Lowes 401(k)

Lowes is one of the largest home improvement retailers in the world, operating over 1700 stores across the United States. Established in 1921, the retailer has grown from a small hardware store to one of the largest home improvement retailers in the world. With over 300,000 employees, Lowes offers various benefits to its employees, including a 401(k) plan.

Lowes employees are eligible to enroll in the company's 401(k) plan after 30 days from the date of hire. Eligible employees can contribute up to 50% of their pay to their 401(k) plan. Lowes also matches employee contributions at 4.25% if you contribute at least 6% of your pay. Both employee and employer contributions vest immediately.

Lowes 401(k) provider

Lowes' 401(k) plan is with Principal Financial Group, a financial investment management company headquartered in Iowa, United States. As of December 2023, Principal had $695 billion in assets under management and $1.6 trillion in assets under administration.

Lowes 401(k) participants can access their 401(k) account on the Principal website to monitor their retirement savings, review contribution rates, and select investment options.  Participants also get access to various investment tools and educational resources to help them make informed decisions about their investments.

Lowes 401(k) login

Eligible Lowes employees can access their 401(k) retirement account on the Principal website or via the Principal mobile app. To login, an employee will be required to enter their username and password. You can also use the "Forgot username or password" feature to reset your login credentials. If you are a new employee, you will need to create a new profile on the signup page.

Lowes 401(k) match

Lowes matches employee contributions up to 4.25% on up to 6% of the compensation that an employee contributes. So, if you want to get the full employer match, you need to contribute at least 6% of your pay to your 401(k) plan. While Lowes does not offer a dollar-for-dollar match like other top employers, it is still a good idea to contribute at least enough to get the full match.

Lowes 401(k) customer service

If you need help with your Lowes 401(k) plan, you should contact Principal Financial Group’s customer service representatives. You can reach them by phone at 1-800-547-7754 from Monday to Friday 8.00 am to 10.00 pm EST. Lowes also has a comprehensive FAQ section to address common questions that employees and potential hires may have.

Lowes 401(k) loan

If you have a 401(k) plan with Lowes, you have the option to borrow against your vested 401(k) money. A 401(k) loan allows plan participants to tap into their accumulated retirement money without incurring income taxes and penalties that are associated with early 401(k) withdrawals.

Eligible employees can borrow the lesser of 50% of their 401(k) balance up to a maximum of $50,000. Loan repayments can go up to 5 years for general-purpose loans, and up to 15 years for residential loans.

Lowes 401(k) after termination

If you leave Lowes after termination, you retain ownership of your 401(k) money. Generally, you will have several options with the money, depending on how much money you have in your 401(k) plan.

If you want to leave the money in the former employer’s 401(k) plan, you must have at least $5,000 in your 401(k) balance. If your balance is below $5,000, it may be automatically rolled over to an IRA, or cashed out.

You can also choose to roll over the funds into another retirement plan such as an IRA or a new employer’s 401(k) plan. Alternatively, you can choose to withdraw the money to finance a large purchase or other financial needs, but this could trigger income taxes and additional penalties if you are younger than 59 ½. 

Lowes 401(k) withdrawal

Withdrawals from Lowes 401(k) plan are allowed once you attain age 59 ½. In this case, the withdrawals you make will be subject to income taxes at your tax bracket; no penalties will be incurred. If you are younger than age 59 ½, you may be allowed to access your retirement money in certain circumstances such as financial hardships.

Lowes 401(k) early withdrawal

Lowes employees may be allowed to take money out of their 401(k) plan before age 59 ½ in certain circumstances. If you are facing an immediate and urgent financial need such as medical expenses, disability, repair costs for a principal residence, foreclosure, or funeral expenses for a deceased family member, you may be allowed to take a hardship withdrawal.

However, early withdrawals from a 401(k) are subject to a 10% early withdrawal penalty in addition to the regular income taxes, unless you qualify for a penalty exemption.

Lowes 401(k) rollover form

You can obtain a Lowes 401(k) rollover form by logging into your 401(k) account on the Principal website or by contacting the Principal's customer service representatives. When filling out the rollover form, you will be required to provide information about the receiving retirement plan, including plan name, account number, routing number, and the type of rollover.

Lowes 401(k) account number

You can find your Lowes 401(k) account number by logging in to your 401(k) account on the Principal website. You can find it on your account dashboard. You can also check your account number by checking your old 401(k) statements or contacting Principal customer service for assistance.

Lowes 401(k) phone number

If you need help with your Lowes 401(k) plan, you can contact Principal at 1-800-547-7754 from Monday to Friday 8.00 am to 10.00 pm EST. You can contact customer service for assistance with account-related issues or if you are unable to access your 401(k) plan.

Lowes 401(k) administrator

The plan administrator for the Lowes 401(k) plan is David R. Green, the Vice President, Tax, at Lowes Companies Inc. You can contact the plan administrator at 1-704-758-1000 for help with your benefits. You can also write to the plan administrator via the following address: 1000 Lowes BLVD, Mooresville, NC, 28117.

Lowes 401(k) eligibility

Lowes employees are eligible to enroll in the company’s 401(k) plan on the first day of the month following 30 days after their date of hire. Employees can contribute up to 50% of their pay or up to the annual contribution limit for the year. Employees can choose between a traditional 401(k) and a Roth 401(k) option.

Lowes 401(k) vesting

Employees' contributions to the 401(k) plan are always 100% vested. Additionally, employer matching contributions are 100% vested immediately, and employees own the employer contributions immediately. So, if an employee quits or is terminated, they get to keep 100% of their personal and employer contributions.

Lowes 401(k) app

Lowes 401(k) plan participants can use the Principal mobile app to access their 401(k) account. You can download the Principal app on the App Store and Google Play store. The app gives participants access to their 401(k) balance, investment options, and important updates related to the retirement plan.

Lowes summary plan description

Once an employee becomes eligible to enroll in the Lowes 401(k) plan, they receive a summary plan description from the plan administrator. The summary plan description outlines the plan benefits available to employees, plan requirements, and how it works. You can request a new summary plan description by logging into your 401(k) account on the Principal website or by contacting the plan administrator.