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Illinois Tool Works Faces Class Complaint Over 401(k) Plan Fees

May 12, 2022, 7:14 PM

Equipment manufacturer Illinois Tool Works Inc. is the latest employer to be accused by workers of 401(k) plan mismanagement, according to a proposed class action filed in a Chicago federal court.

Illinois Tool failed to appropriately monitor the administrative fees in its $3.6 billion 401(k) plan, plan participant Stacy Russell alleged in the complaint. The plan’s annual administrative fees were as high as $96 per person, when reasonable annual fee would be closer to $20 per person, Russell claims.

Russell’s lawsuit, filed Wednesday in the US District Court for the Northern District of Illinois, also challenges the plan’s custom target ...

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