Pharmacy chain 401k comparison

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Lexington2012

Lexington2012

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I am interested in comparing the 401k plans between chains. Please let me know the following:

1. Which chain you work for
2. Match percentage
3. Vesting period

Thanks in advance!
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WVUPharm2007 said:
Looks like it was mostly corporate level jobs.
Click to expand...

That is usually how CVS starts. Corp jobs and upper management jobs, then middle management, then store closure and store level laid off.
 
I hvnt heard of amy chain that comes close to hospital and government jobs I have had and have.
 
owlegrad said:
Sorry, when has CVS ever closed any stores? A google search for that relieved nothing. Does it get tiring exaggerating all the time?
Click to expand...

Let me see. Longs Drugs? Caremark? Google it.

This is nothing new. When a company purchased another company, there will be cuts. Some at the corp level. Some at the store level.
 
How many Longs were closed? Again google came up empty. I don't recall any Eckards being closed after that buyout, although I certainly do not know if any happened across the entire chain. I am likewise uninformed about how many layoffs Caremark had after that merger, although I think that is less relevant anyway as those layoffs wouldn't be pharmacist. Cooperate jobs are much less stable than retail level pharmacist jobs.
 
You have to think about this from a business point of view. CVS is not only growing by buying these companies, it is also getting rid of a competitor and it is going to increase its profit by making cuts.

If you are at the store level, it depends on the store location right? If your store is close to a CVS, the chance of them closing your store is pretty reasonable. If your store is doing 90 scrips a day, you are obviously losing money and they may close you down.

Store level laid off is not going to get a lot of news but it happens. That is how they make more profit. Get rid of the extra fat is the first thing they do.
 
1. Chain? Walmart
2. Match? 6%
3. Vesting? You can start putting into a 401k at hire, but Walmart wont start any matching up to 6% until your 1 year anniversary, but then at 1 year you are fully vested in both your contribution and Walmart's match
 
CVS had no northern California presence until the acquisition of Longs Drugs. Every store that used to be Longs Drugs is still open in my area. Same for the Nevada locations. (You can tell which ones used to be Longs because no Longs Drugs had a drive-thru so the CVS locations without a drive-thru used to be Longs, probably.)

As far as Southern California, I'm not sure but there could have been some redundancy with the former standalone Sav-On stores and Longs.

CVS you can contribute at 6 months and they match 100% up to 5% of "eligible pay" after 1 year. Matching contributions are 100% vested right off the bat (at the 1 year mark)
 
I would be quite interested in a major retail pharmacy chain total benefits comparison chart.
For example...

CVS
401(k) 5% match, no vesting
ESPP with 15% discount on the purchase of company stock (must hold for 1 year after purchase date)
Stock options: $1000 value vested after 3 years, given every other year for staff and yearly for PIC
Vacation: year 1 = 1 x weekly base hours, year 2-4 = 2 x weekly base hours, year 5-14 3 x weekly base hours, year 15+ 4 x weekly base hours
Sick pay = "unlimited" however this is at the discretion of your sup max 1 week blocks after which time you go in to short term disability
Holidays - 8 paid holidays per year (8 hours are added to what you actually work the week of the holiday)
Overtime - Working more than 44 hours per week will increase pay by $6/hour for any hour over 44
Yearly Bonus - generally 2-3% of annual salary, based on store performance.
Health insurance - High deductible plans only, include HSA that the company will make a contribution of $500-1000 yearly. Includes prescription benefits, vision and dental are extra
Other insurance- short term disability of up to 6 weeks paid by the company (60% of previous base salary paid during this time), option to purchase term life, long term care, home, auto, and long term disability at group rates
Other: CVS employee discount = 30% off CVS brand products and affiliates, 20% off others (excludes sale items)
Discounts on merchandise and services such as Verizon, Sprint, GM etc.

These are the general benefits, certain areas may have union contracts or state laws that will modify some of the above terms.
 
