Walgreens 401k

[rxboy1996]

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Is the match only once per year at walgreens? I just joined Profit Sharing in July 2017 and I was already an employee of the company for over a year when I joined so from my understanding I am fully vested. Does anyone know when I should see the matching contributions in my account?

 

[pezdispenser]

Yep once a year at the beginning of March.

 

[Lnsean]

you should see it around JAN-MARCH....once a year match deposit into your account.

 

[pezdispenser]

Starting in 2018 the match will be deposited per paycheck.

 

[Amicable Angora]

Can someone confirm that Walgreens offers up to a 4% match and no other 401k bonuses?

 

[PharmDminus]

Can someone confirm that Walgreens offers up to a 4% match and no other 401k bonuses?

correct

 

[PharmDminus]

Starting in 2018 the match will be deposited per paycheck.

if we max out before end of year, we will continue to receive “match” on our last paychecks even though nothing is taken out, correct?

 

[wagrxm2000]

Can someone confirm that Walgreens offers up to a 4% match and no other 401k bonuses?

Only 4%, what other bonuses are you looking for?

if we max out before end of year, we will continue to receive “match” on our last paychecks even though nothing is taken out, correct?

You can only get 4% max of your paycheck.

 

[PharmDminus]

Only 4%, what other bonuses are you looking for?


You can only get 4% max of your paycheck.

right. so if i put 18k in the first 3 months, i will continue getting 4% of each paycheck matched the rest of the year

 

[wagrxm2000]

right. so if i put 18k in the first 3 months, i will continue getting 4% of each paycheck matched the rest of the year

When you hit 4% deposited of your annual salary, you will be done for the year. So $130k is $5.2k and your done.

 

[PharmDminus]

When you hit 4% deposited of your annual salary, you will be done for the year. So $130k is $5.2k and your done.

When you hit 4% deposited of your annual salary, you will be done for the year. So $130k is $5.2k and your done.

right, but that 5.2k cant get hit until our final paycheck. they have no way of knowing what our salary will be in advance. nevermind, its not worth trying to explain

 

[wagrxm2000]

right, but that 5.2k cant get hit until our final paycheck. they have no way of knowing what our salary will be in advance. nevermind, its not worth trying to explain

If you're confused call them up and they can help you

 

[Amicable Angora]

Only 4%, what other bonuses are you looking for?


You can only get 4% max of your paycheck.

Just making sure the max match they contribute is 4%

 

[pezdispenser]

if we max out before end of year, we will continue to receive “match” on our last paychecks even though nothing is taken out, correct?

I haven't seen a definitive answer. You could call them. The term is "true-up matching contributions". I'm inclined to think that they won't do it when they start matching per paycheck, because if you're not contributing anything at the end of the year, what is there to match? But I could be wrong, so please report back if you find out.

 

[wagrxm2000]

I haven't seen a definitive answer. You could call them. The term is "true-up matching contributions". I'm inclined to think that they won't do it when they start matching per paycheck, because if you're not contributing anything at the end of the year, what is there to match? But I could be wrong, so please report back if you find out.

Why call when you can ask here and have others do your work for you?

right, but that 5.2k cant get hit until our final paycheck. they have no way of knowing what our salary will be in advance. nevermind, its not worth trying to explain

Anyway, if the question is what happens if you earn more then what they project, I would say they would do a end of the year contribution. Since that wasn't in the information provided, you have to call. You could also ask your manager.

Best thing to do is simply make sure you contribute 4% and see what happens at the end of next year. If it's wrong, call and fix it.

The example they gave was overly simplified and simply said a persons contribution is $$$ so divide by 26 and you get your amount. They may just take 4% of each pay check and give that to you as long as you've contributed enough

Just making sure the max match they contribute is 4%

Oh, there wasn't anything mentioned about any extra contribution. I assume they are done with that.

 

[txpharmguy]

I have 14% taken out of my paycheck for 401k. Typically, I hit the 18k contribution limit last pay period of November or first pay period of December. Since I'm not "contributing" after that, I wouldn't expect the company too either.

 

[PharmDminus]

I have 14% taken out of my paycheck for 401k. Typically, I hit the 18k contribution limit last pay period of November or first pay period of December. Since I'm not "contributing" after that, I wouldn't expect the company too either.

If this isnt “true up” like pezdispenser said, we should be dropping our contributions to ensure we dont max out until our final paycheck. Otherwise we are missing out on a portion of our potential match. Id be surprised if walgreens doesnt “true up”, but then again it might be a way for the company to save money

 

[wagrxm2000]

I don't care if you guys believe me or not. Hit 4% at any point of the year and they will match it. That's how things work.

I just don't want someone getting confused if they are reading this. This conversation comes up each year with confusion.

 

[PharmDminus]

I don't care if you guys believe me or not. Hit 4% at any point of the year and they will match it. That's how things work.

I just don't want someone getting confused if they are reading this. This conversation comes up each year with confusion.

Too Fast to Match? This 401(k) Misstep Could Hurt Retirement Savings | FINRA.org

 

[wagrxm2000]

Too Fast to Match? This 401(k) Misstep Could Hurt Retirement Savings | FINRA.org

Like I said Walgreens matches no matter when and until it specifically states otherwise, that is how they do it.

I read the update when it came down and didn't see anything. Feel free to find out if you are concerned.

 

[PharmDminus]

Like I said Walgreens matches no matter when and until it specifically states otherwise, that is how they do it.

I read the update when it came down and didn't see anything. Feel free to find out if you are concerned.

that was always the case in the past because it was a one-time yearly match. now that it is per pay-period it may have changed. The statement you saw from walgreens did not say they will “true-up.”. If you are so sure, then great, better hope your assumption is correct or you could lose out on thousands of dollars. If I were you I would verify with HR.

