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DATE: July 31, 2020
SUBJECT: Our New Non-Qualified Deferred Compensation Plans Provider
Over the past year, Caterpillar has been evaluating administrative partners for the non-qualified plans to ensure both you and Caterpillar receive high quality services.
As a result of that evaluation and after a thorough due diligence process, Caterpillar selected Newport Group (Newport) as the new administrator for the deferred compensation plans effective September 1, 2020. A list of our deferred plans is provided at the end of this communication.
Newport has been a leading retirement services and asset management firm specializing in the design, funding, and administration of deferred compensation plans for large companies for more than 30 years.
Caterpillar and Newport will be working together closely to ensure a smooth transition. During the process, you will receive additional communications from Caterpillar and Newport to help prepare you for the transition and keep you informed of key dates and logistics. Some of the benefits you will experience once the transition is complete include:
We are excited about this new partnership with Newport and encourage you to watch for subsequent communications for details related to the transition, including further details regarding key dates and what to expect during the plan transition
If you have any questions, please contact Lisa Park at (309) 494-1651 or Park_Lisa@cat.com.
List of Deferred Plans transitioning to Newport