ITW Defined Benefit Plans' Investment Account

Investment oversight falls under ITW’s corporate treasury function and a board-level investment committee. ITW does not disclose named investment officers for the pension account separately from its broader corporate finance leadership. The committee sets asset allocation policy and selects external managers across public and private markets.

The plan invests in alternative asset classes including private equity, real estate, and hedge funds through commingled fund structures. It does not operate a direct-investment or co-investment program of the scale seen at large public pension systems. Manager selection centers on institutional-quality general partners with established track records.

ITW’s defined-benefit plan is closed or significantly frozen for new benefit accruals, consistent with trends among large U.S. industrial employers. Most current employees participate in the company’s defined-contribution plans. The defined-benefit account now operates primarily as a legacy obligation management vehicle.

The pension account is a captive single-employer plan; its assets and liabilities sit on ITW’s corporate balance sheet. Funded-status volatility flows through Accumulated Other Comprehensive Income, making liability-driven investing and contribution avoidance central priorities for the investment team.

ITW provides limited pension-asset disclosure in its annual 10-K filing, but does not break out granular manager-by-manager positions or exact allocation targets. Known categories include public equities, fixed income, private equity, real estate, and hedge funds, consistent with a conventional corporate pension allocation framework.