Eligibility
You’re eligible to participate if you’re a salaried or hourly associate aged 21 or older.
Associates are eligible for grandfathered benefits if they were one of the following as of December 31, 2018:
- age 55+ with 10 years of service
- age 60+ with five years of service
If you have questions about your eligibility, contact HR Services at retirementquestions@caleres.com or call 1-866-279-4357.
How to enroll
Eligible associates can enroll and start contributing to the 401(k) Plan by visiting Principal or call 1-800-547-7754.
For reference, our contract numbers are:
- 363917 Caleres, Inc. 401(k)
- 729727 Caleres, Inc. 401(k) Hourly
Hourly associates
As a new hire, you'll automatically contribute 3% of your earnings through payroll deductions after 30 days. If you want to opt out of these automatic deductions, you must do so within 30 days of your hire date.
You can also stop or change your contributions at any time. Visit Principal or call 1-800-547-7754.
Salaried associates
If you don’t enroll, Caleres will set up an account for you to receive the core company contribution and discretionary profit-sharing contribution. However, you will not receive company-matching contributions unless you make personal contributions to your account.
Contributions
Your contributions
You may contribute from 2% to 30% of your pay, up to $23,000 in 2024. There are two types of contributions:
- Pre-tax: Contributions are made before taxes are deducted from your paycheck, which can reduce your taxable income. You’ll pay income tax when you withdraw from the plan later.
- Roth: Contributions are made after taxes are deducted from your paycheck, so you won’t pay income taxes when you withdraw in retirement.
If you’ll be 50 or older by the end of the year, you can make additional catch-up contributions.
Caleres Contributions (Salaried Associates only)
Caleres may contribute to your 401(k) account three ways:
- Core Company Contributions
Caleres will make an automatic contribution of 1.5% of your eligible pay each pay period.
Note: Grandfathered salaried associates are eligible to participate in the 401(k) plan’s company matching and profit-sharing contributions, but Caleres won’t make core company contributions because its already contributing to your Pension Plan.
- Matching Contributions
Caleres will match 50% of your eligible 401(k) contributions, up to the first 6% each pay period (for a total of up to 3%). You must make personal contributions in order receive matching contributions from Caleres.
Note: If you’re an hourly associate who was eligible for the 401(k) prior to January 1, 2019, Caleres won’t make company-matching contributions unless you are a grandfathered associate.
- Profit-Sharing Contributions
Based on the company’s performance each year, Caleres may provide an annual profit-sharing contribution of up to 2% of your eligible pay.
Vesting
You’re always 100% vested in the money you put in the plan.
Salaried associates become vested in core company contributions and matching contributions from Caleres after three years of service. That means you can take it with you if you leave the company after three years.
Investment options
You can decide how to invest your money or leave it to the experts. Vanguard Target Retirement Funds provide a mix of investments based on your age and planned retirement date. Professional fund managers monitor and adjust them over time to reduce your risk of losing money.
Visit Principal to learn more about your investment choices.
Voting your shares
You have the option to vote the shares of Caleres common stock in your account in connection with the annual Caleres shareholders’ meeting. This means that when you participate in the 401(k), you are entitled to vote on matters of corporate policy and for the individuals who serve on the board of directors.
You’ll receive voting instructions each year before the shareholders’ meeting.
Learn more
View the following for more information: