Frequently asked questions about Walmart’s insurance plans and the Walmart 401(k) Plan.
Insurance plans
No. If you need information about your coverage, you can find Allstate’s contact information on AllstateAtWork.com/Walmart.
See the Associate Benefits Book for detailed information. You can also go to AllstateAtWork.com/Walmart or call Allstate at 800-514-9525, Monday through Friday, 8 a.m. to 8 p.m. ET.
You can provide notice of a claim online at AllstateBenefits.com/MyBenefits. You can also call Allstate at 800-514-9525 or provide notice of claim by fax at 877-423-8804.
No. However, if you enroll during Annual Enrollment you will need to wait until Jan. 1 for coverage to take effect.
Yes. A critical illness diagnosed before the effective date of the Allstate policy would generally be excluded from coverage. Call Allstate at 800-514-9525 for details about preexisting condition exclusions.
Critical illness insurance provides benefits for associates and their covered dependents in the event of a critical illness diagnosis. This plan pays you directly. It can be used to offset your share of the costs, including your deductible and coinsurance. Covered illnesses include: invasive cancer, heart attack, stroke, coronary artery bypass surgery, end-stage renal failure, Alzheimer’s disease, and more.
Accident insurance provides benefits if you or any covered dependents seek medical treatment or are hospitalized as a result of a covered accident that happens off the job. This plan pays cash directly to you, which you can use to offset your share of the costs, including your deductible and coinsurance. Some of the qualifying procedures include: emergency room treatments, hospitalization, burn therapy, major diagnostic exams, and other accident-related costs.
So they are able to purchase coverage between five and eight times their annual salary—the amount recommended by the insurance industry. The coverage levels currently offered to hourly associates also generally meet insurance industry recommendations.
After a year of continuous employment and regardless of the number of hours worked, part-time and temporary associates are eligible to enroll in optional associate life insurance and optional child life insurance.
They get an amount equal to their pay, including overtime and bonuses, during the previous 26 pay periods of active status (52 pay periods if paid weekly) prior to their death, rounded to the nearest $1,000, up to a maximum of $50,000.
Full-time, part-time, and temporary hourly associates can purchase optional associate life insurance in the following amounts: $25,000, $50,000, $75,000, $100,000, $150,000, and $200,000. Depending on the coverage amount selected and when you enroll, Proof of Good Health may be required. There are additional optional life insurance tiers available to management associates: $300,000, $500,000, $750,000, and $1,000,000.
These groups can purchase optional life insurance in the same amounts as full-time hourly associates (see question directly below). They also have the option to purchase the following tiers of coverage: $300,000, $500,000, $750,000, and $1,000,000. Proof of Good Health may be required.
Spouse/partner life insurance options include $5,000, $15,000, $25,000, $50,000, $75,000, $100,000, $150,000, and $200,000 tiers. Proof of Good Health is required for any tier. Please keep in mind that spouse coverage is only available to management and truck-driver associates.
Dependent children life insurance options include $5,000, $10,000, and $20,000 tiers. Proof of Good Health is not required.
No. It only stops your parking and/or transportation selection. To change or stop payroll deductions, log in to your account at WageWorks.com and click on either the “modify” or “stop” deductions link, or contact WageWorks Customer Service at 877-924-3967.
As long as you’re deducting money from your paycheck for commuter expenses, your WageWorks account will stay open and your deductions will be deposited into your account. Your unused funds will remain in your account until you use them to purchase a commuter option at a future date.
The four-digit ID code is the last four digits of your Walmart Identification Number (WIN).
The monthly pretax and payroll limit for each plan is:
• Transit commuter card: $270
• Parking account plan: $270
The maximum account balance is $1,500 for each plan. Once you reach the account balance maximum, deductions will stop and will start again once the balance is spent down on your account.
WageWorks. Send an email to ExpressHelp@WageWorks.com or call 877-924-3967 for assistance.
It works like a debit card and can be used at transit agency ticket vending machines and ticket windows. When using the transit card at an agency ticket vending machine, choose the “Credit” option.
No. The transit commuter card is a stored-value card, which works just like a debit card at transit locations.
There is no line of credit available, and your personal credit isn’t affected by use of the card. Only the funds they deduct from your paycheck are loaded onto the card and are available for use. Also, your transit commuter card will only be accepted by transit agencies for eligible commuting expenses.
You can expect it in the mail before the first day of the month in which your deductions start. For example, if you enroll by Sept. 10, your transit commuter card will arrive at your home before your first payroll deduction has been loaded onto the card in October.
You can pay for the transit pass using another form of payment, or you can add more dollars to your transit commuter card by accessing your WageWorks account and using your own debit or credit card.
No. Once funds have been designated as pretax dollars for this benefit, they can only be used for eligible commuting expenses. Your deductions are nonrefundable.
