ITW Savings and Investment Plan

Plan name ITW Savings and Investment Plan
LocationGlenview, Illinois
Asset size ($MM)More than $1 billion
Participants20,000 or more
IndustryManufacturing - Industrial Products
Participation rate96%
Average deferral rate9%
# of funds offered7
Investment reviewQuarterly
True-up matchYes
Match vesting periodImmediately upon enrollment
EligibilityImmediately upon hire
Default deferral rate6%
Default investmentTarget-date Fund (all types)
Automatic escalationExactly 1%
Systematic withdrawalsYes
Fee equalization
Match Rate51%-99% of first 6% of salary
% receiving full matchAll or nearly all participants (90% or more)
Maximum employer contribution5%
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
RecordkeeperEmpower Retirement
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