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Do any of you work at walgreens or have worked at walgreens?? What did you think of it? I am interviewing with them tomorrow. Any idea about what the benefits, salary, etc, are like?
Do any of you work at walgreens or have worked at walgreens?? What did you think of it? I am interviewing with them tomorrow. Any idea about what the benefits, salary, etc, are like?
I think it's pretty average. Even though they match $2.77 to $1, it's only on the first 2% of your salary contributed, so the match is 5.54% of your salary. If you do the calculations this is not enough to retire comfortably, so you'll have to make unmatched contributions beyond 2%.The profit sharing is very good, and if you stick with it for a while you will be amazed at how much you will have saved up!
I think it's pretty average. Even though they match $2.77 to $1, it's only on the first 2% of your salary contributed, so the match is 5.54% of your salary. If you do the calculations this is not enough to retire comfortably, so you'll have to make unmatched contributions beyond 2%.
The vesting schedule is pretty good though. $2 of the match is fully vested immediately.
And there are some low cost index funds to choose from so your money isn't eaten up by fees. Their expense ratios are around 0.08%.
So many fun stories of Walgreen's work. Like the time when 6:00pm hit, the PIC hit the gate close button and just stared at the guy running to us from the front of the store like it was the end of a marathon. He was yelling and screaming for us to hold-up, and the pharmacist just kept his thumb on the button until the gate made its slow way down. That was an awesome day... for us, not the guy who lost the great race in the end.
I'd really like to know more concerning the specifics of walgreen's benefit package. I keep hearing about this profit sharing plan they have but so far it just sounds like a standard 401k match. I read on their website that they do offer company stock discounts, do they give stock options to pharmcists? How to bonuses work? What is the vacation/sick time like?
I just ask mostly as a curiosity, I am currently gainfully employed but would like to see how the alternatives compare.
The match last year was somewhere around $3.25 to 1. I believe that the minimum is $2.75 to 1.
You can buy stock at a 10% discount. You can buy in cash in full, or via a loan that gets automatically taken out of your check to pay it off.
Stock options are offered. Usually its a 2 to 1 purchase. So you have to buy company stock to get stock options. For example if you buy 200 shares of stock, you get 400 stock options. The amount that you are allowed to buy varies. In 2012 you will be able to buy 10% of your salary in company stock, with a 2 to 1 stock option grant. In 2013 you can buy 7.5%, 2014 5%, 2015 2.5 %. You can only buy stock options once per 4 year "series". 2016 starts a new series so it goes back to 10% of your salary. Again, you can buy in cash in full, or via company stock loan.
Yearly bonuses are offered to staff and Pharmacy managers. The amount varies by prescription volume.
Vacation time as I remember it:
1 year 1 week
3 years 2 weeks
5 years 3 weeks
15 years 4 weeks
25 years 5 weeks
6 sick days per year. After 5 years of service you may bank sick days up to 30 days total.
that's pretty terrible. i got a question to walgreens pharmacists. how often do you think of killing yourself when working for walgreens? this is a serious question.
Correction, it's 2 weeks in your 2nd full calendar year of working. So if you started now, May 2011, you get 1 week in 2012 and 2 weeks in 2013.Vacation time as I remember it:
1 year 1 week
3 years 2 weeks
5 years 3 weeks
15 years 4 weeks
25 years 5 weeks
You get company paid life insurance of 1x your salary at 1 year and 1.5x your salary at 3 years.that's pretty terrible. i got a question to walgreens pharmacists. how often do you think of killing yourself when working for walgreens? this is a serious question.
Everything gets taxed when you make withdrawals from a 401(k)--your first 2%, anything beyond 2%, the match and the earnings. That's because it was not taxed when you contributed.Regarding contributing the max above the 2% match, the only downfall is any money exceeding the match will be taxed when/if you decide to withdraw. Might be better of just doing the 2%, and then investing that "extra" money into a ROTH or something that won't hit you with taxes when you withdraw from it later down the road. I believe Clark Howard from CNN explains all that jazz in very good detail on his website, specifically utilizing company profit sharing programs and maximizing your return.
that's pretty terrible. i got a question to walgreens pharmacists. how often do you think of killing yourself when working for walgreens? this is a serious question.
Correction, it's 2 weeks in your 2nd full calendar year of working. So if you started now, May 2011, you get 1 week in 2012 and 2 weeks in 2013.
If you've been a pharmacist for 5 or 15 years, you can negotiate when you get hired to jump straight to the 3 or 4 week levels, respectively.
Everything gets taxed when you make withdrawals from a 401(k)--your first 2%, anything beyond 2%, the match and the earnings. That's because it was not taxed when you contributed.
Okay gotcha, in that case would it be beneficial to just do the 2%...although you get taxed at least you are getting a match on that money? Then, instead of contributing excess money above the 2% only to be taxed on it later, put that money into a ROTH or something better long run? Just curious, I believe I heard someone on the news talking about a strategy like that.
Yes. A common strategy is to first contribute enough to your 401(k) to get the maximum employer match (2% at Walgreens). Second, contribute up to $5,000 to a Roth IRA. If you still want to save more, then third, go back and make unmatched contributions to your 401(k) up to $16,500.Okay gotcha, in that case would it be beneficial to just do the 2%...although you get taxed at least you are getting a match on that money? Then, instead of contributing excess money above the 2% only to be taxed on it later, put that money into a ROTH or something better long run? Just curious, I believe I heard someone on the news talking about a strategy like that.
Yes. A common strategy is to first contribute enough to your 401(k) to get the maximum employer match (2% at Walgreens). Second, contribute up to $5,000 to a Roth IRA. If you still want to save more, then third, go back and make unmatched contributions to your 401(k) up to $16,500.
Do any of you work at walgreens or have worked at walgreens?? What did you think of it? I am interviewing with them tomorrow. Any idea about what the benefits, salary, etc, are like?