Walmart 401(k) Merrill Lynch – Guide to Merrill Lynch 401k Login

Walmart 401(k) Merrill Lynch – Merrill Lynch 401k Login Guide

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Walmart 401(k) Merrill Lynch

Merrill Lynch 401k Login Guide

What is Walmart 401(k) Merrill Lynch?

To help workers whose incomes are affected by the COVID-19 pandemic, the government has loosened the rules for withdrawals and loans from 401(k) plans. This means if you have a Walmart 401(k) account and have been impacted, you can now:

  • Withdraw up to $100,000 without paying the usual 10% penalty and get up to three years to pay federal income tax on the money instead of having 20% withheld right away.
  • Borrow up to 100% of your account balance (up to $100,000) with no payments for up to a year.
  • Suspend repayments on existing loans for one year.

How do I qualify for a withdrawal or loan? Can anyone take one?

You need to be directly affected by the COVID-19 epidemic. You’re eligible if:

  • You, your spouse or a dependent is diagnosed with COVID-19.
  • You’re laid off, furloughed, or your hours are reduced.
  • You’re unable to work because you can’t get childcare due to the virus.

Some other situations also qualify, and there may be changes. We’ll keep you informed if the Treasury Department making significant updates.

What should I consider before taking a withdrawal?

Your 401(k) money is meant for your retirement, so it’s important to think about the effect on your ability to fund your retirement. This is especially true if you’re close to retirement age when you’ll need the money to retire. Also, you’ll have to pay taxes on the money within three years.

What should I consider before taking a loan?

Keep in mind that you’ll have to pay the money back. If you have significant debt already, this will add to your debt burden once the required payments begin. Also, remember that you’re borrowing from your own retirement savings, so if you’re close to retirement a loan could affect your retirement security.

I already took out a general-purpose loan. Does this mean I can take another one now?

No. Due to IRS and Plan rules, you can only have one general-purpose loan outstanding at a time.
2 Withdrawal and Loan 401(k) FAQs | 042120A
Confidential – Internal Use Only | ©2020 Walmart Inc.

What if I don’t qualify but I’d like to make a withdrawal or loan anyway?

All regular withdrawal and loans options are still available if you don’t qualify for the CARES Act relief.

How do I request a withdrawal or loan?

  • Request a withdrawal or a new loan the same way you access your 401(k) now: visit Merrill at www.benefits.ml.com, or use the Benefits Online app for iOS and Android.
  • Until May 1st you can request a loan extension by calling Merrill at 888-968-4015. Starting May 1st these will be available for processing online.

Please remember that this is a very busy time, so it may take more time than usual to speak to a representative.

Do I need to show some kind of proof?

Merrill will allow you to ‘self-certify’ but you could be asked to provide proof later.

How does the loan payment delay work?

You simply elect to delay payment. You won’t have to make payments for a year. Interest will continue to add up during this time, and when the delay ends your payments will be recalculated to reflect this interest, so they’ll be slightly higher.

If I take a withdrawal, do I still have to pay taxes?

Yes, the money you take out is still subject to federal income tax. However, instead of having 20% automatically withheld at the time of the withdrawal, you’ll get the whole amount upfront and have three years to pay taxes on it. Also, depending on where you live your withdrawal may not be subject to state or local income tax.

How long will they stay in effect?

Penalty-free withdrawals are available through Dec. 31, 2020. Higher loan amounts are available through
Sept. 23, 2020.

If I take a loan or extend an existing one, will I still have to pay it back?

Yes, the changes only suspend payments or extend the term of your loan.

You must still pay back 100% of what you’ve borrowed. Remember—it’s your own money, so you’re really just paying yourself.

Merrill Lynch 401k Login – Step by Step Guide

In order to take benefits, you need to log on to the official portal. You will require login details to access the portal, received from Merrill Lynch Human Resources. If you don’t have one, please contact them immediately.

Follow the steps given below to access your Merrill Lynch 401k Account –

Merrill Lynch 401k Login

  • Enter the User ID you received from the company.
  • Next, enter the password associated with your account.
  • Check the details twice and click on the login button to access your account.
  • If you provide the correct login credentials, you will be taken to the dashboard of your account. From now, you can use the portal for your needs.

Merrill Lynch 401k Login – Forgot User ID/Password?

If you forget your password, a recovery option is available.

All you need to do is, go through the below steps –

Merrill Lynch 401k Login

  • Now you will be taken to the registration page. 
  • Select the Forgot User ID link and you will be taken to a page where you can retrieve your User ID.

Merrill Lynch 401k Login – Forgot User ID

  • Enter your Social Security/Account Number. This helps us verify your identity and provide you with a high level of security.
  • Then, click on the Continue button to proceed.
  • Upon completion, you will be able to reset your login password.

Merrill Lynch 401k Login – First Time User?

Follow the steps given below to access your Merrill Lynch 401k Account –

Merrill Lynch 401k Login

  • Now you will be taken to the registration page. 
  • Enter your Social Security/Account Number. This helps us verify your identity and provide you with a high level of security.

Merrill Lynch 401k Login Create Account

  • Then, click on the Continue button to proceed.
  • Now follow the prompts to complete your registration.

How do I contact Merrill Lynch 401k?

If you do not receive your User ID or have any questions, please call the Merrill Lynch Retirement and Benefits Contact Center at 1-866-820-1492 (U.S., Puerto Rico and Canada) or 609-818-8894 (Outside of the U.S., Puerto Rico and Canada).

Where is my Merrill Lynch 401k?

Open the app and log in to your account. Tap “Accounts” at the top of your screen. Your 8-digit account number is available under “Investment AccountsRetirement” next to your account name

How do I cash out my Merrill Lynch 401k?

Request a withdrawal or a new loan the same way you access your 401(k) now: visit Merrill at www.benefits.ml.com, or use the Benefits Online app for iOS and Android. Until May 1st you can request a loan extension by calling Merrill at 888-968-4015. Starting May 1st these will be available for processing online.

How do I rollover my Merrill Lynch 401k?

Call a representative at Merrill Lynch or visit the website to begin the Merrill Lynch 401k rollover process. This is a fairly standard process, but be sure that you specify that you want a “direct rollover,” or one that sends your savings directly to your new account.

Conclusion

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