 

[wagrxm2000]

that was always the case in the past because it was a one-time yearly match. now that it is per pay-period it may have changed. The statement you saw from walgreens did not say they will “true-up.”. If you are so sure, then great, better hope your assumption is correct or you could lose out on thousands of dollars. If I were you I would verify with HR.

Why would someone who isn't concerned call?

 

[Dr Wario]

Maybe the confusion is coming from how CVS had offered true-up contributions up through 2017, however, beginning 2018 the match (5%) will be deposited per paycheck and no true-up contribution will be made. Maybe people think walgreens is going the same rout?

 

[wagrxm2000]

Maybe the confusion is coming from how CVS had offered true-up contributions up through 2017, however, beginning 2018 the match (5%) will be deposited per paycheck and no true-up contribution will be made. Maybe people think walgreens is going the same rout?

Possibly, i assume they would report the change though.

 

[nsansom15]

I have been meaning to ask, who do i contact concerning my 410k? I am assuming the same people who deal with pay rates. I am just wondering because I do not remember receiving anything since coming on as rph this summer. I been with the company for 2 years as interning, so i may received something back the, but do not remember.

 

[PharmDminus]

2017 match is in

 

[txpharmguy]

Maybe the confusion is coming from how CVS had offered true-up contributions up through 2017, however, beginning 2018 the match (5%) will be deposited per paycheck and no true-up contribution will be made. Maybe people think walgreens is going the same rout?

Walgreens contribution is per paycheck starting in 2018

 

[johnpharm01]

Too Fast to Match? This 401(k) Misstep Could Hurt Retirement Savings | FINRA.org

Thanks for posting your link. I don't think wagrxm gets this. The frequency of the match affects the total match that one will receive. Contribute too much early and you won't get as much from the company as if you spread it out over the year. It also forces an individual to project their income for the year. Very tricky and a way for the company to save $$. Congrats wag rphs, no raises and a cut in retirement.

 

[wagrxm2000]

Thanks for posting your link. I don't think wagrxm gets this. The frequency of the match affects the total match that one will receive. Contribute too much early and you won't get as much from the company as if you spread it out over the year. It also forces an individual to project their income for the year. Very tricky and a way for the company to save $$. Congrats wag rphs, no raises and a cut in retirement.

I'm just going to repeat myself once again, it does not matter when you reach the max, contribute 4% and you will get your entire match.

I really hope people aren't changes things around just so they can contribute enough each paycheck. If you want to max early, please continue doing so.

Don't make this hard/confusing on yourself.

 

[Lnsean]

Thanks for posting your link. I don't think wagrxm gets this. The frequency of the match affects the total match that one will receive. Contribute too much early and you won't get as much from the company as if you spread it out over the year. It also forces an individual to project their income for the year. Very tricky and a way for the company to save $$. Congrats wag rphs, no raises and a cut in retirement.

Is Walgreens paying out per paycheck?

 

[wagrxm2000]

Is Walgreens paying out per paycheck?

Yes, do you need a source?

 

[Lnsean]

Yes, do you need a source?

Bro, that argument was like 3 weeks ago...why are u still so salty? You lost, give it a rest. Move on with your life man. It's very flattering, but I'd hate to see this seep into every aspect of your life. lmao.

 

[PharmDminus]

Possibly, i assume they would report the change though.

maxed out 401k on mid-october paycheck, which was matched. did not receive a match from last weeks check....

 

[mentos]

maxed out 401k on mid-october paycheck, which was matched. did not receive a match from last weeks check....

That sucks. At least you didn't max out in spring.

 

[wagrxm2000]

maxed out 401k on mid-october paycheck, which was matched. did not receive a match from last weeks check....

Should have listened and asked like I said.

I'm given the same info as everyone else and that was not mentioned.

They still may do something at the end of the year but I think you've learned your lesson, always confirm if confused

 

[PharmDminus]

Should have listened and asked like I said.

I'm given the same info as everyone else and that was not mentioned.

They still may do something at the end of the year but I think you've learned your lesson, always confirm if confused

im only here to serve as a data point for others, so they can still make adjustments if possible. including yourself wagrxm, as you were clearly mistaken. (maybe you wont have to lower your contributions since your tiny bonus will do that automatically)

 

[wagrxm2000]

im only here to serve as a data point for others, so they can still make adjustments if possible. including yourself wagrxm, as you were clearly mistaken. (maybe you wont have to lower your contributions since your tiny bonus will do that automatically)

Hey I just gave the info as is, I told you to call.

 

[returnrph]

What is their vesting period?

 

[pezdispenser]

What is their vesting period?

There is no vesting period. You are 100% vested in your contributions and the match immediately.

You can make employee contributions immediately when you start working. However, you will only get matched ($1:$1 of first 4% of your salary) after 1 year of service with at least 1,000 hours.

 

[pezdispenser]

maxed out 401k on mid-october paycheck, which was matched. did not receive a match from last weeks check....

Check your transaction history on 3/1/19. I got a company match of $0.02 because I didn't max out until the last paycheck, but I think this is supposed to be the true-up contribution.

 

[jackbauer1]

Check your transaction history on 3/1/19. I got a company match of $0.02 because I didn't max out until the last paycheck, but I think this is supposed to be the true-up contribution.

Thanks for letting us know! I was worried since I maxed out in November. Was too lazy to readjust. I knew they used to be true up before with yearly. But I do show the 3/1/19 payroll contribution showing up as 100% company guaranteed with payroll date 12/31/18.