Providence Health & Services $42.7M 401(k) ERISA Settlement

Providence Health & Services $42.7M 401(k) ERISA SettlementIndividuals who participated in the Providence Health & Services 401(k) savings plan from 2018 to 2026 may be eligible to receive a cash settlement payment.Providence Health & Services $42.7M 401(k) ERISA SettlementWeekly NewsletterClass actions settlements delivered to your inbox.Thank you! Check your inbox for a welcome email.Oops! Something went wrong while submitting the form.William C. GendronEditor in ChiefPublishedJuly 31, 2026 4:16 PMUpdatedAugust 24, 2026Join the DiscussionParticipants in, beneficiaries of and alternate payees of the Providence Health & Services 401(k) savings plan at any time from Jan. 1, 2018, through June 4, 2026, may be eligible to receive a cash payment from a class action settlement.Providence Health & Services agreed to pay $42,724,532 to resolve a class action lawsuit alleging violations of the Employee Retirement Income Security Act. The lawsuit claimed Providence and its total rewards management committee mismanaged the 401(k) Savings Plan. Who are the class members?Class members must meet one of the following criteria:They are a current or former plan participant.They participated in the Providence Health & Services 401(k) Savings Plan at any time from Jan. 1, 2018, through June 4, 2026.They were a beneficiary of the plan during that period.They are an alternate payee entitled to a plan benefit as a result of a qualified domestic relations order during the same timeframe.How much are settlement payments?Pro rata cash payment: Eligible class members will receive a pro rata cash payment from the net settlement fund. The estimated average payment per class member is approximately $106, but the actual amount may vary depending on the number of eligible class members and final deductions for fees and expenses. No action needed to receive compensationEligible class members do not need to file a claim to receive their share of the settlement.