The Lubrizol Corporation Employees’ Profit Sharing and Savings Plan
Plan name | The Lubrizol Corporation Employees’ Profit Sharing and Savings Plan |
Location | Wickliffe, Ohio |
Asset size ($MM) | $1.5 Billion |
Participants | 5,900 |
Industry | Chemicals |
Participation rate | 97% |
Average deferral rate | 10% |
# of funds offered | 16 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | Immediately upon enrollment |
Eligibility | Immediately upon hire |
Default deferral rate | 3% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | No |
Fee equalization |
Match Rate | 100% of first 6% of salary |
% receiving full match | All or nearly all participants (90% or more) |
Maximum employer contribution | 6% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | |
Credit/Debt management | |
Tax/Estate planning | |
Retiree health costs/savings options​ |
Recordkeeper | Empower Retirement |