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When your benefit ends
You'll no longer be able to contribute in the Walmart 401(k) Plan after your last day of employment. You'll continue to receive a match through your last paycheck if you're contributing. Your account in the 401(k) Plan will continue to be credited with earnings or losses until you receive a total payout of your account.
While you may not continue contributions to the 401(k) Plan after your termination, your account will stay in the Plan until you choose to receive a payout of your total vested Plan balance.
If you decide to leave your retirement money in the Walmart plan, you're responsible for maintaining a current address (home and email) with Merrill Lynch.
You're entitled to receive a payout of your total balance in the Walmart 401(k) Plan account, including any of the following, subject to earnings and losses:
- Contributions you made, including rollovers
- Company matching contributions to your 401(k) Account
- Company matching to our Profit Sharing Account
Call the Plan's Customer Service Center at 1-888-968-4015 or go to Benefits.ml.com for more information.
You may elect to receive a payout as early as 30 days after your termination is entered into Walmart's payroll system.
A notice will be mailed to your home address on file to inform you of what options you have for payment. Be sure Walmart has your correct home address in the system.
If you haven't received any information regarding your payout within 30 days of your termination date, call the Plan's Customer Service Center at 1-888-968-4015.
If you leave Walmart with an outstanding loan, you must repay the entire loan by the last day of the calendar quarter following the quarter in which the last payment was due (or before the date your account is distributed, if earlier).
You'll be able to receive a full payout 30 days after your termination is entered into Walmart's payroll system. You'll automatically receive a payout if:
- Your total 401(k) Plan account balances are $1,000 or less, or
- You're over age 70, regardless of the amount of your total vested plan account balance.
If your total vested plan account balances are greater than $1,000, you can delay payment until any date up to age 70, but you'll be charged an annual maintenance fee.
You may request a payout in the form of:
- A rollover to another employer plan
- A rollover to an Individual Retirement Account (IRA)
- A check
- Walmart stock (if applicable)
Talk with your tax advisor to understand how any type of payout could affect your tax situation.
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