You receive an automatic payment if you participated in the MyMichigan Health 403(b) Savings Plan and used the GoalMaker tool or directed any balance to the Guaranteed Income Fund from March 18, 2019 through June 12, 2026. You do not need to file a claim form. A 403(b) is a workplace retirement account offered by nonprofit and public employers. The official settlement administrator states that eligible participants and beneficiaries will be paid automatically, with shares based on average stable-value balances during the class period settlement information.
Official resources:
- Read the official notice from Squarespace — Use this primary source to verify the official announcement.
- Read the original report from Bloomberglaw — Use this primary source to review the complete report.
Table of Contents
- What puts you in the automatic-payment group?
- Why is this group being paid?
- How is your share calculated?
- How will the money reach you?
- What limits should you expect?
What puts you in the automatic-payment group?
You qualify if plan records show either of two uses during the class period. One path is using the GoalMaker allocation tool.
The other path is directing any part of your account balance to the Guaranteed Income Fund. The class period runs March 18, 2019 through June 12, 2026, according to the official settlement administrator settlement information. Both current participants and beneficiaries can qualify when the account meets that use test.
- You used GoalMaker at any point in the period
- You directed any account dollars to the Guaranteed Income Fund
- You were a participant or beneficiary tied to that account
Why is this group being paid?
The case is Moffit et al. v. MyMichigan Health, filed March 18, 2025 in federal court in Michigan.
Plaintiffs Kevin Moffit and Kevin Myers brought the claims on behalf of plan participants. Bloomberg Law reported that the lawsuit alleged fiduciaries kept over $100 million in an unsuitable Empower/Prudential stable-value Guaranteed Income Fund with below-market returns Bloomberg Law report. MyMichigan Health and its pension governance committee agreed to a $1.9 million Qualified Settlement Fund while denying liability.
How is your share calculated?
Your payment is pro rata, meaning it reflects your average stable-value balance relative to other class members. Larger sustained balances produce larger shares.
Smaller or brief balances produce smaller shares. No worksheet or estimate is required from you. The administrator uses plan records to calculate average balances and assign each net share after approved deductions.
How will the money reach you?
Current 403(b) participants generally receive a credit to their plan account. Former participants automatically receive a mailed check. You do not need to request the default method.
If you prefer a tax-qualified rollover to an IRA or another employer plan, you must act. The official settlement administrator requires the Rollover Form postmarked by November 18, 2026, or the default automatic payment applies rollover instructions. Keep your mailing address current so a check or notice reaches you.
What limits should you expect?
The fund is $1.9 million for about 18,000 people, compared with $11-$13 million in estimated damages. Fees and costs will reduce the amount available for distribution.
Bloomberg Law reported that the settlement also requires final court approval Bloomberg Law report. Submit the rollover election only if you want an IRA or new-plan transfer; otherwise wait for the automatic credit or check.
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