Quarterly fees to profit sharing now!!!

Quarterly fees to profit sharing now!!!

Posted in the Walgreens Forum

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Vieux

Colorado Springs, CO

#1 Dec 4, 2012
Now anyone in Profit sharing with walgreens will have a quarterly amount of 29.35 charged to their account. THIS is crap most would never have signed up to be in the program if this was part of it when we joined years ago. Now walgreens is not only cutting your pay and your hours they are leeching from any retirement funds youve built up in profit sharing at a cost of 117.40 a year! that mean anyone in the plan is throwing this money away! Years ago Profit sharing with walgreens was great and now is bull that they can tack fees on when they want.
Vieux

Colorado Springs, CO

#2 Dec 4, 2012
The fees start being taken from your account the first quarter of 2013. So far only way I've been able to find to remove any amounts that are vested is by leaving th company or getting a lawyer. Still looking for a way other than these if anyoe knows more please share.
Grease

Elmhurst, IL

#3 Dec 4, 2012
The packet that was mailed mentioned that Recordkeeping fee is an ANNUAL fee, which will be BROKEN DOWN in QUARTERLY INSTALLMENTS.
Grease

Elmhurst, IL

#4 Dec 4, 2012
But I do agree that this fee, including the drastic changes into changing elections is absolutely absurd.
Grease

Elmhurst, IL

#5 Dec 4, 2012
A shareholder proposal for its removal is a possible idea for next shareholder meeting, if anyone can do that.
Vieux

Colorado Springs, CO

#6 Dec 4, 2012
This fee is taken from your base balance of the account so unlike past fees taken out of the returns only if you drop your % contributed from paychek to 0%, "due to paycuts or hardships", your base account amount will now continue to shrink.

One more way for Walgreens to take from its employees. Employee relations also tryed to twist this as nothing new except that the fee will come out of the base account now but it has always come out of the returns in the past... there is a big difference as in all who have dropped the contribution rate to 0% will now continue to loose from their retirement plan virtualy handing more to Walgreens greedy pockets.

The profit sharing department also informed me that to pull any money out "without having to pay it back" the employee would have to quit or be terminated.

This is under handed first they change the contribution match from previous years, then they cut pay and hours to employees reducing any potential contributions forcing many to drop to 0% contribution and now they found a way to continuously take money back from base accounts instead of returns.
Anonymous1

United States

#7 Dec 4, 2012
Walgreens is garbage!!!! Cheating and stealing from employees!!!
Anonymous1

United States

#8 Dec 4, 2012
This company has been using our money to buy companies and now they want to get rid of the employees that work for them even if they are sick. This sick pay is a joke!!!!
WassonCanSuckIt

Colorado Springs, CO

#9 Dec 4, 2012
I blame our fearless leader and his board of cronies. They take from the front line to line their pockets. Just waiting for the day we get a new CEO, one who cares a tad more than Greg.
Anonymous1

United States

#10 Dec 4, 2012
By the time Greg is replaced Walgreens will be in ruins.
Vieux

Colorado Springs, CO

#11 Dec 4, 2012
For anyone who listens to the double talk Corp levelis saying about this basicly being the same as before "just in a different way" this of this.

Before all fees were based on returns "AKA company and stocks rise or fall and fees adjust accordingly". Now one of the fees is a reocuring flat fee no longer based on performance so even if you see a 0% return you now have a flat fee loss, causing you to loose money and nolonger garenteeing the money you put in if your vested is continuously drained because paycuts have forced you to zero contributions at this time.

This does not effect higher paid employees who can afford to have money still taken from their pay only the base level employees who signed into profit sharing when it was fair to all.

Do not accept the double talk of this just being visible now. After all nothing prevents the fee from being increased next year or for other reasons causing further loss to those being hurt by this. Walgreens Corp have proven time and again if it benifits the base employees they won't do it.
the grumpiest rph

Boca Raton, FL

#12 Dec 4, 2012
The money in employee retirement plans is not yours in the eyes of the government. It will treat tax deferral as a lien to your 401k money. The plans to nationalize 401k plans are in the works. Soon the public will see that we work in one big forced labor camp, one big chain gang, earning company store tokens that have no real value.
wagsuxxx

Platte City, MO

#13 Dec 4, 2012
the grumpiest rph wrote:
The money in employee retirement plans is not yours in the eyes of the government. It will treat tax deferral as a lien to your 401k money. The plans to nationalize 401k plans are in the works. Soon the public will see that we work in one big forced labor camp, one big chain gang, earning company store tokens that have no real value.
Wrong on almost everything you said. 401k is the employees money. Also, that big bad government is the reason these 401ks have to disclose their fee structure so they can't hide costs anymore.
Schmagette

Palatine, IL

#14 Dec 4, 2012
There's a current shareholder proposal to stop the practice of giving executives accelerated vesting monies if there's a change of control of leadership. The BOD is against it and are recommending shareholders vote against it (indeed, if you don't vote, your assigned proxy will vote against it). PLEASE vote FOR this proposal. You can check out all the details at http://www.sec.gov/Archives/edgar/data/104207... .--Go to page 69.--
Schmagette

Palatine, IL

#15 Dec 4, 2012
Hewlett Packard and other companies have done away with this accelerated vesting privilege for executives. Here's just one line of reasoning from the BOD for why they don't want to lose this privilege: "The proposal, if implemented, would have the effect of depriving executives of the full value of their awards upon a change in control." Oh, poor babies!! But please check out the link I provided and determine for yourself. You won't believe the arguments from the BOD. Talk about put of touch!!
Schmagette

Palatine, IL

#16 Dec 4, 2012
Again, please vote FOR this proposal.
Well screwed

Albertville, AL

#17 Dec 4, 2012
I for one am not surprised by this at all, in fact not sure how anyone could be at this point. Everything and I mean everything corporate does now is focused on cutting expenses and employees and their benefits are the biggest expense. I do love how they try and spin everything as its going to benefit the employees. They are always "proud to present the next screwing to the little guy" that will improve everything. It has just become insulting at this point and I might have a tiny shred of respect for wasson, Wagner and company if they could just be forthright and honest. Sadly it will never happen.
Father Overtime

Salt Lake City, UT

#18 Dec 4, 2012
Walgreens is not a capitalistic company. It is a corporatist company based on facts. You all should definitely leave. It's a waste pit.
anonymous

Grand Rapids, MI

#19 Dec 4, 2012
If you make $30k and put in the 4%(that you should) thats $1200. So if wags puts in the normal $3 match, they would be putting in $3600. Your total untaxed amount at the end of the year would be $4800 (which does not include whatever amount your stocks go up). So if you think $29.35 per year 0.6% of $4800 is unfair... then by all means please do not belong to profit sharing, that will just mean more profit will be shared with the rest of us!

Since: Jun 10

Location hidden

#20 Dec 4, 2012
Before every one gets bent out of shape, fees are all relative.

They can charge an annual fee to manage the mutual funds or the funds can be loaded. Loaded funds have a lower return percentage as it made 10% and took 2% for management fees resulting in 8% net gain. Now if they are no load, the the you need a fee or pay for for each transaction. Most investment accounts charge a fee.

Now, would you rather pay a fee or have no match?

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