Albertsons 401k

If you work at Albertsons, you get access to a solid 401(k) plan to help you build your nest egg as you work. Whether you are just starting or have been with the company for years, understanding how the Albertsons Companies 401(k) plan works can help you make the most out of it.

Once you join Albertsons as a full-time employee, you can enroll in the company's 401(k) plan immediately, but you must be age 21 or older. You can contribute anywhere from 1% to 75% of your eligible pay to the 401(k), up to the annual IRS limit. Albertsons also offers a 50% match for every dollar contributed to the plan, up to 7% of eligible pay. To receive the match, you must have completed 1000 hours of service and be actively employed at the end of the year.

Albertsons 401k provider

Albertsons works with Fidelity Investments as the third-party administrator for its 401(k) plan. Fidelity is one of the largest financial services companies in the United States, and it serves over 43 million individual investors and retirement plan participants. As the plan provider, Fidelity handles record keeping, investments, and customer service on behalf of Albertsons.

Albertsons 401k login

To manage your 401(k) account, visit Fidelity’s NetBenefits website. If you are already enrolled, you will need to enter your username and password to access your account. If it is your first time logging in, you must set up an account on NetBenefits; you will be asked to provide your Social Security Number, plan number, and basic personal information.

Once logged in, you can check your balance, change contribution rates, apply for loans, request withdrawals, and much more. You can access your 401(k) account on the NetBenefits website or mobile app.

Albertsons 401k match

Albertsons offers an employer match to help employees boost their retirement savings. Generally, the company offers a 50% match for every dollar an employee contributes, up to 7% of their eligible pay. So, if you contribute 7%, Albertsons contributes an additional 3.5%, for a total of 10.5% of eligible pay.

To qualify for the match, you must complete 1000 hours of service within your first year, and you must be actively employed by the end of the plan year. Be aware that you will only receive a match for contributions made after meeting the match requirements.

Albertsons 401k customer service

You can contact Fidelity customer service for any issues with your 401(k) plan. You can contact Fidelity at 866-956-3433 Monday through Friday from 8.30 am to Midnight ET. Fidelity also offers an automated voice response system that is available virtually 24/7. When calling Fidelity, be prepared to verify your identity by providing your Social Security Number.

Albertsons 401k loan

If you need to access your retirement funds before retirement, you can borrow from your Albertson 401(k) account. The plan allows up to two loans at a time, one general-purpose loan and a home-purchase loan. You can borrow up to 50% of your vested balance, up to $50,000. Loan payments are made through automatic payroll deductions, making it easy to keep up with payments. If you default on loan payments, it could trigger taxes and penalties.

Albertsons 401k after termination

If you quit or get fired, you must figure out what to do with your 401(k) money. Generally, you can leave the money in the plan to keep growing, but your balance must be above $5,000. If your balance is below $5000, it will be automatically rolled over to a Fidelity IRA, or cashed out if it is below $1,000.

You can also choose to roll over the balance to another employer’s 401(k) account or IRA account; this option gives you more control over your retirement money. If you need money for a large purchase, you can consider taking a lump-sum distribution from your 401(k), but this option may trigger income taxes and additional penalties if you are under 59 ½.

Albertsons 401k withdrawal

You may be allowed to take money out of your Albertsons 401(k) plan under specific situations, including attaining age 59 ½, termination of employment, retirement, or if you are facing a severe financial hardship. Generally, once you reach age 59 ½, you will be allowed to make penalty-free withdrawals from your 401(k) account, but the withdrawal will be subject to ordinary income taxes at your tax bracket. 

However, if you make withdrawals before age 59 ½, the withdrawal will be subject to income taxes and penalties, unless you qualify for a penalty exemption.

Albertsons 401k early withdrawal

Taking out money early before age 59 ½ should be a last resort, once you have exhausted all other options, including 401(k) loans and emergency savings. Early 401(k) withdrawals attract a 10% penalty tax and income taxes, but certain exemptions apply, including qualifying hardship withdrawals, total and permanent disability, and separation of service at age 55.

For a withdrawal to qualify as a hardship withdrawal, you must be facing an immediate and heavy financial need, including foreclosure or eviction, funeral expenses, medical bills, post-secondary education costs, etc. When requesting a hardship withdrawal, you will be required to provide documentation to prove the hardship.

Albertsons 401k rollover form

If you want to rollover your Albertsons 401(k) funds to another retirement plan, you must complete a rollover form to initiate the rollover. You can obtain the rollover form by logging into your 401(k) account on NetBenefits or by calling Fidelity at 866-956-3433.

Albertsons 401k account number

You can find your Albertsons 401(k) account number by logging into your 401(k) account on Fidelity’s NetBenefits website. You can also find the account number in your plan statements or by calling Fidelity for assistance.

Albertsons 401k phone number

For any issues related to your Albertsons 401(k) account, you can contact Fidelity at 866-956-3433, anytime from Monday to Friday, 8.30 am to midnight ET. Fidelity also provides automated voice support 24/7.

Albertsons 401k administrator

The plan administrator for the Albertsons Companies 401(k) plan is Brian Dooley. You can contact the plan administrator for specific issues related to your benefits at 925-226-5000 or by writing to the following address: Albertsons Companies, Inc., 250 E. Parkcenter Blvd., Boise, ID 83706.

Albertsons 401k eligibility

New hires are eligible to join the Albertsons 401(k) plan immediately as long as they are age 21 and older and form part of an eligible group of employees as provided in the Summary Plan Description. Once enrolled, you can contribute up to 75% of your eligible pay as pre-tax, Roth, or a combination of both, subject to the annual IRS limits.

If you are 50 and older, you will also be eligible to make catch-up contributions, which help you contribute above the standard IRS limit as you near retirement.

Albertsons 401k vesting

You are always 100% vested in your contributions made to your 401(k) account. However, employer matching contributions are subject to a three-year vesting period as follows:

0% vested after less than 2 years of service

50% vested after 2 to 3 years of service

100% vested after 3 or more years of service

A full year of service is defined by working 1000 hours during the year. However, different vesting rules apply to union employees.

Albertsons 401k app

To manage your Albertsons 401(k) plan on the go, download the Fidelity NetBenefits app from the App Store or Google Play Store. This app gives you easy access to all account features, and you can use the app to check your balance, view your contributions, request loans or withdrawals, monitor investment performance, and request statements.

Albertsons 401k summary plan description

The Summary Plan Description explains all the plan rules and fine print of the Albertsons Companies 401(k) plan. This document outlines the plan rules, eligibility requirements, contributions, matching contributions, withdrawals, vesting, etc. You can request a copy of the summary plan description via your NetBenefits account or by contacting Fidelity or the plan administrator.