What’s New for 2022

We continually review the benefits we offer to make sure they’re competitive and cost-effective. Our last review led us to changes that reflect our commitment to equality and keep up with the rising cost of health care.

Medical and Prescription Drugs

  • We’re making slight increases to payroll deductions for 2022. On average, ITW pays over 80% of the cost of health care benefits for our employees. We also offer lower Living Well rates to help you save.
  • Employees and their family members with specialty prescription drugs — generally high-cost medications used to treat complex, chronic or rare conditions — who are enrolled in the PPO1 or PPO2 medical plan will be able to take advantage of the new PrudentRx Copay Program and get their specialty prescriptions for $0. PrudentRx will reach out to you if you are taking a specialty medication. If you don’t join the program, you’ll pay 30% of the cost for the same medication.

Dental

For the first time since 2015, payroll deductions for dental coverage will increase slightly. The increase will be less than 35 cents per pay period.

Vision

The vision plan will cover non-prescription sunglasses and blue light filtering glasses in-network. Retinal screenings will be covered with a $20 copayment. And payroll deductions for coverage will decrease slightly.

Accounts

The maximum annual contribution for a Health Savings Account (HSA) — which you can elect if you enroll in the HealthSaver Plan — will increase to $3,650 for individual coverage or $7,300 if you cover one or more family members, as determined by the IRS. If you will be age 55 or older in 2022, you can also make $1,000 in catch-up contributions.

401(k)

As part of our efforts to help you be well financially, we’ll increase the amount you contribute to the ITW 401(k) Retirement Plan.

  • If you contribute less than 6%, you’ll be moved to a 6% contribution rate in January. That way you’ll get the full company match!
  • If you contribute 6% or more but less than 10%, your contributions will increase by 1%.

You can choose to opt out of these increases, but it is best to save as much as you can as early as you can.

As a reminder, you no longer need to make contributions to your ITW 401(k) Retirement Plan account the entire year to maximize the company match. You just need to contribute 6% of your total eligible earnings for the year.

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