CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN Contribution & Employer Match

CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN Contribution & Employer Match

CATERPILLAR INC. provides the following retirement savings benefits to its employees:

CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN is $99,163.00

CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN is $3,832.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
245,262.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 3,832.00 in CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN Total Employer Contribution and Match Rate

In 2023, CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN allocates $1,485,829.00 to match its employees' contributions, providing an employer match rate of 81.03% of their contributions

CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN is approximately $3,089.00
Investing in this additonal $3,089.00 for 20 years would give you extra $197,698.00, assuming a 10% annual return.

CATERPILLAR GLOBAL MINING LEGACY HOURLY EMPLOYEES' SAVINGS PLAN Contribution & Match Policy

1. Employee Contribution Rates: Up to 70 percent of their eligible compensation.

2. Employer Match/Contribution Conditions: 100 percent match of participant 401(k) contributions up to a maximum of 6 percent of eligible compensation.

3. Vesting Schedule/Eligibility: Denison participants vest in employer matching contributions as follows: 0% after less than 1 year, 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years or more. SMKE participants are immediately vested in employer matching contributions. Eligibility requires a minimum of 480 hours of service for SMKE employees; Denison employees are eligible from their first day of employment.

4. Roth 401(k) contributions are allowed.

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