ITW Savings and Investment Plan
Plan name | ITW Savings and Investment Plan |
Location | Glenview, Illinois |
Asset size ($MM) | More than $1 billion |
Participants | 20,000 or more |
Industry | Manufacturing - Industrial Products |
Participation rate | 96% |
Average deferral rate | 9% |
# of funds offered | 7 |
Investment review | Quarterly |
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 | Exactly 1% |
Systematic withdrawals | Yes |
Fee equalization |
Match Rate | 51%-99% of first 6% of salary |
% receiving full match | All or nearly all participants (90% or more) |
Maximum employer contribution | 5% |
Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | No |
Credit/Debt management | Yes |
Tax/Estate planning | No |
Retiree health costs/savings options​ | Yes |
Recordkeeper | Empower Retirement |