Nextep Gets Nod for $1.1 Million Multiple Employer 401(k) Deal

Nextep Inc. received final federal court approval for a $1.1 million class settlement resolving allegations that it mismanaged a multiple employer retirement plan.

The deal is expected to benefit at least 5,386 people covered by a retirement plan that Nextep, a professional employer organization, manages on behalf of participating companies. Participants in the plan said it was full of pricey mutual funds that could have been obtained at lower cost.

Judge Joe Heaton of the US District Court for the Western District of Oklahoma granted final approval to the deal on Tuesday. In a separate order, Heaton awarded the ...