profit sharing
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onewagmgr

Ponte Vedra Beach, FL

#1 Jan 20, 2012
So...saw the update on compass at 445pm...profit sharing match is dropping from nearly $3 to $1 match down to $1 for $1 match effective March 1st, 2012. AND you have to put 4% into the fund if you want the full company match. WOW.
ipad

Houston, TX

#2 Jan 20, 2012
Yeah and the idiots on Mark's blog said "one of the biggest takeaways from the meeting was the feeling that our company is stronger than ever". Keep drinking that kool-aid CLs. WAG is headed by the scum of the earth.
wager

United States

#3 Jan 20, 2012
Something about bad news on Fridays at 445pm..remember the mgt ot email?
Geraldo

Houston, TX

#4 Jan 20, 2012
ipad wrote:
Yeah and the idiots on Mark's blog said "one of the biggest takeaways from the meeting was the feeling that our company is stronger than ever". Keep drinking that kool-aid CLs. WAG is headed by the scum of the earth.
Scum of the earth is right. I sold 2 of my employees on the profit sharing plan this past year (which corporate WANTED us to do) because the matching at 2% requirement was low. Now they pull the rug out from under the lower paid employees and force a 4% requirement on them and the rest of us.

Since: Aug 10

Location hidden

#5 Jan 20, 2012
For some stupid reason,I will withhold too much judgment for now.The old way we were only guaranteed $2 for $1 match and anything above that was up to them.Now we will be guaranteed only 1 for 1 but like posted before they will match up to 4% instead of only 2%.Depending on how much extra they go above $1 on the match you may make out if you do give the full 4%
Good News

Lake Saint Louis, MO

#6 Jan 20, 2012
You can invest up to 24% in Walgreens Stock.
With over 20,000 asst. managers being laid-off the stock should go up.
examn

Saint Paul, MN

#7 Jan 20, 2012
Guaranteed 1:1, it will be more than that based on company profits. Probably closer to 1:1.50 or so?

Not as good as 1:2 but the company matches 4% now so its basically a wash. They just want employees to invest more

Since: Jan 12

Location hidden

#8 Jan 20, 2012
Wow, I'm actually surprised by this. There goes Walgreens "best benefit"

They're really trying to kill employee morale in 2012
RXMAZ

Havana, FL

#9 Jan 20, 2012
1:1 match? The only reason to work for WAG in the pharmacy is the pay and benefits. The lack of staffing and ever increasing number of tasks compared to some of the other pharmacies definitely make working here less attractive. You start decreasing more benefits than you already have and there is no reason to stay.

Since: Jun 10

Location hidden

#10 Jan 20, 2012
I have been upset in the past with some decisions from upper management, but this takes the cake. I have been with this company before it opened it 2000 store. The one benefit that was a deal maker was the profit sharing back then it was $3.65 per dollar. Since I signed up It has gone down year after year. The only reasons I have to stay now is the soon to be 5 weeks vacation and the retirement benefit for health insurance.

Now after doing the math, putting in 4% vs 2%, the end amount would be a wash as the previous poster said. Now that said, I will have about 1-2% less cash this year for after tax income. Couple that with the double deductible in the health plan, I now have $3000 less after taxes. Add that poultry raise and biting inflation, my salty buying power is about $10000 then it was four years ago.
Exhausted

Stone Mountain, GA

#11 Jan 21, 2012
I am sorry but when a company starts screwing around with the 401k program, that signals a financial problem. I think think things are worse than they are telling us.

Since: Jun 10

Location hidden

#12 Jan 21, 2012
they are going to get worst.a few years ago, they admitted they over built too many stores and did not want to become the next starbucks. this is one of many changes they are doing to prevent store closings. I am afraid that there wil be some.the plan is to make the company profitable. margins are getting tougher. I just do not like to much change to fast.

after doing the math, these changes are better for me but the increased deduction of pay hurts as I stared before
WGMGR

Alhambra, CA

#13 Jan 21, 2012
Captain Prozac wrote:
The only reasons I have to stay now is the soon to be 5 weeks vacation and the retirement benefit for health insurance.
What retirement benefit for health insurance? MGRs used to get lifetime benefits after a set amount of years but that was eliminated over a decade ago. Is there something else?
upset and worried

Carpentersville, IL

#14 Jan 22, 2012
I just spoke to a person (trust me) and I would never speak the name (ever) they said Walgreen depending on express scripts in march .. if the guy with his little calculator made a mistake for how many cuts they had to do to make up for the loss 2%
they will be cutting the store managers down too !
Sad but I believe if the little guy hangs in there long enough to see all the EXA's go and others who quit from abuse and cut benefits ,, then all the sudden Walgreen will say they are doing great again,, look at what an awesome company we are ,, BS

