2022 Best in Class 401(k) Plans | Winner
Illinois Tool Works Inc.
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Plan name | Illinois Tool Works Inc. |
Location | Glenview, Ill. |
Asset size ($MM) | $3.9B (12/31/2021) |
Participants | 26,000 |
Industry | Multi-industrial manufacturing |
Participation rate | 96% |
Average deferral rate | 9% |
# of funds offered | 7 |
Investment review | Yes |
True-up match | Yes |
Match vesting period | Immediately upon enrollment |
Eligibility | Immediately upon hire |
Default deferral rate | 6% |
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 | Yes |
Fee equalization | Yes – a policy is in place |
Match Rate | Other |
% receiving full match | Vast majority (75% or more) |
Maximum employer contribution | 7.5%-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 |
Recordkeeper | Empower Retirement |