It's never too soon to start building your financial resources and future security, particularly since the UTC Employee Savings Plan provides a valuable boost to your savings.
We not only offer a 401(k) savings plan but also an after-tax option. You decide how much you want to contribute (up to 20% and IRS limits) and what combination of before- or after-tax. Carrier matches 60% of the first 6% you save with UTC preferred stock. (Where else can you get a 60% return on your investment?)
Your contributions are deducted from your paycheck and you choose where to invest among the 6 core and 10 mutual fund investment options.
Although a retirement vehicle, the UTC Employee Savings Plan offers enough flexibility for you to borrow from your account or withdraw after-tax contributions (IRS guidelines apply) as needs arise.
In addition to the voluntary savings plan, you should know about Carrier's "invisible"? and very valuable - pension plan, the UTC Employee Retirement Plan.
Why do we say "invisible"? Because it's automatic upon meeting eligibility requirements, it's fully funded by Carrier so that you pay nothing, and you own a right to a vested pension benefit after five years of service without ever doing a thing! Upon your retirement, income from this plan is determined by a defined benefit formula based on your earnings and service with UTC/Carrier.
To help you keep all this straight and maximize the coordination of Carrier benefits with your personal savings plans, a variety of financial planning tools are available.
Financial and pre-retirement planning seminars are offered to assist employees in long-term planning.
A toll-free call to our Participant Service Center provides you with up-to-date savings and pension plan data as well as pension plan projections.
Employees also receive personalized total benefits statements which detail their comprehensive, individual benefit selections. The statements include growth and projection charts for Carrier's financial benefits as well.
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