CIT GROUP, INC. SAVINGS INCENTIVE PLAN Contribution & Employer Match

How CIT GROUP, INC. Supports Your Retirement Savings

CIT GROUP, INC. provides retirement savings benefits through CIT GROUP, INC. SAVINGS INCENTIVE 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.

CIT GROUP, INC. SAVINGS INCENTIVE PLAN Estimated Average Employee Contribution Amount

In 2022, the estimated average employee contribution amount per participant for CIT GROUP, INC. SAVINGS INCENTIVE PLAN is $4,712.00. 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.
301,590.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 4,712.00 in CIT GROUP, INC. SAVINGS INCENTIVE PLAN, assuming a 10%* annual return.

* Data are from public filings.

Employer Match in CIT GROUP, INC. SAVINGS INCENTIVE 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.

CIT GROUP, INC. SAVINGS INCENTIVE PLAN Total Employer Contribution and Match Rate

In 2022, CIT GROUP, INC. SAVINGS INCENTIVE PLAN allocates $11,081,280.00 to match its employees’ contributions, providing an employer match rate of 33.68% of their contributions

CIT GROUP, INC. SAVINGS INCENTIVE PLAN Estimated Average Employer Match

In 2022, the estimated average employer match for an employee in CIT GROUP, INC. SAVINGS INCENTIVE PLAN is approximately $1,616.00
Investing in this additonal $1,616.00 for 20 years would give you extra $103,427.00, 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.

CIT GROUP, INC. SAVINGS INCENTIVE PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 65% of their eligible Plan compensation.

2. Employer Match/Contribution Conditions: The employer matches Basic Savings Contributions to a maximum of 4% of Plan eligible compensation. Additionally, a discretionary contribution of up to 3% may be made for eligible participants under certain conditions.

3. Vesting Schedule/Eligibility: Participants are fully vested in their own contributions. For Matching Contributions, the vesting percentages are: 0% after less than 1 year, 33% after 1 year but less than 2 years, 67% after 2 years but less than 3 years, and 100% after 3 years or more. For Flexible Retirement Contributions, the vesting is 0% after less than 3 years and 100% after 3 years or more. Eligibility requires at least one hour of service.

4. Roth 401(k) Contribution: The plan allows Roth 401(k) contributions.

CIT GROUP, INC. SAVINGS INCENTIVE PLAN Maximum Employer Match Calculator

This calculator helps participants of CIT GROUP, INC. SAVINGS INCENTIVE PLAN to calculate the minimal bi-weekly contribution that would generate the maximum employer match allowed. It takes into account IRS annual contribution limits. Please update the annual contribution limits below if they are outdated.

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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