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BMBiology said:
You have to think about this from a business point of view. CVS is not only growing by buying these companies, it is also getting rid of a competitor and it is going to increase its profit by making cuts.

If you are at the store level, it depends on the store location right? If your store is close to a CVS, the chance of them closing your store is pretty reasonable. If your store is doing 90 scrips a day, you are obviously losing money and they may close you down.

Store level laid off is not going to get a lot of news but it happens. That is how they make more profit. Get rid of the extra fat is the first thing they do.
Click to expand...

She didn't ask what you think. She asked if there was truth to what you stated.
 
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Having I been right? I am telling you what CVS has done in the past when it buys out a company. Whatever you decide is up to you.

Everyone should be looking for stability right now, not salary, not benefits.
 
Dr Wario said:
I would be quite interested in a major retail pharmacy chain total benefits comparison chart.
For example...
Click to expand...
Walgreens

401(k): Match on first 4%. $1 for $1 guaranteed. Above that is discretionary and based on profit sharing. For 2014 they gave an additional $0.06 for every $1. Yay! You can make your own contributions immediately, but you only get the match after 1 year of service and 1,000 hrs. You are 100% vested in everything immediately--contributions and match.

ESPP: You may make cash purchases at any time, once per calendar month, or payroll deductions for the end of each month, up to a total of $22,500 per year. You get a 10% discount off the closing price on that day. You must hold for 90 days.

Vacation and sick pay: Combined in the PTO system. Based on 40 hrs/wk, you will get:
6 mo of service: 120 hrs/yr. You don't actually accrue any PTO in the first 6 mo, but at the 6 mo mark they will 'back pay' you the 60 hrs for you to use, and you will accrue additional PTO from that point forward.
2 yrs service: 144 hrs/yr
5 yrs service: 160 hrs/yr
15 yrs service: 200 hrs/yr
25+ yrs service: 240 hrs/yr

Holidays: 6 paid holidays per year. Same as CVS, 8 hours are added to what you actually work in the pay period of the holiday, regardless of whether you work on the holiday or not.

Overtime: Over 40 hrs/wk, you will get base hourly rate + $10/hr. Walgreens calls this "B-rate". You do not accrue any additional PTO on B-rate.

Health insurance: They have this Aon private health insurance marketplace, which is similar but totally separate to the Obamacare exchanges. Walgreens contributes a subsidy of around $4,250 for the employee, but less for your spouse or children. You can then pick from any of the insurance companies and coverage levels on the Aon marketplace. The levels range from Bronze with a $2,750 deductible, $5,950 max OOP, 80/20 coverage, to Platinum with $0 deductible, $1,500 max OOP and $20 copays. As you go up the levels, the premium increases, but the Walgreens subsidy remains the same. I have the Bronze so my premium contribution is just a little over the subsidy at $24 biweekly.

Walgreens also contributes $200 to a HRA after you complete a health test. These funds can be used for OOP healthcare costs. You also get 40,000 x 3 Balance Rewards points worth around $150 in-store for completing healthy activities.

Other insurance:
Life insurance: $25k until 1 year of service, then 1.5 x your base salary. You may purchase additional coverage at group rates.

Short- and long-term disability: this is complicated so look it up on myHR for the full details. Basically short-term disability is 1-10 wks full-pay depending on years of service, then half-pay up to 180 days. Then long-term disability takes over to bring you up to half-pay minus SSDI, Worker's Comp, etc, until Social Security Normal Retirement Age. Walgreens pays the insurance premiums for all of this which was about $1,700.

Severance plan for layoffs, but not if you get fired or quit:
6 mo - 3 years of service: 4 wks of pay
3+ years: 2 wks of pay for every 1 year of service, up to a maximum of 32 wks

Employee discount: 25% off Walgreens brand products, 15% off others

Similar discounts on merchandise and services such as Verizon, Sprint, GM etc. Free admission to a few Chicago museums.
 
