Oh my gosh - did someone ask about salaries?

[sdn1977]

I'm from N CA & was asked recently if I wanted to switch to Target - they are offering $70/hr (in addition to the mandatory overtime CA requires).

I was also told by my DM my company is offering sign-on bonuses in certain locations for ........... technicians (in addition to pharmacists!)...

I don't think we are at risk for losing our jobs anytime soon!

---

Members don't see this ad.

 

[TheChemist]

What kind of bonuses do they offer?

 

[sdn1977]

I'm not sure about Target...but I'm told...in some areas...$2000 because there is a nine month wait time for union employees to get benefits.

Techs are unionized, in many places here in N CA...so....the $2000 pays for the Cobra to transition to a benefit position. It doesn't sound like so much to me....but...

 

[TheChemist]

I'm not sure about Target...but I'm told...in some areas...$2000 because there is a nine month wait time for union employees to get benefits.

Techs are unionized, in many places here in N CA...so....the $2000 pays for the Cobra to transition to a benefit position. It doesn't sound like so much to me....but...

Pharmacists have to wait 9 months for benefits to kick in in NorCal?

 

[sdn1977]

Pharmacists have to wait 9 months for benefits to kick in in NorCal?

No, no - sorry to be confusing...the bonuses are for tech - TECHS!!!!

Pharmacists are not unionized for the most part in N CA - they are in S CA though.

Most techs are unionized......

Sorry for the confusion - I'm tired

 

[TheChemist]

So in southern california pharmacists are unionized? What type of union benefits do they get?

 

[sdn1977]

So in southern california pharmacists are unionized? What type of union benefits do they get?

Sorry - don't know - I'm not there .

 

[rxlynn]

No, no - sorry to be confusing...the bonuses are for tech - TECHS!!!!

Pharmacists are not unionized for the most part in N CA - they are in S CA though.

Most techs are unionized......

Sorry for the confusion - I'm tired

I've clearly been looking at too much chemistry - when I read this my brain thought un-ionized, as opposed to ionized!

 

[Shovingit]

I've clearly been looking at too much chemistry - when I read this my brain thought un-ionized, as opposed to ionized!

Ditto.

Mercer has us working too hard. Haha.

 

[ZpackSux]

Target rules!

How many people really get their scripts filled from Target?? Not alot.. so low volume..

Then you got good looking moms shopping at Target...

Then to top it off, you get employee discount..

I would work at Target if I ever decide to do retail..

 

[djg06]

yeah man I work at target and I cashier at the pharmacy, its not bad at all. and yeah alot of good looking moms there I wanted to be a Tech. there but there full of staff and over hours..

 

[ZpackSux]

yeah man I work at target and I cashier at the pharmacy, its not bad at all. and yeah alot of good looking moms there I wanted to be a Tech. there but there full of staff and over hours..

Zpaksux knows..

 

[Sosumi]

I ought to change my nick to TargetSux.

 

[ZpackSux]

Does Target suck?

Zpak does suck tho... some region the country is experience 50% resistance of Strep Pneumo against Zpak.. which sux

 

[dgroulx]

Target sucks for retirement. Because you are a "highly compensated employee", the pharmacists only get to put $5,000 into their 401k. I did a Target rotation in September and asked the pharmacist. I ask stuff like that at every rotation. Good retirement benefits outweigh low volume or a slightly higher salary.

 

[All4MyDaughter]

Target sucks for retirement. Because you are a "highly compensated employee", the pharmacists only get to put $5,000 into their 401k. I did a Target rotation in September and asked the pharmacist. I ask stuff like that at every rotation. Good retirement benefits outweigh low volume or a slightly higher salary.

I think most if not all pharmacists at retail chains are going to run into the "highly compensated employee" problem. But there are other ways to save for retirement. Our banker told my hubby and I not to worry about that if I end up working retail.

I don't know what Target's profit sharing arrangment is. Walgreens is pretty good.

 

[TheChemist]

Walgreens came to our school an said that they give 3 dollars for every 1 dollar you put in your 401K. That's a huge benefit.

 

[alwaystired]

Target rules!

How many people really get their scripts filled from Target?? Not alot.. so low volume..

Then you got good looking moms shopping at Target...

Then to top it off, you get employee discount..

