Schlichter Bogard Brings Lawsuit Against National Financial Partners Retirement, Inc. on Behalf of Participants in Molina Healthcare, Inc. 401(k) Plan
As reported by various sources, Schlichter Bogard & Denton on May 16, 2022 filed suit against National Financial Partners Retirement, Inc. (“NFP”) on behalf of participants and beneficiaries of the Molina Salary Savings Defined Contribution 401(k) Plan (the “Plan”) for alleged breach of fiduciary duties. This lawsuit comes on the heels of a lawsuit filed on March 18, 2022 against Molina Healthcare, Inc. involving the same Plan, also brought by Schlichter Bogard & Denton.
The lawsuit alleges that NFP, which was appointed as the Plan’s investment advisor in 2010, “provided investment advice to Molina related to the selection, monitoring, and replacement of Plan investments, the selection of service providers, the development and ongoing evaluation of the Plan’s Investment Policy Statement, and the assessment of the reasonableness of Plan expenses.”
The lawsuit further alleges, among other things, that NFP breached its fiduciary duties by causing “the Plan to invest in untested target date funds, which replaced established and well-performing target date funds used by participants to meet their retirement needs.”
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