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CIT Group Retirement Plan
The CIT Group Inc. Savings Incentive Plan transferred under First Citizens BancShares sponsorship when the Raleigh-based bank closed its acquisition of CIT in...
CIT Group Retirement Plan
The CIT Group Inc. Savings Incentive Plan transferred under First Citizens BancShares sponsorship when the Raleigh-based bank closed its acquisition of CIT in January 2022. Former CIT Chairwoman and CEO Ellen Alemany, who orchestrated the sale, now serves as Vice Chairwoman of First Citizens. The plan covers 6,616 employees and retirees. The $66.3 million portfolio (per 2024 Form 5500) runs through Fidelity as recordkeeper, allocating across CIT's historical investment menus. Legacy commercial real estate exposure includes participation in healthcare real estate initiatives and residual interests tied to Care Investment Trust, a New York-based REIT CIT previously sponsored. The plan's investment posture reflects a mature, bank-affiliated retirement vehicle without new sponsor-directed capital flows beyond routine contributions. Consolidation under First Citizens centralizes governance within the holding company's treasury and benefits committee, chaired by Frank B. Holding, Jr. The merger did not trigger a plan redesign — participant balances, investment options, and administrative infrastructure migrated intact in 2022. Structurally, the plan operates as a captive asset pool rather than a discretionary investment office. No separate CIO or dedicated plan-level investment staff exists outside First Citizens' corporate treasury function, distinguishing it from single-family offices and independent pension systems that maintain internal allocation teams.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Raleigh
Corporate office
Raleigh, NJ, United States
Principals
Frank B. Holding, Jr.
Chairman and CEO of First Citizens BancShares (plan sponsor)
Ellen R. Alemany
Vice Chairwoman of First Citizens BancShares; former Chairwoman and CEO of CIT Group
Sector focus
Frequently asked questions
Who sponsors the CIT Group Retirement Plan after the First Citizens acquisition?
First Citizens BancShares has been the plan sponsor since completing its acquisition of CIT Group Inc. in January 2022. Frank B. Holding, Jr., Chairman and CEO of First Citizens, oversees the consolidated entity including the retirement plan. The plan continues to operate as the CIT Group Inc. Savings Incentive Plan under the new parent.
How large is the CIT Group Retirement Plan?
The plan held approximately $66.3 million in assets covering 6,616 participants, according to its 2024 Form 5500 filing. This represents a mature, closed participant base following the sponsor's acquisition by First Citizens.
What exposure does the plan have to real estate or REITs?
The plan's legacy portfolio includes exposure to healthcare real estate initiatives and interests connected to Care Investment Trust, a New York-based REIT previously sponsored by CIT Group. These positions predate the 2022 First Citizens acquisition and represent residual commercial real estate allocations within the defined-contribution framework.
Does the plan have a dedicated CIO or internal investment staff?
No. Investment oversight resides within First Citizens' corporate treasury and benefits committee, without a dedicated plan-level CIO. This distinguishes the CIT Group Retirement Plan from single-family offices or independent public pension systems that maintain discretionary internal investment teams.
How did Ellen Alemany figure in the plan's transition?
Ellen R. Alemany was Chairwoman and CEO of CIT Group when she negotiated the sale of the company to First Citizens BancShares — the transaction that transferred plan sponsorship. She subsequently became Vice Chairwoman of First Citizens, maintaining a governance link to the consolidated entity that now administers the retirement plan.
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