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Individuals who participated in or were a beneficiary of the Evergy Inc. 401(k) savings plan and invested in American Century target date funds through the plan at any time from Jan. 22, 2019, through the date of final approval of the settlement, may be eligible to claim a cash payment from a class action settlement.
Evergy Inc. agreed to pay $2,600,000 to resolve a class action lawsuit alleging violations of the Employee Retirement Income Security Act of 1974. The lawsuit claimed Evergy, its administrative committee, certain executives and SageView Advisory Group LLC failed to properly manage the Evergy Inc. 401(k) savings plan and did not adequately monitor or select certain investment options, resulting in alleged financial harm to plan participants.
Who are the class members?
The class includes all participants of the Evergy Inc. 401(k) savings plan who invested in any of the American Century target date funds from Jan. 22, 2019, through the date the court enters the final approval order. This includes both current and former participants, as well as beneficiaries and alternate payees entitled to a benefit under the plan due to a qualified domestic relations order.
There are two main categories of class members:
- Current participants: Individuals with a positive balance in their plan account as of May 14, 2026 (the date the plan’s recordkeeper determines class status)
- Former participants: Individuals who had an active plan account on or after Jan. 22, 2019, but do not have a positive balance as of the relevant date
How much can class members get?
After deducting attorneys’ fees and costs, administrative expenses and service awards, the settlement administrator will distribute the net settlement fund to eligible class members based on their investment in American Century target date funds during the class period.
The amount each class member receives depends on their account balances in the relevant funds over time. The settlement bases the calculation on the sum of each class member’s opening account balance in the target date funds as of Jan. 22, 2019, plus each quarter-end balance in those funds during the class period.
The settlement administrator will divide each class member’s total balance by the sum of all class members’ total balances to determine their percentage share. It will then multiply this percentage by the net settlement fund to calculate the preliminary entitlement amount.
Former participants with an entitlement below $10 will not receive a payment.
No action needed to receive compensation
Class members do not need to file a claim to receive their share of the settlement. The settlement administrator will distribute payments automatically.
Those whose mailing address has changed should contact the settlement administrator to update their information.
Settlement administrator's mailing address: Evergy ERISA Settlement, PO Box 2005, Chanhassen, MN 55317-2005
Settlement administrator's email address: EvergyERISA@noticeadministrator.com
Settlement administrator's phone number: 877-595-2238
Payout options
- Current participants: Evergy will deposit payment directly into the class member's plan account.
- Former participants: The settlement administrator will issue payment via check mailed to the last known address unless the class member updates their address.
$2.6 million settlement fund breakdown
The $2,600,000 settlement fund will cover:
- Administrative expenses: To be determined
- Attorneys’ fees: Up to $866,666.67
- Attorneys' costs: To be determined
- Service awards to class representatives: Up to $10,000 each for three class representatives ($30,000 total)
- Payments to eligible class members: The remainder of the fund
Important dates
- Final approval (fairness) hearing: Oct. 1, 2026
When is the Evergy ERISA settlement payout date?
- Former participants: The settlement administrator will mail checks within 60 days after the settlement becomes final.
- Current participants: Evergy will deposit their settlement payment into their active plan account within 45 days after the plan's recordkeeper receives the settlement calculations and funds from the settlement administrator.
Why did this class action settlement happen?
This class action lawsuit claimed Evergy Inc., the Evergy 401(k) savings plan administrative committee, certain executives and SageView Advisory Group LLC breached their fiduciary duties under ERISA. The plaintiffs alleged the defendants failed to properly manage the plan and monitor investment options, resulting in excessive fees or poor performance for participants.
The defendants deny all allegations and any liability but agreed to settle to avoid the cost and risk of further litigation.
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