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This site summarizes the key features of the benefits available to eligible salaried employees of GATX Corporation. The information contained in this summary is based on the documents that govern these benefits. If there is any discrepancy between the description of a plan contained in this summary and the terms and conditions contained in the official plan documents, the documents will prevail.
GATX Retirement and Savings benefits help you build financial security for your future.
401(k) Plan
The GATX Corporation Salaried Employees Retirement Savings Planis designed to help you build — with support from GATX — financial resources to supplement your retirement income from GATX's Salaried Pension Plan, Social Security and your own personal savings.
This benefit provides:
- You may start participation any time after you receive your first GATX paycheck.
- Save from 1% to 50% of monthly pay on a pre-tax or after-tax basis (Roth 401(k)), subject to IRS limits. Your contributions are deducted automatically from pay each pay period.
- If you do not make a 401(k) election within 60 days of your GATX employment, you will be automatically enrolled in the plan at a 3% pre-tax contribution level.
- After six months of GATX employment, you begin to receive a GATX matching contribution equal to 50¢ for every $1 you save, up to 6% of pay each pay period.
- You choose how contributions are invested in any combination of the available investment funds (including GATX stock).
- After one year of plan participation, you may take a loan from your plan account.
Pension Plan
The GATX Corporation Non-Contributory Pension Plan is designed to provide you, in combination with the Retirement Savings Plan, Social Security and your own personal savings, your basic retirement income. Through the Salaried Pension Plan, GATX builds retirement income benefits for participating employees.
These benefits are paid for entirely by GATX.
This benefit provides:
- Your participation begins automatically on the January 1 or July 1, following one-year of service.
- Each year GATX will make a contribution to your pension account based on your base salary plus incentive pay received during the year.
- After the contribution your pension account will earn a fixed annual interest rate.
- You are 100% vested (and have full ownership rights in your pension account) once you have completed three years of service credit with GATX.
- Once vested, if you should leave GATX for any reason your entire account is portable and can be rolled-over to another retirement account or IRA.
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