CIT offers you an opportunity to build financial security for your retirement years with a comprehensive Savings Plan and Retirement Plan. Most employees also can become a CIT stockholder through our Employee Stock Purchase Plan.

Savings Plan

The CIT Savings Plan is a 401(k) plan that provides a convenient way to save for retirement. In general, you are eligible to participate in the Savings Plan if you are least 18 years old and have completed 60 days of service. CIT offers a 100% match for each dollar you contribute of before-tax contributions, up to 5% of your base salary and certain eligible bonuses and commissions. You are vested in CIT's matching contributions after three years of service.

Retirement Plan

The CIT Retirement Plan uses a cash balance formula that offers up-to-date and flexible retirement benefits. In general, you are eligible to participate in the Retirement Plan if you are at least 21 years old and have completed one year of service. The Retirement Plan is fully paid by CIT—you make no contributions. You receive a percentage of your base salary and certain eligible bonuses and commissions as a credit to your Cash Balance Plan account. The percentage is based on your years of service and increases as your service increases. You are vested after three years of service.

CIT Employee Stock Purchase Plan (ESPP)

The CIT Employee Stock Purchase Plan (ESPP) offers eligible employees the opportunity to become a stockholder in the Company. Eligible employees who participate in the ESPP can purchase shares of CIT stock at a discount.