Walmart matches 100% of the first 3% that employees contribute to their 401(k) plan. They also match an additional 50% of the next 2% that employees contribute, bringing their total potential match to 6%. For example, if you contribute 3% of your salary to your 401(k), Walmart will contribute an additional 3%, making your total contribution 6%. If you then contribute 2% more, Walmart will contribute an additional 1%, making your total contribution 7%. The 401(k) plan is a tax-advantaged retirement savings account, and Walmart’s match can help you save even more money for the future.
How Walmart Matches Your 401k
Walmart matches employee 401k contributions up to 6% of their annual salary. The match is 100% vested, meaning it’s yours to keep even if you leave the company.
Enrolling in Walmart’s 401k
To enroll in Walmart’s 401k plan, you can:
- Visit Walmart’s 401k website.
- Call Walmart’s 401k hotline at 1-800-669-0350.
- Mail a completed enrollment form to the address provided on the Walmart 401k website.
Additional Information
Here are some additional things to keep in mind about Walmart’s 401k plan:
- You are eligible to enroll in the 401k plan after you have worked at Walmart for 30 days.
- The minimum contribution amount is 1% of your salary.
- You can change your contribution amount at any time.
- Walmart offers a variety of investment options for your 401k account.
| Contribution Amount | Walmart Match |
|---|---|
| 1% | 1% |
| 2% | 2% |
| 3% | 3% |
| 4% | 4% |
| 5% | 5% |
| 6% | 6% |
Walmart’s 401(k) Matching Contributions
Walmart offers a competitive 401(k) plan to its employees. The company matches 100% of the first 6% of eligible compensation that an employee contributes to the plan. This means that if an employee contributes 6% of their salary, Walmart will contribute an additional 6%.
Investment Options Available in Walmart’s 401(k)
Walmart’s 401(k) plan offers a variety of investment options, including:
- Target-date funds
- Index funds
- Stock funds
- Bond funds
- Real estate funds
Employees can choose to invest their contributions in any combination of these options. The plan also offers a number of managed account options, which can be helpful for employees who want professional assistance with their investments.
How to Enroll in Walmart’s 401(k) Plan
Employees can enroll in Walmart’s 401(k) plan online or through the mail. The enrollment process is simple and takes only a few minutes. Employees can choose to contribute a fixed percentage of their salary or a fixed dollar amount to the plan. Contributions can be made on a pre-tax or after-tax basis.
Walmart’s 401(k) plan is a great way to save for retirement. The company’s matching contributions can help employees reach their retirement goals faster. Employees should consider enrolling in the plan as soon as they are eligible.
| Employee Contribution | Walmart Contribution |
|---|---|
| 0% | 0% |
| 1% | 1% |
| 2% | 2% |
| 3% | 3% |
| 4% | 4% |
| 5% | 5% |
| 6% | 6% |
| 7% | 0% |
| 8% | 0% |
| 9% | 0% |
| 10% | 0% |
Matching Contributions
Walmart matches employee contributions to its 401(k) plan on a 50% basis, up to 6% of eligible compensation. This means that for every dollar you contribute, Walmart will contribute an additional 50 cents, up to a maximum of $360 per year.
Vesting
Walmart uses a graded vesting schedule, which means that your employer contributions vest (become yours) over time. The vesting schedule is as follows:
– 20% after 2 years of service
– 40% after 3 years of service
– 60% after 4 years of service
– 80% after 5 years of service
– 100% after 6 years of service
If you leave Walmart before your employer contributions are fully vested, you will forfeit the unvested portion.
Table Summary
| Years of Service | Percentage Vested |
|—|—|
| 2 | 20% |
| 3 | 40% |
| 4 | 60% |
| 5 | 80% |
| 6+ | 100% |
Walmart’s 401k Matching Contributions
Walmart offers a 401(k) plan to eligible employees, with a company match of up to 6% of the employee’s salary. The match is fully vested after three years of service.
To be eligible for the match, employees must contribute at least 1% of their salary deferrals to the plan. The maximum employee deferral limit for 2023 is $22,500, plus an additional $7,500 catch-up contribution for employees age 50 or older.
The Walmart 401(k) plan is invested in a variety of funds, including target date funds, stock funds, bond funds, and money market funds. Employees can choose how to allocate their investments among these funds.
Withdrawals and Distributions from Walmart’s 401k
Employees can withdraw funds from their Walmart 401(k) plan at any time, but there may be tax and penalty implications. Withdrawals before age 59½ are subject to a 10% early withdrawal penalty, in addition to income taxes.
There are several types of distributions that can be taken from a Walmart 401(k) plan:
- Lump-sum distribution
- Periodic payments
- Annuity
- Required minimum distributions (RMDs)
Lump-sum distributions are taxed as ordinary income in the year they are received. Periodic payments and annuities are taxed as ordinary income as they are received. RMDs are taxed as ordinary income in the year they are received, but they may be eligible for a tax-free rollover to another qualified retirement plan.
| Distribution Type | Tax Treatment |
|---|---|
| Lump-sum distribution | Taxed as ordinary income |
| Periodic payments | Taxed as ordinary income as received |
| Annuity | Taxed as ordinary income as received |
| RMDs | Taxed as ordinary income, but may be eligible for tax-free rollover |
Well there you have it, folks! Hopefully, this little guide has given you the 411 on Walmart’s 401(k) plan. Whether you’re just starting out or already saving for retirement, it’s never too early to start planning. Thanks for taking the time to read, and be sure to visit us again soon for more financial wisdom!