Current And Former Lowe’s Employees 401(k) Account Owners Can Benefit From $12.5 Million Settlement
Retail company Lowe’s has agreed to enter into a settlement agreement with the lead plaintiff Benjamin Reetz and has promised to pay $12.5 million as settlement to benefit Lowe’s company 401(k) plan holders and beneficiaries.
Benjamin Reetz v. Lowe’s Companies Inc.
According to online reports, the number of possible beneficiaries in the Lowe’s 401(k) Class Action Lawsuit is pegged at more than 70,000 eligible workers and claimants.
The said class action settlement will cover both current and former Lowe’s employees that had their 401(k) plan funds compromised due to the retail company’s reportedly ill-devised move to keep the Aon Growth Fund for the 401(k) retirement plan.
Lowe’s and the other defendants in the case have vehemently denied any wrongdoing on their end but have chosen to take on the settlement route to avoid the uncertainty and expenses brought upon by legal proceedings. Benjamin Reetz agreed with the firms’ resolve and decided to work with them to get the settlement proceedings started.
It is noteworthy that Aon Hewitt was not included in the class action settlement and has undergone regular court trials. A decision is expected to be released in the coming time.
Benjamin Reetz Settlement Agreement Brief
Only current and former Lowe’s employees whose 401(k) account contents were invested by Lowe’s management to the Hewitt Growth Fund, and No proof is required for claims.
The final amount each eligible employee will receive will depend on the calculation of each one’s individual 401(k) account distributions.
Current Lowe’s 401(k) account owners will receive their settlement payments via their retirement account. They may not need to file a claim.
Those who are not working for the company anymore are provided with two main options: receiving their settlement checks via a rollover to balance a recognized retirement account or via a printed check. The deadline for filing for ex-Lowe’s workers is on the 12th of August 2021.
Those who are not in agreement with the settlement terms and conditions and refuse to participate in the proceedings may apply for a filing to object to the settlement only until the 12th of August of 2021.
Besides the monetary payment, Lowe’s has promised to impose changes on their employee retirement plan management moving forward.
About The Company
Lowe’s, also officially known as Lowe’s Companies, Inc., is a North Carolina-based retail company. It mainly focuses on offering products and services that are related to home improvements.
Founded in 1946, the company has locations all over the United States and Canada. Marvin Ellison heads Lowe’s as its top official and CEO. In 2020, the company recorded a venue of more than $72 billion.
Editor’s Note on Lowe’s 401(K) Settlement 2021:
This article features the latest settlement news of the class action filed against Lowe’s and others accusing them of not properly managing and directing their ex and current employees’ 401(k) accounts.
Case Name(s) & No.: Benjamin Reetz v. Lowe’s Companies Inc., et al.; Case No.: 5:18-cv-075-RJC-DCK
Jurisdiction: United States District Court for the Western District of North Carolina Statesville Division
Products/Services Involved: 401(K) Plan
Allegation(s): Lowe’s 401(k) retirement plan managers were not thinking of their workers’ best interests when they invested their money in a given growth fund.
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