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I apologize for digging up a somewhat old thread, but could someone please explain what it means when people say that "8 hours are added to what you actually work in the pay period of the holiday" regarding the paid holiday policies of Walgreens and CVS? Thanks and please excuse my ignorance...
 
for CVS you get paid 8 hours extra regardless whether you work the holiday or not. The only way you don't get holiday pay is if you were on vacation that week
 
PAtoPharm said:
I apologize for digging up a somewhat old thread, but could someone please explain what it means when people say that "8 hours are added to what you actually work in the pay period of the holiday" regarding the paid holiday policies of Walgreens and CVS? Thanks and please excuse my ignorance...
Click to expand...
Ok, I'll provide examples. Usually there is some sort of process to determine who works on the holiday that is separate from your normal scheduling.

1. Through that process you get the holiday off, but that day would have been part of your normal schedule so you 'lost' a day. You worked 9 x 8 hr = 72 hr + 8 hr holiday pay = 80 hrs paid.

2. You get the holiday off, but it is not a day in your normal schedule. So you worked 10 x 8 hr = 80 hr + 8 hr holiday pay = 88 hrs paid.

3. You work on the holiday, but it is a day in your normal schedule. So you worked 10 x 8 hr = 80 hr + 8 hr holiday pay = 88 hrs paid.

4. You work on the holiday, but it is not a day in your normal schedule, so you are working an extra day as overtime. You worked 11 x 8 hr = 88 hr + 8 hr holiday pay = 96 hrs paid. The 8 hrs of OT could be paid at your regular rate, or a few dollars higher than your regular rate, or as time and a half, depending on your contract and local labor laws.

5. You work on the holiday, it is a day in your normal schedule, but they give you one of your other schedule days off 'in lieu'. You worked 9 x 8 hr = 72 hr + 8 hr holiday pay = 80 hrs paid.
 
PAtoPharm said:
I apologize for digging up a somewhat old thread, but could someone please explain what it means when people say that "8 hours are added to what you actually work in the pay period of the holiday" regarding the paid holiday policies of Walgreens and CVS? Thanks and please excuse my ignorance...
Click to expand...

I wouldn't worry too much about this. By the time you graduate, things will certainly change.
 
pezdispenser said:
Ok, I'll provide examples. Usually there is some sort of process to determine who works on the holiday that is separate from your normal scheduling.

1. Through that process you get the holiday off, but that day would have been part of your normal schedule so you 'lost' a day. You worked 9 x 8 hr = 72 hr + 8 hr holiday pay = 80 hrs paid.

2. You get the holiday off, but it is not a day in your normal schedule. So you worked 10 x 8 hr = 80 hr + 8 hr holiday pay = 88 hrs paid.

3. You work on the holiday, but it is a day in your normal schedule. So you worked 10 x 8 hr = 80 hr + 8 hr holiday pay = 88 hrs paid.

4. You work on the holiday, but it is not a day in your normal schedule, so you are working an extra day as overtime. You worked 11 x 8 hr = 88 hr + 8 hr holiday pay = 96 hrs paid. The 8 hrs of OT could be paid at your regular rate, or a few dollars higher than your regular rate, or as time and a half, depending on your contract and local labor laws.

5. You work on the holiday, it is a day in your normal schedule, but they give you one of your other schedule days off 'in lieu'. You worked 9 x 8 hr = 72 hr + 8 hr holiday pay = 80 hrs paid.
Click to expand...

Hey, I appreciate the time you took to break all of that down for me. I had no idea that there were so many different variables and pay structures. Thanks again....
 
BMBiology said:
I wouldn't worry too much about this. By the time you graduate, things will certainly change.
Click to expand...

In other words, do you mean that by the time I would graduate, there will be so many pharmacists desperate for jobs that the chains won't be compelled to offer the additional 8 hours of pay?
 
So wait, essentially with WAGs after 2 years you pretty much get 3.5 weeks PTO to use between vacation/sick time? That's not all that bad.
 
