Illinois Tool Works Inc. 401(k) Review & Grade
Itw Savings and Investment Plan
Glenview, ILManufacturing15,706 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$6,432Employer $ per active participant
$8,470Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$4.2BNet plan assets, end of year
$154,864Average balance per account
Score breakdown
- Employer generosity31.3 / 5063th percentile for employer $ per participant
- Low cost17.8 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving7.3 / 1549th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score66 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 63th |
| Lower admin cost | 71th |
| Employee saving | 49th |
| Peers that auto-enroll | 69% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Illinois Tool Works put in about $6,432 per active participant, more than the typical peer ($5,480). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $101,024,390 |
| Participant (employee) contributions | $133,030,723 |
| Other contributions (incl. rollovers in) | $22,582,929 |
| Administrative expenses paid from the plan | $2,065,832 |
| Investment advisory & management fees | $199,000 |
| Benefits paid out | $510,283,160 |
| Net assets, start / end of year | $4.1B / $4.2B |
| Active participants, start / end of year | 15,838 / 15,573 |
| Participants with account balances | 27,064 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Grant Thornton LLP |
Largest service providers (Schedule C)
| Great-West Trust Company, LLC | $1,619,438 reported compensation |
| Northern Trust Company | $247,394 reported compensation |
| Fiduicient Advisors | $199,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250918121915NAL0001395617001, received 2025-09-18, EIN 36-1258310, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.