Koch Retirement Plan Recordkeeping $4M Class Action Settlement

koch retirement plan
(Photo Credit: 360b/Shutterstock)

Participants or beneficiaries of the Georgia-Pacific LLC Hourly 401(k) Plan, the Koch Industries Inc. Employees’ Savings Plan, or the Georgia-Pacific LLC 401(k) Retirement Savings Plan may be eligible to receive a payment thanks to a recent $4 million Koch retirement plan settlement.

Settlement Class Members include all participants or beneficiaries of the Georgia-Pacific LLC Hourly 401(k) Plan, the Koch Industries Inc. Employees’ Savings Plan, or the Georgia-Pacific LLC 401(k) Retirement Savings Plan between July 16, 2014, and Dec. 31, 2020.

In a class action lawsuit, plaintiffs allege the defendants overcharged them by deducting excess fees from their accounts under the guise of recordkeeping costs. Further, the plaintiffs say, the defendants failed to monitor and control recordkeeping expenses, which led to the plaintiffs being overcharged compared to what similarly sized plans would have paid for recordkeeping. As a result, the overage charges were unreasonable.

The company denies any wrongdoing, and it does not accept liability for the plaintiffs’ claims, arguing it has always taken its fiduciary duties seriously and has monitored, reviewed, and evaluated the recordkeeping expenses paid by the plaintiffs. 

After considering the ongoing costs, time, and risks spent on defending themselves in court, the company has agreed to the settlement.

As part of the Koch retirement plan settlement agreement, the company will pay $4 million to resolve the claims in the class action. 

Each eligible Class Member will receive a share of the settlement amount, but the exact amount depends on how many eligible Class Members file a claim, as well as on the amount of fees deducted from that Class Member’s account and the base amount the plans paid for recordkeeping services in excess of the current base recordkeeping rate, which is $35 per year.

On top of payments to eligible Class Members, the defendants have agreed to issue a new request for proposals for recordkeeping services for their plans within 180 days of the settlement’s effective date.

Current participant Class Members do not need to take action to receive their share of the settlement. 

Former participants who wish to receive their share must file a Former Participant Rollover Form.

A final approval hearing in the Koch retirement plan will  be held Dec. 9, 2021.

Class Members have a right to object to the settlement by Nov. 18, 2021.

The deadline to file a Former Participant Rollover Form is Dec. 27, 2021.

Settlement Class Members include all participants or beneficiaries of the Georgia-Pacific LLC Hourly 401(k) Plan, the Koch Industries Inc. Employees’ Savings Plan, or the Georgia-Pacific LLC 401(k) Retirement Savings Plan between July 16, 2014, and Dec. 31, 2020.

Potential Award

Varies

Proof of Purchase

No proof of purchase necessary.

Former Participant Rollover Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Former Participant Rollover Form Deadline

12/27/2021

Case Name

David Kinder, et al. v. Koch Industries, Inc., et al., Case No. 1:20-cv-02973-MHC, in the United States District Court for the Northern District of Georgia Atlanta Division

Final Hearing

12/09/2021

Settlement Website
Claims Administrator

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

Class Counsel

Kai Richter
Paul Lukas
NICHOLS KASTER PLLP

Defense Counsel

Evan Miller
Miguel F. Eaton
JONES DAY

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