Anthem Inc. reached a settlement with employees who sued the company over the fees tied to its $5.1 billion 401(k) plan.

The settlement would resolve a class action accusing Anthem’s retirement plan committee of including high-fee mutual fund share classes in the plan and paying excessive record-keeping fees to Vanguard Group Inc.

Terms of the deal haven’t yet been made public. The settlement was noted in the court docket Feb. 19 after a hearing before Magistrate Judge Matthew P. Brookman of the U.S. District Court for the Southern District of Indiana. Brookman ordered the parties to file settlement papers by...