I would work at Target if I ever decide to do retail..

i don't know if you could survive target. they are super fake-nice to all thier "guests" could you change your ways and start calling patients guests after all these years? cuz it's REQUIRED

 

[ZpackSux]

i don't know if you could survive target. they are super fake-nice to all thier "guests" could you change your ways and start calling patients guests after all these years? cuz it's REQUIRED

I don't know.. we call everyone in the hospital who deal with Pharmacy Department "Customers." And I always stress to my staff to take care of our Customers. I guess it could be a very difficult task for me to start saying "Guests" instead of "Customers."

 

[Jeddevil]

Walgreens came to our school an said that they give 3 dollars for every 1 dollar you put in your 401K. That's a huge benefit.

Did you know that they cap that huge benefit at 2-3% of your salary. It is a nice match, but you can only save 2-3%. Wags brags alot about that, but if you are really going to save for retirement, and lower your tax burden at the same time, it would be beneficial to work at a place that allows you to save your full 15% in the 401K. Most places will match dollar for dollar for 5%, so you would end up saving 20% of your salary a year in 401K. At Wags, if you can do the 3%, you wuold get 9% from them and put away a total of 12%, not bad, but not going to set you up as nice at retirement. Also, I believe to be fully vested and keep their nice 3 to 1 match, it is a 5-7 yr vesting period, which totally sucks.

Saving the diference of 12% of salary may be too much for some who want to or have to spend all they make to pay for bills, but some of us want to put away our federal allowable max. The extra 12% put away will also save you 3-4 grand that you would have given to uncle sam anyways.

I work at wags as an intern right now, but their profit sharing is not what will keep me there. I think overall, their retirement totally sucks now that their stock is mature and not going to grow at anywhere close to where it did in the 90's. They do all they can to get you to buy more company stock: 2 different stock purchase programs, option for your 401K to be in wags stock, all while not even offering a foreign stock fund which every other plan in America offers as an option.

Actually, The CVS 401K plan looked nice, early vesting period, dollar for dollar for 5% but you can continue to invest up to the federal 15% limit. Too bad they can't get their crap together and pay people for overtime and not require 14 hour shifts. Getting paid 6 bucks extra for working overtime is stupid and I can't see how anyone would work an extra shift for that crap.

I am finding out there are no ideal companies. For everything good at one, they still have parts of their package that sucks.

 

[b*rizzle]

I don't know.. we call everyone in the hospital who deal with Pharmacy Department "Customers." And I always stress to my staff to take care of our Customers. I guess it could be a very difficult task for me to start saying "Guests" instead of "Customers."

I've worked for Target for a while now. My opinion is that while they're probably not the best company to work for, they're definitely not the worst either.

There are a number of things I really like about working at Target. First of all, lower volume, better pay, and more help. The computer system is easy. Also, there's no drive-thru (yet). We're not responsible for upkeeping the health and beauty areas (like at Wal-Mart). The rest of the store pretty much leaves us alone and lets us do our thing (don't underestimate this, when I was at the last chain I worked for, we had a store manager incessantly up our A$$es over trivial matters.) Working conditions are more hospitable than other pharmacies I've worked in -- it's a rare day that the pharmacist or myself does not get a lunch.

But, there are also a number of things I do not like about Target.

Their health insurance, at least from what I've seen first hand at work, sucks. The 401k plan is great for a student like myself, but is pitiful for a "highly compensated employee" (i.e. pharmacist) -- most employees working in the store make between $7.25 and $10 an hour (don't quote me, varies by location). Target's philosophy on a lot of things is "if it ain't broke, fix it anyway" --- we are forced to adopt "innovations" that are often impractical, inconvenient, and inefficient (problems that could probably be solved by upgrading to a more advanced computer system...etc). DMs are usually unsympathetic to the fact that it is so; they only care that it is not "Target brand"...I feel like we're sometimes micromanaged.

I haven't decided if I'd work for Target as a pharmacist yet -- don't get me wrong, I really do enjoy my job, volumes more than my last pharmacy job (which almost talked me out of pharmacy all together). Lots of the pharmacists I've worked with are extremely satisfied with their jobs at Target (they have a pretty high retention rate). It's just that I'm only 22 and simply haven't been doing this long enough to know what will matter to me as a pharmacist when I'm done four years from now.

No job is perfect, anyway...though some may come dang close.

 

[pharms]

I'm from N CA & was asked recently if I wanted to switch to Target - they are offering $70/hr (in addition to the mandatory overtime CA requires).

I was also told by my DM my company is offering sign-on bonuses in certain locations for ........... technicians (in addition to pharmacists!)...

