PLEASE READ THIS WEBSITE CAREFULLY AS IT MAY AFFECT YOUR RIGHTS
Status Update # 3 – September 13, 2024
1. On Monday, September 9, 2024, the Talen Energy Retirement Plan issued settlement payments to 261 Class Members who returned their Rollover Election Forms by August 9.
These Class Members should (a) watch for delivery of their check in the mail and promptly deposit it, or (2) confirm that their payment has been credited to their account at Fidelity Investments.
(a) For Class Members who elected a rollover to Fidelity Investments/National Financial Services, the Plan sent a bank wire to Fidelity Investments.
(b) For Class Members who elected a rollover to another financial institution, the Plan mailed a paper check payable to their institution FBO their name.
(c) For Class Members who elected to receive a taxable payment, the Plan mailed a paper check payable to the Class Member. These taxable payments are the amount due after deducting mandatory Federal Income Tax withholding of 20%.
Please review Status Update # 1 below.
2. For those Class members who have not yet returned their Rollover Election Form, please do so as soon as possible. Even though we have referred to "deadline" dates for submitting this Form, please be assured that the settlement will pay all eligible Class members their calculated payment amounts whenever they submit their Form. Funds are being held in reserve to make these payments.
The Rollover Election Form requests information to make bank wire transfers. It is no longer necessary to supply the bank-related wire information requested on the Form. At this time, bank wire transfers will only be made for rollovers to Fidelity Investments and the necessary arrangements are in place for those future transfers.
If you elect a rollover (either to Fidelity Investments or any other institution), in Section II of the Form you must fill in the “Rollover Institution Name” in the first blank to provide the name of the financial institution that will receive your rollover. You must also complete the last two blanks by filling in your “For the Benefit Of” name as it appears at the financial institution and the Personal Account number for your IRA account at that institution.
A copy of the Rollover Election Form can be downloaded here https://talenpensionsettlement.com/files/1820142f_57fd_49e4_ac60_1b4d0e63bea2_b495ef7363.pdf
Status Update # 2 - September 6, 2024
Due to unexpected processing delays at the disbursing bank, the mailing of settlement checks and the bank wire of rollovers to Fidelity Investments now will occur on Monday, September 9.
Status Update # 1 – August 20, 2024
The settlement became final and effective on July 9. Since that time, Class Counsel have been working with the Settlement Administrator to review and process the Rollover Election Forms submitted by Class members.
The first round of settlement payments will be issued by the Talen Energy Retirement Plan on September 4. This first round will cover approximately 260 Class members whose Rollover Election Forms were received and processed by August 9.
These settlement payments will be issued in the following ways:
1. Payments for Class members who elected a rollover to their IRA account at Fidelity Investments (or its brokerage arm National Financial Services) will be sent from the Plan to Fidelity by bank wire. Fidelity will distribute these funds to Class members’ individual accounts according to the instructions given by Class Counsel and the Settlement Administrator. Class members will receive a paper advice of this transfer in the mail. Class members should follow up with Fidelity beginning on September 9 to confirm that their settlement payment has been credited to their individual account.
2. Payments for Class members who elected a rollover to their IRA account at a financial institution other than Fidelity/NFS will receive a paper check in the mail. The payee line of their check will read “[Name of Financial Institution] FBO [Your Name].” FBO means “for the benefit of.” It is the responsibility of each of these Class members to transmit their check to their financial institution for deposit to their individual account.
3. Payments for Class members who elected to receive a taxable payment instead of a rollover will receive a check in the mail payable to the Class member’s name. Federal withholding tax of 20% will be deducted from these taxable payments.
Payments for remaining Class members whose Rollover Election Forms are processed after August 9 will be issued on a rolling basis in early October and early November.
Please allow sufficient time for your check to arrive in the mail, or (if applicable) for Fidelity Investments to credit a wire payment to your IRA account.
Beginning on September 12, questions about the status of your check or payment should be directed to the Settlement Administrator by calling (833) 425-9595.
A federal Court has authorized this Notice. This is not a solicitation from a lawyer.
If you received a Notice of Class Action Settlement (“Notice”) it is because the records of the Talen Energy Retirement Plan (the “Plan”) and of your former employer indicate that you were a participant in the Plan whose employment ended during the period June 1, 2015, through December 5, 2019 (the “Class Period”). As such, your rights may be affected by a proposed settlement of this class action lawsuit (the “Settlement”). Please read the following information carefully to find out what the Class Action is about, what the terms of the proposed Settlement are, what rights you have to object to the proposed Settlement Agreement if you disagree with its terms, and what deadlines apply.
