CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Contribution & Employer Match

How CLEVELAND-CLIFFS INC. Supports Your Retirement Savings

CLEVELAND-CLIFFS INC. provides retirement savings benefits through CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.

CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Average Participant Retirement Account Value

In 2024, the average participant retirement account value for CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN is $204,840.00

CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Estimated Average Employee Contribution Amount

In 2024, the estimated average employee contribution amount per participant for CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN is $7,530.00. 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.
481,956.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 7,530.00 in CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN

An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.

CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Total Employer Contribution and Match Rate

In 2024, CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN allocates $2,996,768.00 to match its employees’ contributions, providing an employer match rate of 35.31% of their contributions

CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Estimated Average Employer Match

In 2024, the estimated average employer match for an employee in CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN is approximately $2,543.00
Investing in this additonal $2,543.00 for 20 years would give you extra $162,812.00, assuming a 10% annual return.

* Data are from public filings.

Are You Leaving Dollars on the Table?

If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.

Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.

CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Contribution & Match Policy

CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Plan Policies

CLEVELAND-CLIFFS INC. & ITS ASSOCIATED EMPLOYERS SALARIED EMPLOYEES SAVINGS PLAN Contribution, Match and Other Plan Policies

  • Employees electing to participate in the Plan may contribute from 1% to 35% of their before-tax eligible compensation through authorized payroll deductions to be contributed to the Plan by the Company.
  • In addition, the participant may contribute 1% to 35% after-tax, less the percentage elected to be contributed as before-tax and/or Roth contributions.
  • Newly hired employees are automatically enrolled in the Plan as soon as administratively practicable at a deferral rate of 5% unless the employee affirmatively elects not to participate in the Plan or a different level of contribution.
  • The matching employer contribution formula provides that participant contributions up to 3% of eligible earnings in each pay period will be matched at the rate of $1.00 for each $1.00 of participant’s contributions (100%) and participant contributions in excess of 3% up to 5% will be matched at the rate of $.50 for each $1.00 of participant’s contributions (50%).
  • To receive the full match in each calendar year, a participant must contribute at least 5% of eligible earnings for each pay period during the year.
  • Participants are fully vested at all times in their respective contribution and match accounts.

2025 IRS 401(k) Contribution Limits

The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:

 20242025
Employee elective deferrals (pretax + Roth)$23,000$23,500
Employee + employer contributions combined$69,000$70,000
Catch-up contributions (age 50+)$7,500$7,500
Enhanced catch-up (ages 60–63, SECURE 2.0)N/A$11,250

The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.

Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.

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