Total Rewards at Caleres
Caleres offers a pension plan to hourly and grandfathered associates. If eligible, this plan will pay a defined amount to you when you retire.
Hourly associates begin earning service under the plan when they:
- Reach age 21,
- Have 12 months of service and
- Have worked 1,000 hours.
Grandfathered Associates: Salaried associates who are at least age 55 with 10 years of service or at least age 60 with five years of service as of December 31, 2018, are eligible for grandfathered benefits.
Unlike a 401(k) plan, the Pension Plan does not include any contributions from you. The Pension Plan is 100% company-funded.
Your benefit is calculated at a flat rate of $40 per month per year of credited service, up to 30 years. Click here to calculate your pension plan estimate.
- If you are a grandfathered salaried associate, you will continue to earn benefits in the pension plan under the benefit formula in effect December 31, 2018.
- If you were eligible for the Pension Plan prior to January 1, 2019 and are no longer eligible, any benefits earned on or before December 31, 2018, have been frozen. You will keep any benefits earned through December 31, 2018, subject to the Pension Plan’s vesting rules.
Keep in Mind
Your pension is just one source of retirement income. Other sources include personal savings, Social Security, and the Caleres 401(k) plan if you were eligible for the 401(k) plan prior to January 1, 2019.
Review Understanding Your Retirement Program for Hourly Associates or the FAQs for more detailed information.