Another MEP Draws Schlichter Scrutiny

“The Schlichter law firm has a new target—in a suit that not only involves a MEP, and a target-date fund family, but an advisor—and allegations of “a profound conflict of interest.”

This time the targets are NFP Retirement, Inc., flexPATH Strategies, LLC, Wood Group U.S. Holdings, Inc., Wood Group Management Services, Inc. (nka Wood Group USA, Inc.), the Committee of the Wood 401(k) Plan, and John Does 1–10, for breach of fiduciary duties and prohibited transactions under ERISA. The plan at Dec. 31, 2019 had $2.4 billion in assets and 18,013 participants with account balances, according to the suit.” Click here for article.

Source: National Association of Plan Advisors
8-minute read.