% | $
Quotes you view appear here for quick access.

Валгрин Ко. Message Board

  • momentum_money momentum_money Jan 9, 2001 4:26 PM Flag

    401K, Need Help

    I heard WAG 401K plan contributes $3.50 for every dollar invested into the plan. Does anyone from the inside know if this is true? I didn't believe the person who told me.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I heard WAG 401K plan contributes $3.50 for every
      dollar invested into the plan. Does anyone from the
      inside know if this is true?

      I have several WAG
      pharmacists as clients and I can confirm it is true. And the
      best feature of their excellent benefit package is the
      Share Walgreens program, which works wonders when the
      stock price continues to go up. I am so impressed by
      the company that I have become a customer and
      shareholder myself, along with specializing in helping WAG
      pharmacists improve the quality of their lives through
      objective Fee Only financial planning advice.


      George Papadopoulos, CPA/PFS, CFP

      • 1 Reply to gpapadop
      • Not entirely true...

        The WAG 401k is
        actually 403-b.

        1) It's called a profit sharing
        plan. And you can only invest a small percentage of
        your salary. For a pharmacist making 90K, it amounts
        to only roughly 2K per year. Next, you multiply 3.50
        per dollar invested, and that's what the company
        gives. Sounds great right? Well, it's lower than what
        most 401 K allow. A pharmacist making 90k would invest
        2000 and get 7000, for a total investment of 9000.
        When, federal statutes allow upto 10.7K to be invested
        into a 401K per year. So, although WAG matches very
        well, overall, its employees are behind.

        "Share Walgreens" is excellent. For every share you buy,
        again, upto 10% of your yearly salary, then you get
        anywhere from 1 to 3 stock options. However, Walgreens is
        a Fortune 500 company with a rank in the top 100 of
        all companies, and a #1 rank in their respective
        industry group, but when you evaluate Walgreens' benefits,
        Walgreens does NOT rank in the top 100 companies.

        The management, though very efficient, and yes, among
        the best, especially when it came to weighing
        investing in the internet, most internet companies are
        going out of business, is a "Boy's Club". The top
        positions are all held by men, even though the pharmacy
        schools have a higher percentage of women, and are
        graduating more women than men. Therefore, management does
        not reflect the best interests of women when comes to

        When you have a child, working for Merck-Medco, after
        working there for a period of time, you get six months,
        paid, maternity leave. At Walgreens, they make you use
        sick days and call it disability. You actually only
        get 6 weeks. How cheap is that?

        I think they
        need to change some policies.

        Good luck

    • We don't call it 401K, we call it profit sharing.
      Company takes out upto 2% from your paycheck before taxes
      and they have matched somewhere between $2.50 and
      3.75 per $1 in last many years. There is no fixed
      amount they will match but historically on average they
      match about $3.00 to $1.00. That is a very
      investment. Say you make about $50,000. You put
      (2%) and co. will put about 3,000 to profit sharing.
      This is an average. Some year it may be $2.50 and some
      year $3.75.

      This and share Walgreens are the
      most attractive benefit for pharmacist. That's
      WAG has low turnover among pharmacists and managers.
      Ask any employee who is with WAG for 10 years or
      more. You will see a smile on his/her face.

    • Last year WAG contributed $3.36 for every dollar
      invested. (up to a specified maximum) . I can only assume
      that with this years record profits again, this number
      will go up. Also think of the extra money made on
      earnings and allocations of relinquishments. We make way
      over $4.00 on every dollar invested. No one in the
      industry comes close.