The Lacroix settlement and who is it for?
The Lacroix class action was settled for $4,857,911.00 (the Settlement Amount). In addition, CMHC will contribute to the cost of administering the settlement, to class counsel’s legal fees, to honorariums for the representative plaintiffs, and to the mediator’s costs in the Lacroix action and the McCann action, to a maximum of $1,180,000.00 for both actions.
Eligible class members are individuals who between January 1, 1995 and October 23, 1998, meet all of the criteria listed in the table directly below:
- Were vested members of the CMHC pension plan, and;
- Took a Workforce Adjustment package along with the commuted value of pension benefits, and;
- Left the plan other than maintaining a transfer restriction annuity (TRA).
Eligiblity does NOT extend to the following individuals:
- Pension never vested.
- Received a refund of contributions.
- Resigned, terminated for cause, or otherwise not part of the Workforce Adjustment group.
- Left money in the plan.
- Previously Opted-out of the class action and fail to Opt-In as described below.
Any former employee who left his or her money in the CMHC pension plan and received the benefit enhancements is not eligible to claim under either class action.
What will eligible Lacroix class members get?
The Settlement Amount of $4,857,911.00 is based on the same formula used by CMHC to allocate the original benefit enhancements, being 19.0 % of maximum return of individual contributions plus interest up to the date of the 1st distribution and 20.5% of maximum return of individual contributions plus interest up to the date of the 2nd distribution, net of individual transfer restriction annuity (TRA) amounts after taking into consideration the risks of proceeding to a common issue trial.
The Settlement Amount will be subject to further adjustments to take into account withholding tax, legal fees as noted above, disbursements, and taxes on fees and disbursements as approved by the Court (Revised Settlement Amount).
Can a former Lacroix class member opt-in?
A class member who previously received Notice of the Claim and decided to Opt-Out, has the right to Opt-In under the terms of the settlement by completing the enclosed Opt-In Form and submitting it to the Claims Administrator which must be received by the Claims Administrator no later than 20th October, 2017. Download the Opt-In Form or request a form by telephone from the Claims Administrator.