Nextep Settles Challenge to Multiple Employer 401(k) Plan Fees

Nextep Inc. will settle a proposed class action claiming the benefits and human resources provider’s $283 million retirement plan offers expensive investment options and charges high administrative fees, according to a settlement notice filed Tuesday in Oklahoma federal court.

Nextep and a class of retirement plan participants have reached a class-wide settlement and expect to file the deal for court approval in July, they said in a notice filed in the US District Court for the Western District of Oklahoma. The notice didn’t include any details about the terms of the settlement.

The year-old lawsuit accuses Nextep, a professional employer ...