A magnetized item retention assembly comprising at least one magnetized element at least partially embedded with a formed non-magnetic body adapted for integration or attachment to a power tool or portable power pack for the power tool. The magnetized element(s) are placed and retained within cavities formed within an interior of the body. The body can be fabricated as a unitary molded component or an assembly comprising a plurality of molded components. The multiple part design would include an assembly step for joining the separate components. The magnetized element(s) are used to temporarily retain magnetic objects, such as screws, drill bits, driver bits, etc. The body can have a planar shape, an inverted "U" shape, or any other suitable shape. The assembly can be attached to the drill using any suitable adhesive. The legs of the inverted "U" shape protect the objects, while supporting the tool when not in use.