Caterpillar 401(k)

Caterpillar Inc., also known as Cat, offers a robust 401(k) plan to help employees build wealth for the future. Whether you are a new employee seeking information about the retirement plan, or an existing employee considering a rollover or withdrawal, this guide covers everything you need to know about the Caterpillar 401(k) plan.

New employers can enroll in the Caterpillar 401(k) plan immediately upon hire. Contributions are set to start at 6% of base pay, increasing by 1% until it reaches 15% unless you opt out of the automatic increase. Employees are also eligible for a 100% match of up to 6% of eligible compensation, and additional non-elective employer contribution of 3% to 5% based on years of service.

Caterpillar 401k provider

The Caterpillar 401(k) plan is with Alight Solutions, a benefits provider for many organizations and over 35 million people and dependents. Alight provides Caterpillar employees with a user-friendly platform for managing their 401(k) retirement savings, monitoring their investments, and making regular investment adjustments. Plan participants also get access to various tools and resources to help them plan for retirement.

Caterpillar 401k login

If you are eligible to participate in the Caterpillar 401(k) plan, you can access your 401(k) account through Alight Solution's benefits portal. Go to the Alight Worklife website, and use your username and password to log into your 401(k) account. Once logged in, you can view your 401(k) balance, update your investment allocations, or even apply for a 401(k) loan. You can also access your 401(k) account using the Alight Mobile app, available on Google Play Store or Apple App Store.

Caterpillar 401k match

Caterpillar has one of the most generous 401(k) match programs. Eligible employees receive a 100% match on contributions up to 6% of their eligible compensation. The company also offers an additional employer contribution of 3% to 5% depending on years of service.

So, if you contribute at least 6% of your eligible compensation, your employer will match your contribution dollar-for-dollar, doubling your contribution. Plus, you may receive an extra employer contribution if you have been with Caterpillar for several years.

Caterpillar 401k customer service

If you need help with your Caterpillar 401(k) plan, you can contact the Caterpillar benefits center toll-free at 1-977-228-4010 (or 1-718-354-1345 if you are outside the US). Customer service representatives are available Monday through Friday from 8 a.m. to 6 p.m. Central Time.

Caterpillar 401k loan

If you want to tap into your 401(k) retirement savings before retirement, you may be allowed to borrow against your vested account balance. 401(k) loans allow participants to access their 401(k) funds without incurring the taxes and penalties associated with early withdrawals.

Loan amounts are limited to 50% of your vested 401(k) balance or $50,000, whichever is lower. The plan allows participants to have a maximum of two outstanding loans at any time. Loans must be repaid within five years, except if they are used to purchase a primary residence.

Caterpillar 401k after termination

When you quit, get fired, or change jobs, your 401(k) funds remain in the Caterpillar 401(k) plan. Depending on the amount you have in your 401(k) account, you may have several options.

If your balance is over $7,000, you can leave the money in the plan to keep growing. However, if it is below $7,000, the employer will force a rollover to an IRA of its choice; if it is below $1,000, the balance will be automatically cashed out, and you will receive a check with your distribution.

You can also roll over the funds to an IRA or another employer’s 401(k) plan. If you opt to withdraw the money, you can receive the distribution as a lump sum payment or periodic withdrawals; you can also request a distribution in Caterpillar stock.

Caterpillar 401k withdrawal

You can make withdrawals from the Caterpillar 401(k) plan, but there are certain rules you should consider. Standard withdrawals start at age 59 ½ and are subject to ordinary income taxes at your tax bracket.

If you are younger than 59 ½, you may be allowed to take early withdrawals from your 401(k) account, but the amount withdrawn will be subject to a 10% early withdrawal penalty plus income taxes at your tax bracket. Additionally, once you reach age 73, you must start taking mandatory minimum distributions from your 401(k) account.

Caterpillar 401k early withdrawal

While standard withdrawals start at age 59 ½, there are certain situations when you may be allowed to make early 401(k) withdrawals. Some of these circumstances include unreimbursed medical expenses, funeral expenses, qualified domestic relations order, first-time home purchase, permanent disability, etc. 

Be aware that these withdrawals may be subject to a 10% early withdrawal penalty and income taxes on the amount withdrawn. However, certain circumstances may qualify for an exemption from the penalty.

Caterpillar 401k rollover form

If you want to roll over your Caterpillar 401(k) funds into an IRA or other retirement plan, you will need to complete a rollover form. You can obtain the rollover form from Alight’s 401(k) portal, or by contacting Caterpillar Benefits Center at 1-877-228-4010. Once you submit the rollover form, it can take 3 to 8 days to complete the rollover process.

Caterpillar 401k account number

You can find your Caterpillar 401(k) account number by logging into your Alight 401(k) account. You can also check your 401(k) statements or other plan-related benefits documents.

Caterpillar 401k phone number

If you need help with your Caterpillar 401(k) account, you can contact the Caterpillar Benefits Center at 1-877-228-4010 (or 1-718-354-1345 if you are outside the US). Customer service representatives are available Monday through Friday, 8 a.m. to 6 p.m. Central Time.

Caterpillar 401k eligibility

Effective January 1, 2024, all regular and part-time employees are immediately eligible to participate in the Caterpillar 401(k) plan. This means that new hires can start saving for retirement as soon as they join the company.

New hires are automatically enrolled with a deemed election to deter 6% of their eligible compensation, increasing by 1% until it reaches 15% of your base pay unless you opt out of the automatic increase. Any deemed contribution becomes effective on the first day of the first payroll period after the date you enroll in the 401(k) plan.

Caterpillar 401k vesting

Caterpillar employees are immediately vested in their own contributions and employer contributions. However, the additional annual employer non-elective contribution is subject to a 3-year vesting period. So, if you leave Caterpillar before the three years, you may forfeit part or all of the additional employer contributions.

Caterpillar 401k app

Caterpillar employees can access their 401(k) accounts on the go via the Alight Mobile app. You can download the mobile app by sending the text “Benefits” to 67426, or by downloading the app in the Google Play store or Apple App Store. You can use the app to check your balance, adjust your contribution rate, review investment options, request 401(k) loans or withdrawals, and track your retirement savings.

Caterpillar 401k summary plan description

The Caterpillar 401(k) summary plan description outlines the rules for the Caterpillar 401(k) plan, including eligibility requirements, contributions, employer matching, withdrawal rules, and vesting schedule. You can obtain a copy of the summary plan description by logging into your 401(k) account on the Alight website, or by requesting a physical copy from the benefits department.