Current participants in the MyMichigan Health 403(b) Savings Plan receive settlement money automatically in their plan accounts. Former participants without an active account receive a check or can elect a rollover to another retirement account. A 403(b) plan is a workplace retirement savings plan offered by nonprofit employers such as hospitals. The case concerns management of the plan's stable-value option and covers people who used specific investments during the class period.
Table of Contents
- Who Is Covered By The Settlement?
- How Do Current Participants Receive Payment?
- What Choices Do Former Participants Have?
- What Reduces Payments And Ends Claims?
Who Is Covered By The Settlement?
The Settlement Class includes participants who used GoalMaker or directed any account portion to the Guaranteed Income Fund from March 18, 2019 through preliminary approval. It also includes their beneficiaries and alternate payees of record, according to the Settlement Administrator in its settlement notice. The case is Moffit v. MyMichigan Health, No.
1:25-cv-10761-DML-PTM, concerning the 403(b) plan under ERISA. ERISA is the federal law that sets standards for workplace retirement plans. Plaintiffs alleged imprudent management of the plan's stable-value account harmed growth and sought to recover losses. Defendants deny liability and assert they acted prudently and in participants' best interests, according to Engstrom Lee LLC on its case page for the March 2025 action.
How Do Current Participants Receive Payment?
Current participants with a plan account when distributions are made need no form. The Settlement Administrator states in its settlement notice that their allocation goes automatically into that individualized plan account. Automatic deposit keeps the money in a tax-advantaged retirement account.
It also avoids mail delays and uncashed checks. Current participants should confirm their account remains open through distribution. They should also review how the new deposit is invested once it posts.
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What Choices Do Former Participants Have?
Former participants without a distributable plan account have two payment paths. By default they receive a paper check by mail.
They may instead elect a tax-qualified rollover to an IRA or another eligible employer plan. A rollover moves the payment directly to another retirement account named by the participant.
- Keep your mailing address current with the administrator if you expect a check.
- Choose between default check and rollover to an IRA or eligible employer plan.
- Submit the Rollover Form by June 11, 2026 if you want a rollover.
What Reduces Payments And Ends Claims?
Payments are net amounts after court-approved deductions. Those deductions include attorneys' fees and costs, administrative expenses, and class-representative awards, according to the Settlement Administrator in its answers to common questions. A court-approved Plan of Allocation sets each person's share from the $1.9 million Qualified Settlement Fund.
A Qualified Settlement Fund is a court-supervised account used to hold and distribute settlement money. Class members release covered ERISA claims tied to the settlement in exchange for payment. June 11, 2026 is listed for the objection deadline, Rollover Form deadline, and 9:00 a.m. final-approval hearing, so file rollover elections and address updates by that date.
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