Providence Health to Pay $42.7 Million in 401(k) ERISA Settlement
Updated
Updated · Claim Depot · Jul 31
Providence Health to Pay $42.7 Million in 401(k) ERISA Settlement
3 articles · Updated · Claim Depot · Jul 31
Summary
$42.7 million will resolve claims that Providence Health & Services and its benefits committee mismanaged the company's 401(k) plan and breached ERISA fiduciary duties.
Jan. 1, 2018, to June 4, 2026 defines the class period, covering current and former participants, beneficiaries and alternate payees tied to the Providence plan.
About $106 is the estimated average payout per eligible member, with payments distributed automatically after final court approval and any appeals are resolved.
Up to $5.87 million may go to attorneys' fees, while former participants' accounts will be reactivated at Providence's expense so they can receive their share.
Oct. 20, 2026 is the fairness-hearing date; Providence denied wrongdoing and said it settled to avoid the cost and risk of continued litigation.