Learn How This Case Affects Your Rights and Get Answers to Your Questions About the Case
NY Life ERISA Settlement
Krohnengold, et al. v New York Life Insurance Company, et al.,
Civil Action No. 1:21-cv-01778-JMF
Welcome to the NY Life ERISA Settlement Home Page.
If you participated in or were a beneficiary of the New York Life Insurance Employee Progress Sharing Investment Plan or the New York Life Insurance Company Agents Progress Sharing Investment Plan (the “Plans” and each a “Plan”) at any time from March 2, 2015 to the present, and your Plan account was invested in one or more of the following funds, you are a part of a class action settlement:
MainStay Epoch U.S. All Cap Fund
MainStay Epoch U.S. Small Cap Fund
MainStay Income Builder Fund
any MainStay Retirement Fund
Fixed Dollar Account
This website is provided as a service to eligible settlement class members. The information provided is in summary form and is not intended as a complete explanation of your rights. For full and complete information, you are directed to review carefully the Notice.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT
DO NOTHING
You will get a share of the Settlement benefits to which you are entitled and will give up your rights to sue the Defendants about the allegations in this case. Eligible current Plan participants will receive their share of the Settlement via a deposit to their Plan account. Eligible beneficiaries of current Plan participants will receive their share of the Settlement by check. Eligible former Plan participants and their beneficiaries will receive their Settlement payments by check, unless they affirmatively elect to receive their payment through a rollover to a qualified retirement account.
SUBMIT A ROLLOVER FORMER (FORMER PLAN PARTICIPANTS AND THEIR BENEFICIARIES ONLY)
If you are a former Plan participant or beneficiary, and you would like to receive your settlement payment through a rollover to a qualified retirement account, you must complete, sign, and mail the enclosed Former Participant Rollover Form by
July 8, 2024.
OBJECT BY JUNE 20, 2024
You may write to the Court if you don’t like the Settlement to explain why you object.
ATTEND A HEARING
You may ask to speak in Court about the fairness of the Settlement.
Settlement Status
- A Settlement has been reached in a class action lawsuit against New York Life Insurance Company (“New York Life”), the Plans’ Fiduciary Investment Committees (the “Committees”), their predecessor Boards of Trustees (“Boards”), and certain current and former members of the Committees and Boards (collectively, the “Defendants”).[1] The class action lawsuit involves whether Defendants complied with the Employee Retirement Income Security Act (“ERISA”) in managing the Plans and retaining certain Disputed Investments affiliated with New York Life.
- You are included as a Class Member if you are or were a Plan participant or beneficiary at any time from March 2, 2015 to the Effective Date of the Settlement (the “Class Period”) and your Plan account was invested in one or more of the following investments: the MainStay Epoch U.S. All Cap Fund, MainStay Epoch U.S. Small Cap Fund, MainStay Income Builder Fund, any MainStay Retirement Fund, or the Fixed Dollar Account (the “Disputed Investments”).
- New York Life and/or its insurers have agreed to pay $19,000,000.00 into a settlement fund to resolve the claims of the Settlement Class. Class Members are eligible to receive a pro rata share of the Net Settlement Fund, which is the amount in the settlement fund remaining after payment of administrative expenses, taxes, tax expenses, any attorneys’ fees and expenses that the Court awards to Class Counsel, and any class representative service awards to Plaintiffs. The amount of each Class Member’s payment will be based on a Plan of Allocation that takes into account each Class Member’s investment in the Disputed Investments. Payments to current Plan participants will be deposited into their respective Plan accounts. Beneficiaries entitled to receive payment on behalf of a current Plan participant will receive their payment by check. Payments to former Plan participants (or their beneficiaries) will be made directly by check, unless they elect to receive their payment through a rollover to a qualified retirement account. If you are a Former Participant (or beneficiary of a Former Participant) and would prefer to receive your settlement payment through a rollover to a qualified retirement account, you must complete, sign, and mail the Former Participant Rollover Form by July 8, 2024.
1 The named Committee and/or Board member defendants are Katherine O’Brien, Anthony R. Malloy, Yie-Hsin Hung, Arthur A. Seter, Scott L. Lenz, and Robert J. Hynes.