Dear Faculty and Staff Members,
The University of Miami has settled the class action lawsuit, Santiago v. University of Miami, involving the Employee Retirement Income Security Act (ERISA) of 1974 and the University 403(b) retirement plans. If you participated in a University 403(b) plan between May 1, 2014, and August 31, 2021, you will receive a notice by the end of March 2022, by email or U.S. mail, summarizing the lawsuit and providing details about the settlement.
The University of Miami denies any wrongdoing but agreed to settle this case to avoid the high costs of legal fees and to remain focused on its mission to transform lives through education, research, innovation, and service. The University contends it has handled all retirement plans prudently and in full compliance with all applicable laws.
If the settlement is formally approved by the court in a few months, plan participants may receive an average payment of less than $50. Retirement accounts will be credited that amount, unless an individual no longer has an account, in which case a check will be issued. The settlement approval process and the settlement payment process will be described in a settlement notice you will receive by the end of March 2022. If you have questions regarding the settlement and the forthcoming notice, the settlement administrator, an independent third-party, will soon be launching the website www.MiamiERISASettlement.com.
Once the court preliminarily approves the settlement, the University will post a list of frequently asked questions on its benefits website.
For questions regarding University benefits, contact HR-Total Rewards, your pay and benefits team, at 305-284-3004, or by completing the online inquiry form at miami.edu/benefits/ask.
Sincerely,
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Brandon Gilliland
Vice President and Chief Financial Officer
Chair, Retirement Plans Committee
Cristina Elgarresta
Associate Vice President, Total Rewards
Retirement Plan Administrator
Mary Harper Hagan
Vice President for Human Resources |
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