No. Once you have elected the funds to be used for transit expenses, they cannot be used for parking based on current IRS regulations.
Because this benefit is offered exclusively to you as a Walmart associate working in an urban market, this benefit will no longer be available to you if you leave Walmart. If you leave Walmart, per IRS regulations, you have 90 days to spend any remaining balance on your transit commuter card.
If you can’t use any remaining funds on your card before you relocate, those funds will remain available on your card. No refunds are allowed, per IRS regulations. If you transfer back to an urban market, those funds will still be available to use.
Yes. The maximum you can load onto your card is $1,500. If you reach this limit, WageWorks will discontinue your payroll deductions until funds on your card have been used. You will need to reenroll in the program once your account balance has been used.
No. IRS guidelines state that pretax funds should only be used for commuting to and from work.
You can add more dollars to your parking commuter card by accessing your WageWorks account and using your own debit or credit card.
No. Once you have elected the funds to be used for parking, they must be used for parking based on current IRS regulations.
Because this benefit is offered exclusively to you as a Walmart associate working in an urban market, this benefit will no longer be available if you leave Walmart. If you leave Walmart, you will forfeit any remaining funds in your parking account plan immediately per IRS regulations.
If you can’t use any remaining funds in your parking account before you relocate, those funds will remain in your account. No refunds are allowed per IRS regulations. If you transfer back to an urban market, those funds will still be available.
Yes. The maximum dollar amount you can load onto your parking account card is $1,500. If you reach this limit, WageWorks will discontinue your payroll deductions until funds on your card have been used. You will need to reenroll in the program once your account balance has been used.
Walmart 401(k) Plan
The Roth option lets you pay federal income taxes on the contributions you make to your 401(k) today, instead of paying them later when you take the money out in retirement. This is the reverse of traditional, pretax 401(k) contributions, and is designed to create tax-free income in retirement.
It’s all about federal income taxes:
- Traditional pretax contributions come out of your paycheck before taxes do. You save on your tax bill today, and your money grows tax-free. You’ll only pay taxes when you take your money out in retirement.
- Roth contributions work the other way around. You pay the taxes as usual before you put the money away, so you don’t have to pay them later—setting up tax-free income when you retire.
Just a few. To get tax-free treatment when you take Roth money out, you’ll need to take a “qualified distribution.” This means you need to wait at least five years from the year you start making Roth contributions, and you must be age 59½ or older. For high earners, there are also no “modified adjusted gross income” (MAGI) limitations like there are on a Roth IRA. There are also special rules that affect rolling your plan account over to another 401(k) or an IRA.
For most people the key thing to think about is your tax rate, today and in the future. Do you expect that you’ll pay taxes at a higher rate when you’re retired? If so, the tax-free income Roth savings can produce may be an advantage. Or do you think you’ll pay taxes at a lower rate in retirement? In that case, you may be better off taking the tax break now, and waiting until retirement to pay the taxes on your money. Retirement and tax planning can get complicated, so it’s a good idea to get professional advice before making this important decision.
No, it’s all part of the Walmart 401(k) Plan. Roth contributions just go into a separate bucket within your overall Plan account because they’re treated differently for tax purposes.
Yes. You can start, stop, or change your 401(k) contributions at any time, including your pretax or Roth election and the amount.
Yes. Many savers hedge their bets by splitting their contributions between the pretax and Roth options.
The same IRS limits apply to either pretax or Roth contributions, or to a combination of both.
Yes. Whichever you choose, Walmart will match the first 6% you put in dollar for dollar once you become eligible for the match. Remember that matching contributions are made on a pretax basis and are subject to taxation at withdrawal, including a possible 10% additional federal tax if withdrawn before age 59 ½, unless an exception applies.
No. The Walmart 401(k) Plan does not allow a “Roth conversion” at this time.
Once you become eligible, Walmart will match, dollar for dollar, any contribution you make to your plan account, up to 6% of your eligible wages for the Plan year (Feb. 1 through Jan. 31). The match is made each pay period you contribute and will continue until the full amount you are eligible for is made each Plan year.
You are immediately 100% vested in both the money you contribute to your 401(k) account and your Company Match account. “Vested” simply means the money belongs to you, regardless of your employment status or years of service.
The dollar-for-dollar match is up to 6% of your pretax-eligible pay, which includes:
• Regular salary or wages, including bonuses and incentive dollars
• Overtime, paid time off (used and paid out), bereavement, jury duty, and premium pay
• Differential wage payments you receive from Walmart while you are on a qualified military leave
Yes. Base pay, incentive pay (like MyShare and SamShare), and overtime pay all count as eligible wages.
Yes. Just call the Merrill Lynch Customer Service Center at 888-968-4015 to find out how.
As soon as administratively feasible after your date of hire is entered into the payroll system.
