Anthem Inc.'s pension committee received preliminary approval for a $23.65 million settlement with workers who said the company’s 401(k) plan offered high-fee mutual fund share classes and paid excessive administrative fees.

The deal requires Anthem to give employees more information about the risks tied to certain 401(k) investments and hire an outside consultant to advise on the plan’s investment lineup. Anthem also agreed to consider hiring a new plan record keeper after the workers challenged record-keeping fees paid to Vanguard Group Inc.

Judge Tanya Walton Pratt of the U.S. District Court for the Southern District of Indiana granted preliminary approval...