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Digsbe said:
So wait, essentially with WAGs after 2 years you pretty much get 3.5 weeks PTO to use between vacation/sick time? That's not all that bad.
Click to expand...

But you have to work for Walgreens.
 
Digsbe said:
So wait, essentially with WAGs after 2 years you pretty much get 3.5 weeks PTO to use between vacation/sick time? That's not all that bad.
Click to expand...

Yes but remember that time goes into sick days or unexpected events. For some its great if you never used sick days.
 
wagrxm2000 said:
Yes but remember that time goes into sick days or unexpected events. For some its great if you never used sick days.
Click to expand...
In my years of working through my life I've only called out once, and that was due to an unexpected death of a family member. I likely wouldn't use them all that much. Still compared to the competition 3.5 weeks sick/vacation time isn't bad especially since most keep you at 2 weeks vaca for almost 5 years with it being a hassle sometimes to claim sick days.
 
So just out of curiosity, is it safe to say that Walgreens offers the most vacation time for new grads, as compared to the other chains?
 
PAtoPharm said:
In other words, do you mean that by the time I would graduate, there will be so many pharmacists desperate for jobs that the chains won't be compelled to offer the additional 8 hours of pay?
Click to expand...

Yes, things will certainly changed. Most new grads don't look at benefits. They just look at the hourly rate. The chains know this.

The chains have been generous with their 401 k and their 401 k matching. If you had graduated 6 years ago at the bottom of the stock market and contributed to the max every year you should have close to 200 k by now. Can you imagine having 200 k by your early 30s and what this amount will become when you have reached retirement?

If you are making 100 k a year, you should get 30 k in benefits. In addition a lot of these benefits are tax free/tax deferred. So don't look at just the hourly rate.
 
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BMBiology said:
Yes, things will certainly changed. Most new grads don't look at benefits. They just look at the hourly rate. The chains know this.

The chains have been generous with their 401 k and their 401 k matching. If you had graduated 6 years ago at the bottom of the stock market and contributed to the max every year you should have close to 200 k by now. Can you imagine having 200 k by your early 30s and what this amount will become when you have reached retirement?

If you are making 100 k a year, you should get 30 k in benefits. In addition a lot of these benefits are tax free/tax deferred. So don't look at just the hourly rate.
Click to expand...

Exactly! I'm glad I graduated in 2009, thats spot on, not quite maxing out but around $175k at 30 here
 
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BMBiology said:
Yes, things will certainly changed. Most new grads don't look at benefits. They just look at the hourly rate. The chains know this.

The chains have been generous with their 401 k and their 401 k matching. If you had graduated 6 years ago at the bottom of the stock market and contributed to the max every year you should have close to 200 k by now. Can you imagine having 200 k by your early 30s and what this amount will become when you have reached retirement?

If you are making 100 k a year, you should get 30 k in benefits. In addition a lot of these benefits are tax free/tax deferred. So don't look at just the hourly rate.
Click to expand...

That's a mistake I hope not to make as I job search. Someone may offer you $2 an hour more, but if you pay more for your benefits, or have less of a 401k match or vacation time really what you "earn" is less.
 
BMBiology said:
Yes, things will certainly changed. Most new grads don't look at benefits. They just look at the hourly rate. The chains know this.

The chains have been generous with their 401 k and their 401 k matching. If you had graduated 6 years ago at the bottom of the stock market and contributed to the max every year you should have close to 200 k by now. Can you imagine having 200 k by your early 30s and what this amount will become when you have reached retirement?

If you are making 100 k a year, you should get 30 k in benefits. In addition a lot of these benefits are tax free/tax deferred. So don't look at just the hourly rate.
Click to expand...

Walmart matches up to 6% so I do contribute 6% and I'm surprised your fully vested as soon as Walmart will start matching (after 1 year, but you can start your own contributions at day 1). My last non-pharmacy job only did 4% and you were only 25% vested each year.
 
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