et al.

Settlement Website: Koch ERISA Settlement Website

Claims Administrator:
Analytics Consulting, LLC

Claims Administrator Contact Information:

Koch ERISA Settlement
P.O. Box 2007
Chanhassen, MN 55317-2007
info@KochERISASettlement.com
855-918-5985

Tags: ERISA Violations, Record Keeping Expenses, Retirement Plans