Costco Retirement Plan Class Action Settlement

Claim Form Deadline: Passed

Estimated Payout: Varies

Proof required: Yes

Method of payment: Mailed Check

What's This Settlement About?

Consumers have won a $3.2 Million class action lawsuit against Costco. The Class Action Settlement was funded due to allegations that Coscto caused Retirement Plan members to pay higher administrative fees and investment management fees than was deemed reasonable and necessary.

How Do I Qualify?

All participants, beneficiaries, and alternate payees are included in this class action lawsuit of the Costco 401(k) Retirement Plan if:

• You have a Plan account as of the date the Settlement Class is certified by the Court or;

• Do not have a Plan account as of the date the Settlement Class is certified by the Court, and had a Plan account on or after the last business day of a month on and after May 30, 2014, provided that such Plan account attained a balance in excess of $1000 for at least 12 months beginning on and after May 30, 2014 (such balance and months to be calculated as of the last business day of a month).

What Can I Get?

There is two class members “Current Participant” or a “Former Participant"

• Current Participants: Costco has agreed to provide an administrative fee reduction allocated among Current Participants with a maximum value of $3,200,000. Costco will ensure that the Plan Administrative Service Per Capita Record keeping Fee deducted from Plan accounts does not exceed $3.25 per Plan account per quarter for as many quarters as it takes for the reduction to equal $3,200,000 in the aggregate.

• Former Participants and eligible Current Participants (Current Participants who cease to have a Plan account by the Settlement Effective Date): Costco has agreed to establish a $400,000 Former Participant Pool against which Former Participants will be entitled to make a claim for payment. The amount of each Former Participant Class Member's payment will be based on the number of quarters his or her Plan account balances exceeded $1,000 during the Class Period and will be determined according to a Plan of Allocation in the Settlement Agreement. Payments to former Plan participants who submit a claim will be made directly to former Plan participants by check.

How Do I File a Claim?

If you are a "Current Participants" you will automatically receive the benefits form this lawsuit and Former Participant may submit a claim form online (see below) or print the PDF HERE and send it by mail by July 1, 2022, to:

The Costco 401(k) Plan Settlement Administrator
P.O. Box 2007
Chanhassen, MN 55317-2007

If you are a Former Participants, you can file a claim below. A Fairness Hearing has been set for July 18, 2022 at 9:30 a.m.