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Participants or beneficiaries entitled to benefits in the African Methodist Episcopal Church ministerial retirement annuity plan as of June 30, 2021, may be eligible to claim a cash payment from a class action settlement.
Symetra Life Insurance Co. agreed to pay $44,400,000 to settle a class action lawsuit alleging breach of fiduciary duty, violations of the Tennessee Uniform Trust Code, negligence, conversion, fraudulent concealment, fraudulent misrepresentation, breach of contract, civil conspiracy, aiding and abetting breach of fiduciary duty and professional negligence. Symetra manages the plan.
Who are the class members?
The class includes all participants in the AME Church ministerial retirement annuity plan and all beneficiaries of those participants entitled to benefits as of June 30, 2021.
How much can class members get?
The total settlement fund is $44,400,000. After deduction for taxes, settlement administration expenses, attorneys’ fees and service awards to named plaintiffs, the settlement administrator will distribute payments to class members. It will determine the amount each class member receives on a pro rata basis, meaning each person’s share depends on the size of their account balance as of June 30, 2021, compared to the total of all class members’ balances.
Each class member’s share = (their account balance as of June 30, 2021 / total of all class members’ balances as of June 30, 2021) x net settlement amount
No action needed to receive payment
Class members do not need to file a claim to receive their share of the settlement. The settlement administrator will automatically deposit funds into eligible class members' retirement accounts after the court grants final approval to the settlement.
Settlement administrator’s mailing address: In re: AME Church Employee Retirement Fund Litigation Settlement Administrator, c/o Verita Global, PO Box 301134, Los Angeles, CA 90030-1134
Those who wish to exclude themselves (opt out) must mail a signed letter by July 17, 2026. The letter must state their name, telephone number, current address, last four digits of their Social Security Number and the following statement that they request to opt out of the Symetra settlement: “I, [NAME], voluntarily choose not to participate in the settlement of the class action against Symetra and hereby waive any rights I may have to participate in the class settlement with Symetra in the federal court lawsuit entitled _In re: AME Church Employee Retirement Fund Litigation, _Case No. 1:22-md-03035-STA-jay.”
Payout options
The settlement administrator will not issue checks or direct cash payments. Symetra will credit funds to the class member's retirement account.
$44.4 million settlement fund breakdown
The $44,400,000 settlement fund includes:
- Settlement administration costs: To be determined
- Attorneys’ fees: $14,800,000
- Attorneys’ expenses: To be determined
- Service awards to named plaintiffs: To be determined
- Payments to approved class members: Remainder of the fund
Important dates
- Exclusion (opt-out) deadline: July 17, 2026
- Fairness hearing: Aug. 19, 2026
When is the AME Church employee retirement fund litigation payout date?
The settlement administrator will issue payments approximately seven days after the court resolves any appeals and grants final approval of the settlement.
Why did this class action settlement happen?
The class action lawsuit alleged Symetra engaged in various forms of mismanagement and misconduct, including breach of fiduciary duty, negligence and violations of trust law, related to the AME Church ministerial retirement annuity plan.
Symetra denied all allegations and any liability. The parties agreed to settle to avoid the expense, inconvenience and uncertainty of continued litigation.
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