Welcome to the Information Website for Nebraska's State Farm® College Savings Plan Settlement

 

OppenheimerFunds, Inc. (OFI) and the State of Nebraska have reached an agreement to resolve an investigation by the State into the management of The State’s State Farm College Savings Plan.

Below are the answers to several commonly asked questions about this settlement. For additional questions and answers, please click on the FAQ tab below or call Rust Consulting at 800-760-5071.

 What is the settlement about?

Answer:

The State of Nebraska and OppenheimerFunds, Inc. (OFI) reached a settlement to resolve the State's investigation into the investment management services provided by OFI's affiliate, OFI Private Investments, Inc., to Nebraska's State Farmsm College Savings Plan in 2008 and early 2009. The settlement will provide for payments to the accounts of eligible participants.

Who is eligible for the settlement?

Answer:

Eligibility is based on a number of criteria including the period in which State Farm accounts were open and the investments those accounts held.  Eligible participants have been notified already by the administrator of the settlement fund, Rust Consulting, Inc. Notification of eligibility was mailed to plan participants on June 30, 2010.

When will I receive notice of the settlement?

Answer:

If you are eligible, you should have already received a notice by mail with specific information regarding the details of the settlement and instructions on how to participate in the settlement. Notification of eligibility was mailed to plan participants on June 30, 2010.

If I am an eligible participant, how much money will I be paid?

Answer:

If you are eligible, you should have already received a notice by mail that includes the amount you are entitled to receive, along with additional details of the settlement and instructions on how to participate in the settlement.

When will I receive my settlement?

Answer:

If you are eligible you should have already received a release form in the mail from the settlement administrator. All payments will be made within 40 days of receipt by the Settlement Administrator of your completed and signed Release Form. You may return the form at any time.  If you choose not to sign and return the form, under the settlement agreement you will still receive your settlement payment, but not until on or after September 2014.

If the Settlement Distribution Statement and Release Form has been lost or misplaced, you can request a replacement by calling the Settlement Adminstrator toll free at 1-800-760-5071. 

Important Settlement Dates: last updated - Friday, January 28, 2011

May 2010 – General notice was mailed to all affected State Farm participants.

June 2010 – Eligible participants were mailed a Settlement Distribution Statement and Release Form along with instructions on how to participate in the settlement.

August 2010 - Monthly settlement distribution payments began for all eligible participants.  In order to receive your settlement payments before September 2014, eligible participants must complete, sign, and mail the Release Form to the Settlement Administrator.  All payments will be made within 40 days of receipt by the Settlement Administrator of your completed and signed Release Form.