The Lubrizol Corporation Employees’ Profit Sharing and Savings Plan

Plan name The Lubrizol Corporation Employees’ Profit Sharing and Savings Plan
LocationWickliffe, Ohio
Asset size ($MM)$1.5 Billion
Participants5,900
IndustryChemicals
Participation rate97%
Average deferral rate10%
# of funds offered16
Investment reviewYes
True-up matchYes
Match vesting periodImmediately upon enrollment
EligibilityImmediately upon hire
Default deferral rate3%
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 withdrawalsNo
Fee equalization
Match Rate100% of first 6% of salary
% receiving full matchAll or nearly all participants (90% or more)
Maximum employer contribution6%
Financial Education
Saving/Budgeting
Yes
Investing strategies
Yes
College saving
Credit/Debt management
Tax/Estate planning
Retiree health costs/savings options​
RecordkeeperEmpower Retirement
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