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Participants in or beneficiaries of the MyMichigan Health 403(b) savings plan who used either the GoalMaker investment tool or directed any part of their account to the Guaranteed Income Fund between March 18, 2019, and June 12, 2026, may be eligible to receive a cash payment from a class action settlement.
MyMichigan Health agreed to pay $1,900,000 to resolve a class action lawsuit alleging it improperly managed the plan’s stable value investment option in violation of certain provisions of the Employee Retirement Income Security Act of 1974.
Who are the class members?
Eligible class members are participants in, beneficiaries of and alternate payees of the MyMichigan Health 403(b) savings plan who used the GoalMaker investment tool or directed any part of their account to the Guaranteed Income Fund at any time from March 18, 2019, to June 12, 2026.
How much is the settlement payment?
Pro rata cash payment: Eligible class members will receive a pro rata cash payment from the net settlement fund. The payment each class member receives is based on their average balance in the plan's stable value investment option compared to the total of all class members' average balances in that option. There are approximately 18,000 class members.
How to claim a class action payment
Eligible class members do not need to file a claim to receive their share of the settlement. The settlement administrator already has the necessary information from plan records to determine eligibility and calculate awards and will automatically distribute funds as follows:
- Current plan participants will receive their payment as a direct deposit into their plan account.
- Former participants will automatically receive a paper check unless they choose to receive their payment as a rollover to an IRA or other eligible retirement plan by submitting the rollover form.
Required information
- To elect a rollover to an individual retirement account or qualified employer plan, eligible class members can submit the online rollover form or print and complete the PDF rollover form and mail it to the settlement administrator.
- Class members who use the online rollover form must provide their last name and the claimant ID from the settlement notice they received.
Settlement administrator's address: Moffit v. MyMichigan Settlement, c/o Atticus Administration, P.O. Box 64053, St. Paul, MN 55164
The deadline to request a rollover payment is Nov. 18, 2026.
Payout options
- Current participants: Direct deposit into their plan account
- Former participants: Paper check mailed to the address on file or a direct rollover into an IRA or other eligible retirement plan
$1.9 million settlement fund breakdown
The $1,900,000 settlement fund includes:
- Settlement administration costs: Amount not specified
- Attorneys' fees: Up to $633,333.33
- Attorney's expenses: Up to $35,000
- Class representative service awards: Up to $5,000 each ($10,000 total)
- Payments to eligible class members: The remainder of the settlement fund
Important dates
- Rollover form deadline: Nov. 18, 2026
- Fairness hearing: Nov. 18, 2026
When is the MyMichigan Health 403(b) savings plan settlement payout date?
The settlement administrator will issue payments to eligible class members after the court resolves any appeals and grants final approval of the settlement.
Why is there a class action settlement?
This class action lawsuit alleged MyMichigan Health and its pension governance and administrative committee did not manage the plan’s stable value investment option in accordance with ERISA requirements.
The defendants deny any wrongdoing but agreed to settle to avoid the uncertainty and expense of further litigation.
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