Rite Aid 401(k)

Rite Aid is a US drugstore chain that sells prescription drugs and other products, including over-the-counter medications, cosmetics, beauty aids, and food and beverages. It is the third-largest drugstore chain in the United States, with over 4500 locations nationwide. Since its inception, the company has grown to more than 60,000 workers.

Rite Aid employees are eligible to enroll in the company-sponsored 401(k) plan once they complete three consecutive months of service and are at least 21 and over. Plan participants can contribute anywhere from 1% to 70% of their compensation in each payroll period to their 401(k) plan. Employees are also eligible for Rite Aid matching contributions after completing at least one year of service.

Rite Aid 401k provider

Rite Aid offers the Rite Aid 401(k) plan through Empower Retirement, and it covers about 65,500 employees. Empower is a retirement plan recordkeeping company that administers about $1.6 trillion in assets for 18.6 million individuals. Previously, the Rite Aid 401(k) plan was with Alight Solutions, and the plan moved to Empower Retirement on September 3, 2019.

Rite Aid employees can access their 401(k) accounts by logging on to riteaid401k.com. You can also contact Empower customer service at 833-300-401K (4015) for help with any 401(k) account issues.

Rite Aid 401k login

To access your Rite Aid 401(k) plan online, visit the Empower website 401k login page. You will be required to enter your username and password to log on to your account. You can use the forgot login feature to reset your login credentials. If you are a new employee and want to enroll in the Rite Aid 401(k) plan, you can register on the website as a new user.

Rite Aid 401k Match

Rite Aid makes safe harbor matching contributions to active participants up to 100% of the first 3% of compensation and up to 50% of the next 2% of compensation that you contribute to the plan. The safe harbor contributions are based on your annual level of plan contributions, not the percentage you contribute in any given period.

Employees who elect to make contributions to the Rite Aid 401(k) plan may be eligible to receive matching contributions. To be eligible for Rite Aid matching contributions, you must be at least age 21 and have completed one year of service.

To meet the one-year of service requirement, you must complete at least 1,000 hours of service in a twelve-consecutive month period starting with the month you begin employment with Rite Aid. If you don’t complete at least 1,000 hours of service in the first twelve-consecutive month period, you must do so in a calendar year, starting with the calendar year beginning after your first day of employment.

Rite Aid 401k customer service

If you need help with your Rite Aid 401(k) plan, you can contact Empower customer service at 833-300-401K(4015), anytime from Monday to Friday 8 am to 10 pm EST, excluding financial market holidays, and Saturday from 9 am to 5.30 pm EST.

Rite Aid 401k loan

Plan participants may elect to borrow against their 401(k) vested balance. Rite Aid 401(k) plan allows employees to borrow the lesser of $50,000 minus the highest outstanding balance of loans from the plan during the one year preceding the loan, or 50% of your vested account balance. Plan participants can only have one outstanding loan at any one time. The minimum amount you can borrow is $1,000.

Rite Aid 401k after termination

If your employment with Rite Aid is terminated, you may have several options with your 401(k) money. You can choose to leave the money with the 401(k) provider, roll it over to an IRA, roll it over to a new employer’s 401(k), or withdraw the money. Keep in mind that withdrawing money from your 401(k) before age 59 ½ could trigger taxes and penalties.

If you don’t know what to do with the money, you can decide to leave the money with Empower Retirement to continue growing. However, you must have at least $5,000 in your 401(k) balance to be allowed to keep the money in the plan. If the balance is below $5,000 but more than $1,000, it will be rolled over to an IRA. Balances below $1,000 are automatically cashed out, and you will receive your money via a mailed check.  

Rite Aid 401k withdrawal

Under certain circumstances, you may take a distribution from your plan before termination of employment with Rite Aid. However, these distributions reduce the amount you will receive when you retire or terminate employment.

Generally, you will be allowed to withdraw your plan contributions and any rollover contributions, but you will be subject to a 10% early withdrawal penalty if you are below age 59 ½. This is in addition to the income taxes you will owe on the withdrawal. 

Once you reach age 59 ½, you will be eligible to withdraw your pre-tax and post-tax contributions and vested employer contributions from the plan.

Rite Aid 401k early withdrawal

You may request a distribution of your pre-tax contributions at any time before age 59 ½ if you are facing an immediate and heavy financial need. However, you will only be eligible to withdraw the amount required to satisfy your hardship.

Remember, you must exhaust your post-tax and rollover contributions before you can be allowed to tap into your pre-tax contributions. You will be subject to a 10% early distribution penalty tax if you take an early distribution before age 59 ½, in addition to the income taxes you will pay on the distribution.

Rite Aid 401k rollover form

You can obtain a Rite Aid rollover form from your online 401(k) account on the Empower website. You can also contact Empower customer care service by calling 833-300-401K(4015) anytime from Monday to Friday 8 am to 10 pm EST and Saturday from 9 am to 5.30 pm EST. You will need to prove that the rollover funds come from a qualified retirement account.

Rite Aid 401k account number

You can find your Rite Aid 401(k) account number by checking your 401(k) statement or logging into your online 401(k) account. To access your 401(k) account, go to the Rite Aid 401(k) portal on the Empower website and enter your username and password to log in. You can also call the Empower Retirement customer service for assistance.

Rite Aid 401k phone number

If you need help with your 401(k) account, contact the Empower Retirement customer service at 833-300-401K(4015) to speak to a representative. You can contact Empower Retirement during weekdays from Monday to Friday 8 am to 10 pm EST, and Saturdays between 9 am and 5.30 pm EST.

Rite Aid 401k plan administrator

The plan administrator for the Rite Aid 401(k) plan is the Vice President of Total Rewards, Allison Fuller. You can contact the plan administrator at 717-761-2633 for help with your 401(k) plan. You can also write to the plan administrator via the following address: Rite Aid Corporation, 30 Hunter Lane Camp Hill, PA 17011.

Rite Aid 401k eligibility

You will be eligible to contribute to the Rite Aid 401(k) plan if you are an eligible employee, at least age 21, and you have completed three consecutive months of service. A participant may elect to contribute from 1% to 70% of their compensation in each pay period. However, to be eligible for Rite Aid matching contribution, you must have completed at least one year of service.

Rite Aid 401k vesting

Rite Aid plan participants are always 100% vested in their pre-tax contributions, rollover contributions, and catch-up contributions. However, employer-matching contributions vest over time based on the employee's years of service. An employee can also become fully vested in the employer's contributions upon their death, disability, or attainment of normal retirement age while still employed.

Rite Aid 401k app

You can download the iPhone Empower app in the app store, or the Android app in the Google Play store to access your Rite Aid 401(k) account. Rite Aid 401(k) plan participants can also access the mobile-friendly Rite Aid 401(k) portal on their smartphone, tablet, or PC to access their 401(k) account.

Rite Aid 401k summary plan description

When you enroll in the Rite Aid 401(k) plan, you will receive a summary plan description from the plan administrator. You can request a copy of the summary plan description through your online 401(k) account. You can also request the summary plan description in writing through the following address: Rite Aid Corporation, 30 Hunter Lane Camp Hill, PA 17011.