A few people have requested information about how to opt out of the Second Proposed CalPERS LTC Program Settlement. Here are the instructions for opting out from the letter that was sent to all policyholders who would be affected by the second proposed settlement once it receives final court approval:
EXCLUDING YOURSELF FROM THE NEW SETTLEMENT
12. How do I exclude myself or “opt out” of the New Settlement? If you do not wish to participate in the New Settlement (“opt out”), you must complete and send a timely written Request for Exclusion that is dated and sets forth your name and address and expressly states that you wish to be excluded from the Settlement Class.
A Request for Exclusion must be signed, dated and mailed by First Class U.S. Mail, or the equivalent, postmarked no later than June 6, 2023 to the following:
AI3238 v.08 8 NOTICE OF CLASS ACTION SETTLEMENT Wedding v CalPERS
P.O. Box 6790
Portland, OR 97228-6790
Settlement Class Members who fail to submit a valid and timely Request for Exclusion on or before the above-specified deadline will be bound by all terms of the New Settlement and any final judgment entered in the Action if the New Settlement is approved by the Court.
13. If I exclude myself, can I get anything from the New Settlement? No. If you exclude yourself then you will not get anything from the New Settlement and you will not be bound by the New Settlement. You will not get a Settlement payment and will not be entitled to the temporary freeze on premium increases. If you are a Current Policyholder, you will retain all of the benefits of your CalPERS LTC Policy provided you continue to pay premiums to CalPERS. If you exclude yourself and wish to proceed with litigation against CalPERS, then you will need to retain your own attorney to pursue litigation against CalPERS.
14. If I don’t exclude myself from the New Settlement, can I sue later? No. Unless you exclude yourself from the New Settlement, you give up the right to sue the Defendant for the Claims in this lawsuit. You must exclude yourself from the Settlement Class to start or continue your own lawsuit with your own lawyer.
15. If I Excluded myself from the Prior Settlement, does that mean that I am excluded from the New Settlement? No. Any decision you made with respect to the Prior Settlement does not affect the New Settlement. You must now decide what you wish to do with respect to the New Settlement.
If you are thinking about opting out of the new CalPERS LTC Program class-action settlement, keep in mind that if you do opt out, you will receive nothing from the new settlement if and when it is approved. You will be able to retain your CalPERS LTC Program policy provided you continue to make premium payments, and you will retain the right to sue CalPERS on your own if you wish.
On the other hand, if you decide not to opt out, you will receive the benefits of the settlement if and when it is finally approved by the court, but you will be giving up your right to sue CalPERS over the LTC program in the future.