Whether it’s a single employer plan, a multiple employer plan (MEP), a pooled employer plan (PEP), or a plan provider, they can always be a target for ERISA litigation.
What makes a target? Size. ERISA litigators need to eat and a small, $400k 401(k) plan isn’t a big enough target to feed them. That’s why we’re finally seeing MEPs being sued because they’re flush with assets. PEPs will eventually be a target, it’s just going to take hundreds of millions of dollars to become a sufficient target.