Since: Jan 12

Location hidden

#15 Jan 22, 2012
its time to pull out and start your 401k and/or roth accounts elsewhere with investment companys. There isnt much reason to keep it with walgreens. This wont happen, but if we all deferred our money elsewhere they would be screwed. Remember they can dangle your 'discretionary' money in front of you.
NO its not a WASH we have to give them twice as much money for the same results.All the company YES men will so it is.
upset and worried

United States

#16 Jan 22, 2012
Pulling mine on Monday.. already have new plan. For safety I feel best sine they could one day claim bankrupt like all those other bail out corps that beg for money. Then they will just steal what we have saved (some of us for years). Why would walgreens care if we can't eat or survive once they used us to profit them.
Geraldo

Houston, TX

#17 Jan 22, 2012
upset and worried wrote:
Pulling mine on Monday.. already have new plan. For safety I feel best sine they could one day claim bankrupt like all those other bail out corps that beg for money. Then they will just steal what we have saved (some of us for years). Why would walgreens care if we can't eat or survive once they used us to profit them.
The 401K is in a J.P. Morgan account that Walgreens can't touch in terms of withdrawing from it. It's NOT like it's a pension fund.
upset and worried

Carpentersville, IL

#18 Jan 22, 2012
Yes thanks my friend just told me this:

you cant withdrawal your money unti seperation of service. anything an employeer matches is simply a bonus. thats how i view it. its always reccommended by me to put in as much as u can but atleast as much as the match. your saving for your retirement and they cant take your contributions or the amount of employer contributions that are yours via vesting schedule. they cant freeze your 401k money from u
if u wish to contribute less, thats a decision u have to make based upon your personal finances.

Then this was also very good information:

sometimes in bankruptcy things get frozen even though it is your money. think of indymac bank year ago. there was a run on people gettting their money out that they froze accounts for years. So if what u think could happen does it might be better to have that moneyelsewhere. your 401k money is held elsewhere so worries there anyway. Vip /yes you get taxed on the interest gained every year
Loans on my 401-k

Lake Saint Louis, MO

#19 Jan 22, 2012
You can take out general loans on your 401-k thru JP Morgan. Your max. Is 2 loans.
shermy

Houston, TX

#20 Jan 22, 2012
Here is the full text on the new profit sharing. If you read carefully you will find that because the ratio now is only 1:1 WAG will now match UP TO 4%. This does not mean you have to up your contributions to 4% from 2% in order for the company to match your contribution. Once again this blog shows how much misinformation can be spread on blogs.
All Stores, Starting January 22, 2012, a supply of Profit-Sharing handouts will be mailed to all work locations. These handouts include information about upcoming Profit-Sharing Retirement Plan changes. Please give one brochure to every team member who is eligible to participate in the Plan. These changes must be communicated to all team members as soon as possible. This COMPASS project includes a preview of the team member handout and reference materials for you. Please review these materials in advance, in case your team members have questions. Walgreens is changing our Profit-Sharing Retirement Plan in two ways: 1. The guaranteed company matching contribution will be $1 for each dollar a team member contributes up to 4 percent of his or her pay (subject to IRS maximums). 2. All active plan participants will be 100 percent vested in all past and future company matching contributions as of March 1, 2012. As in previous years, a discretionary company match may be added to participant accounts based on company performance. This performance-based discretionary contribution continues to align the Plan with the company’s overall compensation strategy of “pay for performance” and encourages team members to save more for retirement. One of the most important messages that you can give your team members is that they should consider contributing 4 percent of their pay to the Plan to receive the full company match. Another important message is that this change is not designed to save the company money. It is part of our “Pay for Performance” strategy and continues to link company performance to team member rewards. Resources (all are attached to this COMPASS project): Profit-Sharing Handout -- Printed handouts will be sent to all work locations starting the week of January 22, 2012. As soon as they arrive, please distribute these handouts to every team member who is eligible to participate in the Plan. Profit-Sharing FAQ -- Common questions are addressed in this FAQ document, which also will be available on the Walgreens Profit-Sharing website ( www.wagprofitsharing.com ). Profit-Sharing PowerPoint -- Review this PowerPoint to understand the key features of the Profit-Sharing Plan. You can use this PowerPoint in team meetings or your team members can access this at www.wagprofitsharing.com . Additional information about the Plan and these changes will be available on www.wagprofitsharing.com , which will also includes the voice-over PowerPoint presentation that explains the plan. If you have any questions, please email [email protected] m. Please advise team members to contact the Walgreen Profit-Sharing Service Center at 877-WAG-PROFITS (877-924-7763) weekdays 7:00 a.m. to 8:00 p.m. CST. By marking this project complete, you confirm that you reviewed the Profit-Sharing reference materials and distributed the Profit-Sharing handouts to all Plan-eligible team members upon receipt. Thank you

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