I don't think we are at risk for losing our jobs anytime soon!

I worked for Target as a tech. They were constantly loosing techs. The pay was much lower than what walgreens and cvs payed their employees.

 

[coKinetic]

they are offering $70/hr (in addition to the mandatory overtime CA requires).

If you don't mind me asking, where in N CA?

 

[sdn1977]

If you don't mind me asking, where in N CA?

Silicon Valley - Santa Clara County

 

[MountainPharmD]

Did you know that they cap that huge benefit at 2-3% of your salary. It is a nice match, but you can only save 2-3%. Wags brags alot about that, but if you are really going to save for retirement, and lower your tax burden at the same time, it would be beneficial to work at a place that allows you to save your full 15% in the 401K. Most places will match dollar for dollar for 5%, so you would end up saving 20% of your salary a year in 401K. At Wags, if you can do the 3%, you wuold get 9% from them and put away a total of 12%, not bad, but not going to set you up as nice at retirement. Also, I believe to be fully vested and keep their nice 3 to 1 match, it is a 5-7 yr vesting period, which totally sucks. .

IRS taxes rules are complicated as they are numerous. One thing you may not know about is the highly compensated employee exception to maximum 401k contributions. Where I work the maximum I am allowed to contribute to my 401k is 6%. The company sent out a letter explaining it last year.

 

[sdn1977]

The highly compensated employeee rulings are set by the IRS, not by your employer. You can look them up under Section 415 of the Internal Revenue Code. Also, several limitations, set by the Economic Growth & Tax Relief Reconciliation Act of 2001 (EGTRAA) are scheduled to increase at the beginning of this year (2006).

The 401K plan limits for 2006 for highly compensated employees is $100,000. Every year, the IRS requires all 401K plans to take a discrimination test. The test requires that employees be split into two groups: highly compensated & nonhighly compensated. Generally, the average contributions of the highly compensated employees, as a group, cannot exceed the average contributions of nonhighly compensated employees, as a group, by more than about 2% (Age-50 catch up contributions are not included in discriminatory testing). If the HCE's exceed this threshold & the employer fails to correct the imblance, the plan loses its tax-qualified status & all contributions & earnings would be distributed to all plan participants (in other words - taxable income). In additon to the 2% spread, the contributions of all HCE's as a group may not be more than 2 times the % of other employee's contributions.

Thus...some employers try to encourage non-HCE's to participate by matching contributions. This is why you get the disparate "matching" by different employers. Some want to increase particpation, some just don't care & take whatever they get. However, pharmacists are usually "stuck", particularly in retail situations, because of the # of low wage & part-time people who must be included in the plan.

I never had to worry about this issue when I worked for a hospital, however, it is a yearly issue with retail due to the general low wage of workers & the lack of participation in the 401K plan in general.

So...as long as you make >$100K, at least for 2006, you are stuck. Your actual % of contribution will be determined by the accountants only after the annual year has ended - after Dec 2006. Then, whatever excess you have will be refunded to you & taxed as income & included on your 2007 earnings. However, keep it in perspective...the cap for 2005 was $95K, 2004, 2003 & 2003 was $90K, 2001 was $85K. Hopefully, the cap for 2007 will be above $100K.

This incentive alone has made me & many of my colleagues cap our incomes at $100K - which is why we have 2 jobs - 2 employers!

 

[dgroulx]

Don't you think places like Target and Walmart have a lower contribution rate than say, CVS or Walgreens?

 

[sdn1977]

Don't you think places like Target and Walmart have a lower contribution rate than say, CVS or Walgreens?

Nope - even the clerks at CVS & Wags don't make enough to contribute to a 401K plan - they barely make enough to live. Most are doing this as a some-time job.....they are between "things" & aren't going to be making a career out of stocking CVS shelves or clerking for Wags.

The ones who have the most participation are the grocery stores....their clerks are ones who are in it for the long haul (hence the strikes), but even their participation is painfully low because it is just not on their radar.

 

[Jeddevil]

Nope - even the clerks at CVS & Wags don't make enough to contribute to a 401K plan - they barely make enough to live. Most are doing this as a some-time job.....they are between "things" & aren't going to be making a career out of stocking CVS shelves or clerking for Wags.

The ones who have the most participation are the grocery stores....their clerks are ones who are in it for the long haul (hence the strikes), but even their participation is painfully low because it is just not on their radar.

