Textron Inc. 401(k) Review & Grade
Textron Savings Plan
Providence, RIManufacturing26,363 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,835Employer $ per active participant
$8,411Employee $ saved per active participant
0.03%Direct admin cost, % of plan assets
$6.1BNet plan assets, end of year
$172,078Average balance per account
Score breakdown
- Employer generosity27.3 / 5055th percentile for employer $ per participant
- Low cost21.1 / 2584th percentile for low admin cost vs. same-size plans
- Employee saving7.1 / 1547th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score53 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 55th |
| Lower admin cost | 84th |
| Employee saving | 47th |
| Peers that auto-enroll | 69% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($35,217 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $10,654 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Textron put in about $5,835 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $153,828,040 |
| Participant (employee) contributions | $221,743,937 |
| Other contributions (incl. rollovers in) | $14,992,748 |
| Administrative expenses paid from the plan | $1,693,956 |
| Other admin expenses | −$15,001 |
| Benefits paid out | $605,198,804 |
| Net assets, start / end of year | $5.7B / $6.1B |
| Active participants, start / end of year | 26,609 / 26,117 |
| Participants with account balances | 35,595 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young |
| Employer stock held by plan | $1,081,284,041 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $1,659,769 reported compensation |
| Proskauer Rose LLP | $88,984 reported compensation |
| Ernst & Young | $67,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250708132051NAL0004714017001, received 2025-07-08, EIN 05-0315468, plan #030, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.