This website contains summary information about the Settlement. The complete terms and conditions of the Settlement are set forth in a Settlement Agreement (“Settlement Agreement”). Capitalized terms used in the Notice, but not defined on this website, have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement, and additional information about this lawsuit and the Settlement, are available in the Documents section of this website.
The Court in charge of this case is the United States District Court for the Eastern District of Pennsylvania. The persons who sued on behalf of themselves and the Class are called the “Class Representatives,” and the people they sued are called “Defendants.” The Class Representatives are Annette M. Durnack, Anne W. Fiore, Timothy G. Wales, and Jeffrey S. Weik. The Defendants are Retirement Plan Committee of Talen Energy Corporation (now known as Talen Energy Retirement Plan Committee), Talen Energy Retirement Plan, Talen Energy Corporation, and Talen Energy Supply, LLC. The case is known as Durnack, et al. v. Retirement Plan Committee of Talen Energy Corp., et al., Civil Action No. 5:20-cv-5975-JLS (E.D. Pa).
| YOUR LEGAL RIGHTS AND OPTIONS UNDER THE SETTLEMENT | |
| YOU ARE NOT REQUIRED TO FILE A CLAIM IF YOU ARE ENTITLED TO A PAYMENT UNDER THE SETTLEMENT AGREEMENT. | If the Settlement is approved by the Court, and if you are a Class Member who is entitled to receive a Settlement payment under the Settlement Agreement, you will not need to file a claim in order to receive the payment. |
| HOW SETTLEMENT PAYMENTS WILL BE DISTRIBUTED. | If you have already received or started receiving your pension benefits from the Plan, in the form of either an annuity or a lump sum payment, or if you have not yet started receiving your pension benefits from the Plan, your share of the Net Settlement Amount will be eligible for rollover to an Individual Retirement Account or to another employer-sponsored plan in which you participate and that accepts rollover contributions. All Class Members must complete and return the enclosed Rollover Election Form by July 31, 2024 to state whether you want to (a) arrange a rollover of your payment to an IRA or employer plan, or (b) receive a direct payment to you that is immediately taxable. If you choose a rollover and the administrative burdens and costs are not unreasonable and security protocols are satisfied, your rollover payment will be distributed by electronic transfer to the financial institution or employer plan which will receive the rollover. Otherwise, your rollover payment will be distributed by mailing you a check payable to your institution. If you do not choose a rollover, a check payable to you personally will be mailed to your address. Please carefully read the enclosed Special Tax Notice regarding your payment options and their tax consequences.
|
YOU MAY OBJECT TO THE SETTLEMENT BY MAY 20, 2024.
| If you wish to object to any part of the Settlement, you may (as discussed below) write to the Court and the attorneys for the Parties stating why you object to the Settlement. |
| THE FAIRNESS HEARING WAS HELD ON JUNE 3, 2024, AT 10:00AM. | The Plaintiffs’ Motion for Final Approval of Proposed Class Action Settlement (ECF 98) has been GRANTED. Please complete your Rollover Election Form by July 31, 2024, if you haven’t done so.
|
- These rights and options—and the deadlines to exercise them—are explained later in the FAQ section of this website.
- The Court still must decide whether to approve the Settlement. Payments will be made only if the Court approves the Settlement and that approval is upheld in the event of any appeal.
Class Counsel has established a toll-free telephone number to receive your comments and questions: (833) 425-9595. You may also send an email to [email protected]. In the subject line please write “Talen Settlement.” You should contact Class Counsel with any questions regarding this Settlement, not the Court, Defendants, including Talen Energy, or Defense Counsel.
Further information regarding this Class Action and this Notice may be obtained by contacting the following Class Counsel:
Alan M. Sandals
SANDALS & ASSOCIATES, P.C.
P.O. Box 385
Washington Depot, CT 06794
Email: [email protected]
Class Counsel has established a toll-free telephone number to receive your comments and questions: (833) 425-9595. You may also send an email to [email protected]. In the subject line please write “Talen Settlement.” You should contact Class Counsel with any questions regarding this Settlement, not the Court, Defendants, including Talen Energy, or Defense Counsel.