Salesforce Faces New Lawsuit Over 401(k) Plan’s Funds, Fees

Salesforce Inc.'s 401(k) plan is under fire again after six former employees filed a proposed class action criticizing the plan’s target date funds as chronic underperformers.

The Feb. 9 lawsuit takes aim at a suite of target date funds from JPMorgan Chase & Co., which isn’t named as a defendant. These funds performed significantly worse than comparable target date funds and relevant investment indexes, and they should have been replaced with better alternatives, the employees said in a complaint filed in the US District Court for the Northern District of California.

“There is no justifiable excuse for having allowed the ...