Learn how the CVS 401(k) plan works, including employee eligibility requirements, employer match, vesting, and how to contact the 401(k) plan.
CVS Health is an American healthcare company that provides healthcare and retail pharmacy services. Since it was established in 1963, the company has grown to over 9,500 locations and over 400,000 employees. If you have a 401(k) plan with CVS Health, you may want to know how the plan works and the benefits you get.
If you are eligible to participate in the CVS 401(k) plan, you can contribute 1% to 85% of your eligible compensation to the plan, up to the annual IRS limit. You will also receive a company match after completing one year of service with at least 1,000 hours worked; the company matches contributions dollar-for-dollar up to 5% of eligible pay. Your contributions and employer-matching contributions are 100% vested.
CVS 401k provider
CVS Health offers a 401(k) plan known as CVS Health Future Fund 401(k) plan, and the plan is offered through Vanguard Group Inc. Plan participants can access their 401(k) account online on the Vanguard Group website.
CVS 401k login
You can access your CVS 401(k) plan online on the Vanguard website. On the login page, enter your username and password to access and manage your 401(k) account. If you have forgotten your username/password, you can reset these credentials on the login page. Also, if you don’t have a Vanguard online account, you can register as a new user on the website.
CVS 401k match
CVS employees are eligible to receive a 401(k) match on their contributions after one year of service if they worked at least 1,000 hours. The company matches employee contributions dollar-for-dollar up to 5% of the eligible pay, subject to the IRS limit. CVS Health makes matching contributions to eligible 401(k) accounts every quarter.
CVS 401k customer service
If you need help with your 401(k) account, you can contact Vanguard customer service at 800-523-1188 between Monday through Friday, 8.30 AM to 9.00 PM EST. If you are hearing-impaired, you can contact Vanguard via text telephone at 800-523-8004.
CVS 401k loan
If you are a CVS Health employee, you may be able to borrow against your 401(k) savings. You can borrow a minimum of $1,000, or up to $50,000 or 50% of your total account balance, whichever is lesser. The 401(k) plan allows employees to borrow a general-purpose loan and a principal residence loan.
You can borrow a general-purpose loan for any purpose, and you won't be required to provide documentation to obtain the loan. Once your loan application is approved, it can take days to weeks to receive a check.
You can also borrow a principal residence loan, which can only be used to purchase or build your principal residence. You will be required to provide copies of the purchase agreement, construction contract, or other documentation related to the purchase or building of your principal residence.
CVS 401k after termination
If you have a 401(k) plan with CVS Health and you have been terminated, you may have a few options. You can choose to leave your 401(k) money behind, roll it over to your new employer’s 401(k) plan, roll it over to your IRA, or cash out the 401(k) plan.
If you want to leave your 401(k) with CVS Health, you must have at least a $5,000 balance in your 401(k). If your balance is below $5,000, it may be automatically cashed out or rolled to another IRA.
If you have a 401(k) plan with your new employer, you can check if your new employer accepts rollovers, and request a direct rollover to the new 401(k) plan. Otherwise, you can choose to roll over to your IRA to get access to a wider pool of investment options.
Finally, you can choose to withdraw your 401(k) money to use for a large purchase or for an emergency. However, the withdrawal is considered taxable income, and you will pay income taxes and an additional 10% penalty if you are below age 59 ½.
CVS 401k withdrawal
You can only withdraw money from your CVS 401(k) account once you reach age 59 ½. If you are 59 ½ or older and you are still working at CVS Health, you can request a withdrawal from your 401(k) account. You will owe income taxes on the amount withdrawn.
If you retire before age 59 ½, you may be allowed to tap into your 401(k) account, but the withdrawal will be subject to income taxes and a 10% penalty tax. However, if you retire or leave your job at age 55 or later, you won’t owe the 10% tax penalty; you will still pay income taxes at your tax bracket rate.
If you are still working at CVS Health and you are below age 59 ½, you may be allowed to withdraw your 401(k) money in certain circumstances. For example, if you are experiencing financial hardship, you may be allowed to take an in-service withdrawal or hardship withdrawal to meet your specific financial need.
CVS 401k early withdrawal
If you are below age 59 ½, you may be allowed to make a withdrawal from your CVS 401(k) plan in limited circumstances. One of these circumstances is if you have a qualifying financial hardship such as funeral expenses, medical expenses, college education expenses, and costs related to the purchase of your primary residence. In this case, you will be allowed to take a hardship withdrawal to satisfy the financial need. You may also be allowed to take an in-service withdrawal to meet an immediate financial need.
CVS 401k rollover form
You can find the CVS 401(k) rollover form by logging into your Vanguard retirement account. Use your username and password to log into your 401(k) account. When filling out the rollover form, you will be required to indicate the amount you want to rollover, the destination retirement account, wire transfer information, your signature, etc. You should request a direct custodian-to-custodian transfer so that the 401(k) money is transferred directly to your new plan.
CVS 401k account number
You can find your CVS 401(k) account number in your communications with Vanguard Group. Check mails sent by Vanguard regarding your CVS 401(k) account, including 401(k) statements and plan notifications. Alternatively, log into your CVS 401(k) account on the Vanguard website to check your account number.
CVS 401k phone number
You can call the Vanguard Group customer service at 800-523-1188 from Monday through Friday, from 8.30 AM to 9.00 PM. If you are hearing-impaired, you can contact customer service via text telephone at 800-523-8004.
CVS 401k administrator
The CVS 401(k) plan administrator is Candace Jodice. You can contact the plan administrator via mail using the following address: One CVS Drive Mail Code 1110, Woonsocket, RI, 02895
CVS 401k eligibility
CVS Health employees are eligible to participate in the company 401(k) plan upon the attainment of age 21, and the earliest of the following events:
The first payroll after 90 continuous days of service as a full-time employee
The first payroll after completing 12 months of service with at least 1,000 hours worked
The first payroll after completing at least 1,000 hours of service in one calendar year
Once an employee becomes eligible to contribute to the 401(k) plan, they can contribute 1% to 85% of their eligible compensation, subject to the annual IRS limits.
CVS 401k vesting
If you have a 401(k) account with CVS Health, you are 100% vested in your contributions and company matching contributions. Also, any rollover contributions from previous employers are fully vested.
CVS 401k app
CVS 401k summary plan description
You can request the CVS 401(k) summary plan description by writing to the plan administrator at One CVS Drive Mail Code 1110, Woonsocket, RI, 02895.