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PTC Sued by Former Employees Over 401(k) Plan Fees, Investments

Sept. 18, 2020, 1:57 PM

Three former employees of PTC Inc. filed a proposed class action in a Massachusetts federal court alleging the industrial technology company’s 401(k) plan is filled with overly expensive investment options.

PTC filled its plan with actively managed and retail share class funds that were grossly expensive compared to better performing alternatives, the employees alleged in a proposed class action filed Thursday in the U.S. District Court for the District of Massachusetts. PTC also failed to rein in the plan’s administrative fees or seek competitive bids for record keeping services during the past several years, the employees allege.

“Defendants could have ...