Common use of WHAT DOES THE SETTLEMENT PROVIDE Clause in Contracts

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on October 12, 2020, between the Class Representatives and Reliance Trust Company (the “Settling Parties”). Insperity, Inc., Insperity Holdings, Inc., and Insperity Retirement Services, L.P. are not parties to the Settlement. Nevertheless, these entities are covered by the Release. Class Counsel filed this action on December 22, 2015. Since the filing of the case and for a period of over four and a half years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 98,000 documents (over 500,000 pages) produced by Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 19 depositions to support their underlying claims. The Settling Parties participated in a mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. Only after a two-week trial and subsequent arm’s length negotiation after trial were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $39,800,000 will be established to resolve the Class Action. The Net Settlement Amount is $39,800,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on October 12July 22, 2020, between the Class Representatives and Reliance Trust Company (the “Settling Parties”). Insperity, Inc., Insperity Holdings, Inc., and Insperity Retirement Services, L.P. are not parties to the Settlement. Nevertheless, these entities are covered by the Release2019. Class Counsel filed this action on December 22August 11, 20152016. Since the filing of the case and for a period of over four and a half almost three years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 98,000 10,000 pages of documents (over 500,000 pages) produced by Defendants Defendant and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 19 depositions to support their underlying claims. The Settling Parties participated in two different mediations, one with a mediation court-appointed mediator and the second with a nationally recognized mediator who has extensive experience in resolving complex class action claims. The Settling Parties also engaged in substantial settlement discussions without a mediator. Only after a two-week trial and subsequent extensive arm’s length negotiation after trial over a period of seven months were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $39,800,000 14,000,000 will be established to resolve the Class Action. The Net Settlement Amount is $39,800,000 14,000,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.

WHAT DOES THE SETTLEMENT PROVIDE. The Settlement was reached on October 12, 2020, between the Class Representatives and Reliance Trust Company (the “Settling Parties”). Insperity, Inc., Insperity Holdings, Inc., and Insperity Retirement Services, L.P. are not parties to the Settlement and are not contributing to the Settlement. Nevertheless, these entities are covered by the Release. Class Counsel filed this action on December 22, 2015. Since the filing of the case and for a period of over four and a half years, the parties engaged in substantial litigation. Class Counsel devoted substantial time and effort to review and analyze approximately 98,000 documents (over 500,000 pages) produced by Defendants and many other documents, including U.S. Department of Labor Forms 5500 and other publicly available documents, and conducted over 19 depositions to support their underlying claims. The Settling Parties participated in a mediation with a nationally recognized mediator who has extensive experience in resolving complex class action claims. Only after a two-week trial and subsequent arm’s length negotiation after trial were the Settling Parties able to agree to the terms of the Settlement. Under the Settlement, a Qualified Settlement Fund of $39,800,000 will be established to resolve the Class Action. The Net Settlement Amount is $39,800,000 minus any Administrative Expenses, taxes, tax expenses, Court-approved Attorneys’ Fees and Costs, Class Representatives’ Compensation, and other approved expenses of the litigation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court. Class Members fall into two categories: Current Participants and Former Participants. Allocations to Current Participants who are entitled to a distribution under the Plan of Allocation will be made into their existing Plan accounts. Former Participants who are entitled to a distribution will receive their distribution as a check mailed to their last known address or, if they elect, as a rollover to a qualified retirement account.