So, I guess the key is finding a place with enough non-highly comped employees contributing so you don't run into limits. In retail, that seems to cut out the stand-alone corner drug stores like Wags and CVS, leaving the grocery stores or mega marts with many more employees to contribute.

Anyone out there from CVS that can talk about their plan? I have read their brochures on benefits and they do not list a contribution limit like you have at WAgs. We need someone from CVS to tell us how their plan works.

 

[eddie269]

$70/hr? Holy ****! I have been around pharmacy for a while now (NO sdn1977! NOT THAT LONG ) but I've seen the salary rise year after year. However, $70/hr is the new high. That is unheard of until now. (for me at least)

Is that because of your experience or just the starting wages for recent grads due to increase of the INCREASE of demand in the area?

 

[sdn1977]

$70/hr? Holy ****! I have been around pharmacy for a while now (NO sdn1977! NOT THAT LONG ) but I've seen the salary rise year after year. However, $70/hr is the new high. That is unheard of until now. (for me at least)

Is that because of your experience or just the starting wages for recent grads due to increase of the INCREASE of demand in the area?

Dunno. I'd be flattered if it were for the former, but is probably due to the latter .

 

[nikkai]

$70/hr? Holy ****! I have been around pharmacy for a while now (NO sdn1977! NOT THAT LONG ) but I've seen the salary rise year after year. However, $70/hr is the new high. That is unheard of until now. (for me at least)

Is that because of your experience or just the starting wages for recent grads due to increase of the INCREASE of demand in the area?

One would assume that standard of living in N CA would also influence this offer ($70/h), yes?

 

[eddie269]

The cost of living usually put the salaries of pharmacists up around $110k-$120k/yr salary ($52-$57/hr). Going up to $70/hr = ~ $145k/yr. Hence my shock.

But hey, in less than 6 days, I'll know whether I get accepted into one of my top choices of school. So maybe then I'll really care.

 

[museabuse]

Anyone out there from CVS that can talk about their plan? I have read their brochures on benefits and they do not list a contribution limit like you have at WAgs. We need someone from CVS to tell us how their plan works.

I asked by pharmacy supervisor about walgreens 401k compared to CVS. THis is what he told me:

Walgreens has a cap of 2%. Then depending on the companies annual profitability, the match can be as high as $3 for every dollar contributed. So if you make 100k, you can put in up to 2k and get up to 6k for a total of 8k

Cvs, we match 100% on up to 5% of your pay. For 100k, you put in 5k and we put in 5k for a total of 10K

BUT you are not limited on what you want to put in. You can put in up to the federal max that is currently $14,000 and going up to 15k

So the first 5k would be match 100% and the rest would still go into the accounts of your investment choice

 

[tongiecc]

I have a ? about all this, if you decide to leave the company what happens to your 401k if you haven't spent enough time there to be vested?
1.Can it be transferred/is there a penalty for doing so
and
2. do you always have access to your contributions (what u put in not your employer)

Thanks guys

 

[genesis09]

I asked by pharmacy supervisor about walgreens 401k compared to CVS. THis is what he told me:

Walgreens has a cap of 2%. Then depending on the companies annual profitability, the match can be as high as $3 for every dollar contributed. So if you make 100k, you can put in up to 2k and get up to 6k for a total of 8k

Cvs, we match 100% on up to 5% of your pay. For 100k, you put in 5k and we put in 5k for a total of 10K

BUT you are not limited on what you want to put in. You can put in up to the federal max that is currently $14,000 and going up to 15k

So the first 5k would be match 100% and the rest would still go into the accounts of your investment choice

You also must remember CVS is in a high debt situation. If they have any financial troubles, they will be in trouble. CVS has been expanding by borrowing money, and Walgreens has been expanding by using their own money. Just things to keep in mind.

 

[sdn1977]

I have a ? about all this, if you decide to leave the company what happens to your 401k if you haven't spent enough time there to be vested?
1.Can it be transferred/is there a penalty for doing so
and
2. do you always have access to your contributions (what u put in not your employer)

Thanks guys

You have to look at your plan materials. Generally, the amount you contributed you can rollover into another tax-deferred plan (an IRA for example). There are also some circumstances in which you can withdraw it without penalty....these are federal laws.

This does not mean that your employer contributed amounts will be able to be taken with you if you leave before you're vested - again, check your plan materials.

You can always access your contributions, however, there is usually a penalty for early withdrawal......again..check your plan materials. It will all be spelled out there as well as contact numbers you can call for claification.