Snap-On Incorporated 401(k) Review & Grade
Snap-On Incorporated 401k Savings Plan
Kenosha, WIManufacturing6,679 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,809Employer $ per active participant
$5,747Employee $ saved per active participant
0.06%Direct admin cost, % of plan assets
$983.2MNet plan assets, end of year
$106,193Average balance per account
Score breakdown
- Employer generosity12.1 / 5024th percentile for employer $ per participant
- Low cost17.8 / 2571th percentile for low admin cost vs. same-size plans
- Employee saving6.8 / 1546th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score47 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 24th |
| Lower admin cost | 71th |
| Employee saving | 46th |
| Peers that auto-enroll | 70% |
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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
- Snap-On Incorporated put in about $1,809 per active participant, below the typical peer ($3,452). Any match is still an instant return, so contribute enough to get all of it.
- 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 | $12,083,880 |
| Participant (employee) contributions | $38,387,544 |
| Other contributions (incl. rollovers in) | $3,932,636 |
| Administrative expenses paid from the plan | $599,602 |
| Investment advisory & management fees | $52,184 |
| Other admin expenses | $1,742 |
| Benefits paid out | $90,814,763 |
| Net assets, start / end of year | $894.0M / $983.2M |
| Active participants, start / end of year | 6,759 / 6,599 |
| Participants with account balances | 9,259 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
| Employer stock held by plan | $48,742,538 |
Largest service providers (Schedule C)
| T Rowe Price RPS Inc | $521,276 reported compensation |
| Morningstar | $27,184 reported compensation |
| Mercer | $25,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250723113517NAL0001844739001, received 2025-07-23, EIN 39-0622040, plan #005, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.