Plaintiffs filed a class action complaint against PCA on behalf of the Plan and a class of Plan participants, alleging certain claims for breach of fiduciary duty and other alleged violations under the Employee Retirement Income Security Act of 1974 (“ERISA”).

PCA has denied and continues to deny Plaintiffs’ claims and allegations in their entirety, denies that it is liable at all to the Plaintiffs or the Settlement Class Members, and denies that the Plaintiffs, Settlement Class Members or the Plan have suffered any harm or damage for which PCA could or should be held responsible, as PCA denies all allegations of wrongdoing and asserts that its conduct was lawful. Indeed, the Court has already dismissed Counts 1, 3, 4, and 6 of the Amended Complaint. PCA contends that the Plan has been managed, operated and administered at all relevant times in compliance with ERISA and applicable regulations. PCA is settling the Action solely to avoid the expense, inconvenience, and inherent risk and disruption of litigation.

The Court has not decided in favor of either side in this Action. Instead, both sides agreed to a settlement. That way, both sides avoid the cost and risk of a trial, and the affected former Plan participants will get substantial benefits that they would not have received if Plaintiff had litigated the case and lost. Plaintiffs and their attorneys believe the Settlement is in the best interests of the Settlement Class Members and the Plan.

The Court decided that everyone who fits this description is a Settlement Class Member:

All participants and beneficiaries of the Plan, at any time during the Class Period, including any beneficiary of a deceased person who was a participant in the Plan at any time during the Class Period, and any Alternate Payees, in the case of a person subject to a QDRO who was a participant in the Plan at any time during the Class Period. The Defendants are excluded from the Class.

The “Class Period” is defined as March 23, 2016 through October 2, 2023, the date of Preliminary Approval.

Under the Settlement, PCA or its insurers will pay $1,300,000 into a Qualified Settlement Fund to resolve the claims of the Class. The Net Settlement Fund (after deduction of any Court-approved Attorneys’ Fees and Expenses, Settlement Administration Expenses, Independent Fiduciary’s fees, and Plaintiff’s Case Contribution Award, and taxes) will be allocated to Settlement Class Members according to a Plan of Allocation to be approved by the Court. Former Participants who are entitled to a distribution will receive their distribution as a check.

All Settlement Class Members will fully release the Defendant Released Parties from Released Claims. The Defendant Released Parties include: (a) each Defendant; (b) each Defendant’s insurers, co-insurers, and reinsurers; (c) each Defendant’s past, present, and future parent corporation(s); (d) each Defendant’s past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors-in- interest, and assigns; (e) with respect to (a) through (d) above, the past, present and future members of their respective boards of trustees or boards of directors, agents, directors, trustees, partners, officers, managers, members, employees, independent contractors, representatives, attorneys, administrators, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan, including Plan Recordkeeper (including its owners, officers, and employees), members of their immediate families, consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them; (f) the current and former members of the PCA Investment Committee (“Committee”); and (g) the Plan and all of the Plan’s current and former fiduciaries, administrators, plan administrators, trustees, recordkeepers, service providers, consultants, and parties-in- interest.

Generally, the release means that Settlement Class Members will not have the right to sue the Released Parties for conduct during the Class Period arising out of or relating to the allegations in the lawsuit.

The amount, if any, that will be allocated to you will be based upon records maintained by the Plan’s recordkeeper. Calculations regarding the individual distributions will be performed by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court-approved Plan of Allocation.

Affected Settlement Class Members do not have to submit claim forms to receive a Settlement recovery. Their Settlement recoveries will be distributed automatically in the following manner:

“Current Participants” are current Plan participants who have a positive balance in their Plan account. The Settlement recovery for Current Participants will be deposited directly into their Plan accounts in accordance with their investment elections for future contributions. If no investment elections for future contributions are on file, the payment will be invested in the Plan’s qualified default investment alternative. For payments to Current Participants into their Plan accounts, taxes will not be withheld.

“Former Participants” are individuals who had an active Plan account sometime since March 23, 2016, but currently do not have an account with a positive balance. Former Participants will automatically receive payments under the Settlement in the form of a check with applicable 1099 taxes withheld; and do not need to submit any paperwork to receive a payment under the settlement.

The timing of the distribution of the Net Settlement Fund is conditioned on several matters, including the Court’s final approval of the Settlement and any approval becoming final and no longer subject to any appeals in any court. An appeal of the final approval order may take several years. If the Settlement is approved by the Court, and there are no appeals, the Settlement distribution likely will occur within six months of the Court’s Final Approval Order.

There will be no payments if the Settlement Agreement is terminated.

If the Court approves the Settlement, you will be bound by it and will receive whatever benefits you are entitled to under its terms. You cannot exclude yourself from the Settlement, but you may notify the Court of your objection to the Settlement.

If the Court approves the Settlement, it will do so under Federal Rule of Civil Procedure 23(b)(1), which does not permit Settlement Class Members to opt out of the Class.

You can object to the Settlement if you don’t like any part of it. If you object, you must give the reasons why you think the Court should not approve the Settlement. The Court will consider your views. Your objection to the Settlement must be postmarked no later than January 9, 2024 and must be sent to the Court and the attorneys for the Parties.

See Section 16 of your Notice for complete instructions.