Walgreens profit sharing matching

[ancienbon]

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Does anyone have an idea how to calculate the walgreens profit sharing matching contribution?
The matching for last year was posted today, and when i cheked my account online, it says Company guaranted 2689.48, and Co discretionary 1290.7. I thought it should be more as i made over 135,000 last year. the way i understand it the 2689.48 should be the 2 percent of my pretax salary,which was above 135000. But i believe, it should have been more at it is a 2 to 1 ratio for the 2 percent.
Feel free to help me please

 

[pezdispenser]

How long have you been working for wags? They don't start matching until you have been with them for one year and worked 1,000 hours in 12 months. Maybe that's why?

I got my match fine. Looks like $2.96 for $1 altogether.

 

[ancienbon]

How long have you been working for wags? They don't start matching until you have been with them for one year and worked 1,000 hours in 12 months. Maybe that's why?

I got my match fine. Looks like $2.96 for $1 altogether.

i have been with them for more than a year almost 2 years now

 

[PharmDstudent]

Does anyone have an idea how to calculate the walgreens profit sharing matching contribution?
The matching for last year was posted today, and when i cheked my account online, it says Company guaranted 2689.48, and Co discretionary 1290.7. I thought it should be more as i made over 135,000 last year. the way i understand it the 2689.48 should be the 2 percent of my pretax salary,which was above 135000. But i believe, it should have been more at it is a 2 to 1 ratio for the 2 percent.
Feel free to help me please

Your numbers don't add up.

How long have you been working for wags? They don't start matching until you have been with them for one year and worked 1,000 hours in 12 months. Maybe that's why?

I got my match fine. Looks like $2.96 for $1 altogether.

My match was also $2.9575 to $1.

Company guaranteed was $5,489.46 and company discretionary was $2,633.45. I pulled this from an e-statement with the date range: 02/22/2012 to 02/22/2012.

 

[pezdispenser]

Did you max out contributions ($16,500) halfway through the year? Maybe they only match2% of each paycheck, not 2% of your total annual salary.

 

[TonyRx]

Yup, it was a $2.96 match.

 

[NJHatLFG]

Without having a statement in front of me I suspect there is a little confusion.

Generally, company guaranteed is your 401k matching contributions while company discretionary is the profit sharing component that is based on a % of your compensation and determined by the company board on an annual basis.

If anyone wants help reviewing their statement feel free to message me.

 

[ancienbon]

Did you max out contributions ($16,500) halfway through the year? Maybe they only match2% of each paycheck, not 2% of your total annual salary.

that might be true as i participated in the plan in mid june of 2011. but still i believe it should have been more as my total salary for mid june to december is probably 70 000 dollars. though i have not really checked yet.

 

[pezdispenser]

It looks like you earned $67,237 while participating in the plan.

The first 2% of this contributed is eligible for matching or $1,344.74.

The company guaranteed match is $2 for $1 which is $2,689.48
The company discretionary match was $0.96 for $1 or $1,290.70

 

[ancienbon]

It looks like you earned $67,237 while participating in the plan.

The first 2% of this contributed is eligible for matching or $1,344.74.

The company guaranteed match is $2 for $1 which is $2,689.48
The company discretionary match was $0.96 for $1 or $1,290.70

Thanks a lot.... I got it now....

 

[bungerman]

You all read the changes that are coming to profit sharing right? If I remember correctly off the top of my head, they are not matching as much unless profits return but you can now put in 4% total income compared to 2% and are automatically fully vested instead of having to wait the 7 years. Something also about taking out loans against your principle and paying them off pay check to pay check?

 

[PharmDstudent]

You all read the changes that are coming to profit sharing right? If I remember correctly off the top of my head, they are not matching as much unless profits return but you can now put in 4% total income compared to 2% and are automatically fully vested instead of having to wait the 7 years. Something also about taking out loans against your principle and paying them off pay check to pay check?

The changes are not supposed to "save the company money", so the matching should be similar.

 

[PharmDstudent]

The match variable has to be $1.48 at $1:$1 and 4% matching, half of what it was before ($2.96 at $2:$1 and 2%) to be the same amount of money matched proportionally.

I suggest you play with some numbers, if you're in doubt.

 

[Got Em]

I heard this was on Compass, but I couldn't find it a few weeks ago. I just heard that they were matching the $2 for $1 guaranteed from now on, but didn't match anything above that. Am I wrong?

 

[PharmDstudent]

I heard this was on Compass, but I couldn't find it a few weeks ago. I just heard that they were matching the $2 for $1 guaranteed from now on, but didn't match anything above that. Am I wrong?

Anything above that is where "pay for performance" comes into play.