Illinois Tool Works 401(k) match, vesting and fees
What Illinois Tool Works' 401(k) plan says about matching contributions
The Company provides for a matching contribution based on each participant’s contribution rate and eligible Plan compensation. The Plan provides for a Company matching contribution immediately upon the start of participant contributions. The Company matching contribution for each group is as follows: Group I - Dollar-for-dollar match on the first 1% and 50¢ per $1 on the next 5% of eligible compensation contributed. Group II - Dollar-for-dollar match on the first 3% and 50¢ per $1 on the next 3% of eligible compensation contributed.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 30 ↗ |
| Recordkeeper | Great-West Trust Company, LLC | Schedule C ↗ |
| Independent auditor | Grant Thornton LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 203 defined-contribution plans in manufacturing with 10,000 to 49,999 participants.
| Illinois Tool Works: employer contribution per participant | $3,733 | |
| Peer median | $3,733 |
| Illinois Tool Works: average balance | $154,864 | |
| Peer median | $157,962 |
| Illinois Tool Works: admin expenses ÷ assets | 0.05% | |
| Peer median | 0.05% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $4.1B at the end of plan year 2023 to $4.2B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 27,157 | $4.2B | $101M | $3,733 | 0.05% | Quoted in the audit report, p. 30 ↗ | Form 5500 ↗ |
| 2023 | 27,772 | $4.1B | $100M | $3,629 | 0.06% | Not published | Form 5500 ↗ |
Other Illinois Tool Works plans (4)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Itw Bargaining Savings and Investment Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Great-West Trust Company, LLC | Schedule C ↗ |
| Independent auditor | Grant Thornton LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Traulsen & Co., Inc. Employee Stock Ownership Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Plan type and status | Retirement · Active | Form 5500 ↗ |
Itw Retirement Accumulation Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Grant Thornton LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Itw Bargaining Retirement Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Grant Thornton LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Terminated (final filing) | Form 5500 ↗ |
Common questions
Does Illinois Tool Works match 401(k) contributions?
The audit report attached to the Itw Savings and Investment Plan's plan year 2024 Form 5500, page 30 says: “The Company provides for a matching contribution based on each participant’s contribution rate and eligible Plan compensation. The Plan provides for a Company matching contribution immediately upon the start of participant contributions. The Company matching contribution for each group is as follows: Group I - Dollar-for-dollar match on the first 1% and 50¢ per $1 on the next 5% of eligible compensation contributed. Group II - Dollar-for-dollar match on the first 3% and 50¢ per $1 on the next 3% of eligible compensation contributed.” Plan terms may have changed; check your current Summary Plan Description.
When is the Illinois Tool Works 401(k) match vested?
The vesting schedule for the Itw Savings and Investment Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Illinois Tool Works 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Great-West Trust Company, LLC. The plan administrator is Illinois Tool Works Inc..
I left Illinois Tool Works. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Illinois Tool Works Inc., (847) 724-7500) or the recordkeeper, Great-West Trust Company, LLC. The Illinois Tool Works old 401(k) page lists the contacts from every plan filing. Find an old Illinois Tool Works 401(k)
Data from the public Form 5500 annual reports Illinois Tool Works filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Illinois Tool Works. Not financial advice. Report a correction · Methodology