Illinois Tool Works Inc.

Plan name Illinois Tool Works Inc.
LocationGlenview, Ill.
Asset size ($MM)$3.9B (12/31/2021)
Participants26,000
IndustryMulti-industrial manufacturing
Participation rate96%
Average deferral rate9%
# of funds offered7
Investment reviewYes
True-up matchYes
Match vesting periodImmediately upon enrollment
EligibilityImmediately upon hire
Default deferral rate6%
Default investmentTarget-date Fund (all types)
Automatic escalationYes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time
Systematic withdrawalsYes
Fee equalizationYes – a policy is in place
Match RateOther
% receiving full matchVast majority (75% or more)
Maximum employer contribution7.5%-10.5%
Financial Education
Saving/Budgeting
Yes
Investing strategies
Yes
College saving
Yes
Credit/Debt management
Yes
Tax/Estate planning
Yes
Retiree health costs/savings options​
Yes
RecordkeeperEmpower Retirement
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