You can save 1% to 50% of your eligible wages from each paycheck in your 401(k) account, up to the maximum allowed by the IRS. This annual limit is indexed to inflation and subject to change, typically each year. The 2024 maximum is $23,000. If you are age 50 or older in 2024, you can save an additional catch-up contribution of up to $7,500.
Your incentive pay is considered 401(k) eligible and will be treated like any other paycheck.
On the first day of the calendar month following your first anniversary of employment with Walmart, as long as you are credited with at least 1,000 hours of service during your first year and are contributing to your 401(k) account. You can still contribute your own money to the plan before you become eligible for the match.
You will be matched dollar for dollar up to 6%. If you contribute 3%, the company will contribute 3%.
If you contribute more than 6% to your Walmart 401(k) Plan account, the company will still only match up to 6%. For example, if you contribute 10%, the company will contribute 6%.
Your match per pay period is based on the average amount you’ve saved during the year—your Plan year-to-date average savings rate.
Divide your Plan year-to-date contributions by your Plan year-to-date wages. (Please note that the Plan year for the Walmart 401(k) Plan runs Feb. 1 through Jan. 31.) For example, if your Plan year-to-date contributions are $2,000 and your Plan year-to-date wages are $20,000, your average savings rate would be 10%. Since the maximum match is 6%, your match would be $1,200.
Yes. Your contributions are matched at the rate of 6% each pay period. If you reach the IRS maximum contribution limit before the company match equals 6% of your eligible pay, the company will continue making matching contributions of 6% of your Plan year-to-date wages (even if no contributions are being withheld from your paycheck), until the full eligible company match is contributed.
The company match is dollar for dollar on each dollar you contribute to your 401(k) account, up to 6% of your eligible wages for the Plan year. Therefore, the amount you will receive is based on your Plan year-to-date wages.
See the chart below for examples, which uses the 2024 maximum contribution of $23,000.
| If your annual pay is: | And you contribute this % of your pay:** | Your maximum contribution*** would be: | Walmart’s matching contribution would be: | Total contribution to your 401(k) would be: |
|---|---|---|---|---|
| $50,000 | 36% | $18,000 | $3,000 | $21,000 |
| $100,000 | 18% | $18,000 | $6,000 | $24,000 |
| $150,000 | 12% | $18,000 | $9,000 | $27,000 |
| $275,000 | 7% | $19,000 | $16,500 | $35,500 |
**The Plan limits your contributions to 50% of your eligible pay.
***The IRS limits the amount you can contribute to the Plan each year. For calendar year 2024, the limit is $23,000.
Go to:
Or, you can call the Merrill Lynch Customer Service Center at 888-968-4015.
No. When you complete your online enrollment session, you may notice a suggested 1% increase to your 401(k) contribution for the next pay period. This is to encourage associates to save more; however, you may select “no change” or increase or decrease your contribution amount by using the drop-down menu.
Changes will take effect immediately and will be reflected in your next biweekly pay period, or as soon as administratively possible.
No. If you have Walmart stock from the past in your old profit-sharing account or 401(k) account, you’re free to hang on to it. If you want to purchase new Walmart stock, check out your options with the Associate Stock Purchase Plan at One.Walmart.com/ASPP.
Yes. Once you reach the IRS maximum level for contributions, your deductions will automatically stop.
Contributions are always 100% vested in your Walmart 401(k) Plan account, meaning that you own the money regardless of employment status or years or service. Old profit-sharing accounts are the only funds subject to a vesting schedule.
Benefits.ml.com. Company match is not shown on the paystub.
If you haven’t created an account on Benefits.ml.com, click “Create User ID” at Benefits.ml.com on the site and follow the directions to open an online account. If you don’t have ready access to a computer, call the Customer Service Center at 888-968-4015. If you’ve never called the Merrill Lynch Customer Service Center before, you will be prompted to enter a PIN. Your PIN is your birth date (MMDDYY). For example, if your birthday is Feb. 4, 1976, your PIN would be 020476.
You may apply for a loan from your 401(k) account. Two types of loans are available: one specifically for buying a home and the other for general purposes. Information on the loan provision can be found in your Associate Benefits Book.
You can apply for a loan from your 401(k) account. There are two types of loans: one specifically for buying a home and one for general purposes. You can find information in the Associate Benefits Book.
Yes, subject to Plan rules and IRS guidelines. Tax law requires that before you can request a hardship payout you must have already obtained any other payouts available under the Plan, including loans.
Loans and hardship withdrawals are significantly different, and both forms have important tax consequences. Please consult a tax advisor when considering options.
The fees for processing a 401(k) loan vary, depending on the type of loan. Please contact the Merrill Lynch Customer Service Team at 888-968-4015 for more information. Any fees you pay are used to cover the cost of processing your loan, and are not paid back to your account.
Because the money you borrow would grow from investment earnings if it remained in your 401(k) account. It’s important to fully repay both the principal and the interest when you take a 401(k) loan.
