Planning for retirement is a critical step in securing your financial future.
If you’re a Kroger employee, the Kroger 401(k) Plan and Kroger Company Savings Plan offer excellent opportunities to save for retirement with competitive benefits.
Managed in partnership with Merrill Lynch, these plans provide flexibility, investment options, and employer contributions to help you achieve your retirement goals.
Below, we’ll explore everything you need to know about these plans, including eligibility, contribution limits, account features, and how to manage your benefits through benefits.ml.com.
Kroger 401(k) Plan Overview
The Kroger 401(k) Plan is a retirement savings program designed to help Kroger employees build a secure financial future. With features like employer matching contributions, automatic contributions, and a variety of investment options, this plan is tailored to meet the needs of Kroger employees.
Key Features of the Kroger 401(k) Plan
- Employee Contribution Limits:
- Annual Contribution Limit: $22,500 (for 2023).
- Catch-Up Contribution: An additional $6,500 for employees aged 50 and above.
- Total Contributions Limit: $66,000 (including employee contributions, employer match, and after-tax contributions).
- Kroger Company Match:
- Kroger offers a generous employer match:
- 100% match on the first 3% of your pay.
- 50% match on the next 2% of your pay.
- This means if you contribute 5% of your pay, Kroger will contribute an additional 4% of your pay to your 401(k) account.
- Kroger offers a generous employer match:
- Automatic Contributions:
- Kroger automatically contributes 1% to 2% of your pay based on your years of service, up to a maximum of $2,000 per year.
- Investment Options:
- Choose from the Retirement Date Fund (a target-date fund that adjusts based on your expected retirement date) or create a custom investment portfolio.
- Additional Account Features:
- Loan Options: Borrow against your 401(k) balance for financial hardships.
- Rollovers: Transfer funds from previous 401(k) accounts into your Kroger plan.
- Contribution Percentage: Contribute up to 75% of your pay, subject to IRS limits.
Eligibility Criteria for Kroger Retirement Plans
To participate in the Kroger 401(k) Plan or The Kroger Co. Savings Plan, you must meet the following eligibility requirements:
- Minimum Age: 21 years.
- Minimum Work Duration: 90 days of service.
Once eligible, you can enroll in the plan and start contributing to your retirement savings.
Read More about Kroger Employees
- Kroger Tuition Reimbursement
- My Life at Kroger
- Kroger Employee Handbook
- Kroger 401(k) Plan
- Kroger Employee Discounts
- MyTime Kroger
How to Manage Your Kroger 401(k) Plan with Merrill Lynch
Merrill Lynch, a trusted financial services provider, manages the Kroger 401(k) Plan. To access and manage your account, visit the official website: www.benefits.ml.com.
Key Features of benefits.ml.com
- Account Access: View your balance, contribution history, and investment performance.
- Contribution Management: Adjust your contribution percentage or change your investment options.
- Loan and Rollover Requests: Initiate loans or rollovers directly through the portal.
- Customer Support: Contact Merrill Lynch at 1-800-257-6437 for assistance with your account.
Kroger Company Savings Plan vs. IRA
While the Kroger 401(k) Plan is an employer-sponsored retirement plan, you may also consider opening an Individual Retirement Account (IRA) for additional savings. Here’s a quick comparison:
| Feature | Kroger 401(k) Plan | IRA |
|---|---|---|
| Contribution Limits | $22,500 (plus catch-up) | $6,500 (plus catch-up) |
| Employer Match | Yes (up to 4% of pay) | No |
| Investment Options | Retirement Date Fund or custom | Wide range of stocks, bonds, funds |
| Tax Benefits | Pre-tax contributions | Traditional (pre-tax) or Roth (after-tax) |
Contact Information and Mailing Address
For any questions or concerns regarding your Kroger 401(k) Plan, you can reach out to Merrill Lynch using the following details:
- Phone Number: 1-800-257-6437
- Mailing Address:
P.O. Box 29002,
Hot Springs, AR 71903-9002
Why Choose the Kroger 401(k) Plan?
The Kroger 401(k) Plan stands out for its:
- Generous Employer Match: Maximize your savings with Kroger’s 100% match on the first 3% of pay.
- Flexible Contribution Options: Contribute up to 75% of your pay and take advantage of catch-up contributions.
- Diverse Investment Choices: Tailor your portfolio with the Retirement Date Fund or custom investments.
- Convenient Management: Easily manage your account online at www.benefits.ml.com.
Start Planning Your Retirement Today
Whether you’re just starting your career or nearing retirement, the Kroger 401(k) Plan and Kroger Company Savings Plan offer the tools and resources you need to build a secure financial future. Visit benefits.ml.com to enroll, manage your account, or learn more about your retirement options. For personalized assistance, call Merrill Lynch at 1-800-257-6437.