How much does Walmart match on a 401k?

Walmart is renowned for offering competitive employee benefits, and one of the standout features is its 401(k) plan. If you’re considering joining Walmart or are already an employee, you may have wondered how much Walmart matches on a 401(k) plan. In this article, we will discuss the specifics of Walmart’s 401(k) match policy and address related frequently asked questions.

Table of Contents

• How much does Walmart match on a 401(k)?
• 1. Do I have to contribute to my 401(k) to receive Walmart’s match?
• 2. Is there a specific waiting period before I can start contributing to my 401(k)?
• 3. Are there any limitations on the amount I can contribute to my 401(k)?
• 4. Does Walmart match contributions made to a Roth 401(k)?
• 5. Are there any vesting requirements for Walmart’s 401(k) match?
• 6. Can I change my 401(k) contribution amount anytime?
• 7. What happens if I leave Walmart before being fully vested?
• 8. Can I take out a loan from my 401(k) plan?
• 9. Can I rollover my 401(k) from a previous employer into Walmart’s plan?
• 10. Can I access my 401(k) funds while still working at Walmart?
• 11. Will my contribution percentage automatically increase each year?
• 12. Can I receive the 401(k) match if I’m a part-time employee?

How much does Walmart match on a 401(k)?

Walmart provides a generous employer match on its associates’ 401(k) contributions. The company currently matches an associate’s contributions dollar-for-dollar for up to 6% of their eligible earnings. This means that employees who contribute 6% of their salary to their 401(k) will receive an additional 6% from Walmart as a match.

Now, let’s address some common questions about Walmart’s 401(k) match:

1. Do I have to contribute to my 401(k) to receive Walmart’s match?

Yes, to receive Walmart’s match, you must make personal contributions to your 401(k) account.

2. Is there a specific waiting period before I can start contributing to my 401(k)?

No, there is no waiting period. Once you become eligible for Walmart’s benefits, you can start contributing to your 401(k) immediately.

3. Are there any limitations on the amount I can contribute to my 401(k)?

Yes, the IRS imposes contribution limits each year. As of 2021, the maximum contribution limit for employees under 50 years old is $19,500.

4. Does Walmart match contributions made to a Roth 401(k)?

Yes, the Walmart 401(k) plan offers a match for contributions made to both traditional and Roth 401(k) accounts.

5. Are there any vesting requirements for Walmart’s 401(k) match?

No, Walmart employees are immediately 100% vested in the company’s match. This means that you own the match contributions from the moment they are made.

6. Can I change my 401(k) contribution amount anytime?

Yes, you are free to adjust your contribution amount at any time. However, it’s important to consider the potential consequences of lowering your contribution percentage.

7. What happens if I leave Walmart before being fully vested?

If you leave Walmart before being fully vested, you will only keep the portion of the 401(k) match that you are vested in. Any non-vested match contributions will be forfeited.

8. Can I take out a loan from my 401(k) plan?

Yes, Walmart’s 401(k) plan does allow for loans, but certain criteria must be met. It’s important to consult the plan details and consider the potential financial implications before taking a loan.

9. Can I rollover my 401(k) from a previous employer into Walmart’s plan?

Yes, Walmart allows you to roll over funds from a previous employer’s 401(k) into your Walmart plan.

10. Can I access my 401(k) funds while still working at Walmart?

In most cases, you cannot withdraw funds from your 401(k) while still employed by Walmart. However, certain circumstances such as financial hardships or reaching the age of 59.5 may allow for early withdrawals.

11. Will my contribution percentage automatically increase each year?

No, Walmart’s 401(k) plan does not automatically increase your contribution percentage. If you wish to increase your contribution, you will need to manually adjust it yourself.

12. Can I receive the 401(k) match if I’m a part-time employee?

Yes, both full-time and part-time Walmart employees are eligible for the company’s 401(k) match as long as they meet the minimum service requirements.

In conclusion, Walmart offers a lucrative 401(k) match program, matching employees’ contributions dollar-for-dollar up to 6% of their eligible earnings. The company’s commitment to helping associates save for retirement is evident through the immediate vesting policy and the option to contribute to both traditional and Roth 401(k) accounts. Whether you’re a full-time or part-time employee, taking advantage of Walmart’s 401(k) match can significantly enhance your financial future.

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