Packaging Corp. of America Sued Over $1.1 Billion 401(k) Plan

A former Packaging Corp. of America employee filed a proposed class action in Michigan federal court, accusing the box manufacturer of allowing its $1.1 billion 401(k) plan to offer expensive funds and pay excessive fees to outside service providers.

Harvey Miller says company failed to negotiate a better deal on 401(k) plan recordkeeping fees with Alight Financial Solutions LLC. The annual fees paid to Alight—allegedly $80 per participant—were objectively unreasonable and excessive compared to other plans, and should have been closer to $39 per participant, Miller said.

Miller’s complaint, filed March 23 in the U.S. District Court for the Western ...