WALMART 401(K) PLAN
SAFE HARBOR NOTICE - PLAN YEAR BEGINNING FEBRUARY 1, 2024
Your E
mployer, Walmart Inc. (“Walmart”), m
aintains a 401(k) defined contribution plan for its eligible associates known as the “Walmart 401(k)
Plan” (the "Plan")
. The Plan is a “safe harbor” plan, which means that certain nondiscrimination testing is not required, and all participants are
entitled to make the same level of contributions to the Plan. This Notice contains important information regarding the Plan. You should
consider the information in this Notice as you decide how much (if any) of your compensation you wish to contribute to the Plan for the
Plan year beginning February 1, 2024. This Notice describes how Walmart will match your contribution.
Plan Participation: You are entitled to begin making your own contributions to the Plan as soon as administratively feasible after your date of hire
is entered into the payroll system.
Your Contributions: You may elect to make your own contributions to the Plan from 1% to 50% of your eligible pay each pay period (up to legal
limits). If you have attained or will attain age 50 by the end of 2024, you may defer an additional amount, called a catch-up contribution. Your
contributions to the Plan may be regular pre-tax contributions and/or Roth contributions, as you elect. Pre-tax contributions (and earnings thereon)
are not subject to current federal income tax and, in most cases, state or local taxes, until distributed from the Plan. Roth contributions are made
on an after-tax basis, but the contributions and, in most cases, the earnings thereon are not subject to federal income tax when distributed to you
(as long as the distribution meets certain requirements). You can choose to convert all or any part of the vested contributions in your accounts
(other than Roth contributions and related earnings, and loan balances) to Roth contributions through an “In-Plan Roth Conversion.” The
contributions you choose to convert, along with any earnings on those contributions through the date of the conversion, will be subject to applicable
federal, state and local taxes in the year of conversion. Refer to the section of the summary plan description for the Plan entitled “How your 401(k)
contribution is determined” for a detailed explanation of the type and amount of compensation you may contribute to the Plan.
You may start or change your contribution election at any time after you become eligible by going online at One.Walmart.com, benefits.ml.com or
by calling the C
ustomer Service Center at (888) 968-4015. Your new election will become effective as soon as administratively feasible, normally
within two pay periods. The plan allows for participant-elected automatic increases as a feature to plan participants. It is your responsibility to
review your paychecks to confirm that your election was implemented. If you believe your election was not implemented, you must timely notify
the Customer Service Center, but not later than three months after your election, for corrective steps to be taken. If you do not timely notify the
Customer Service Center, the amount that is being withheld from your paycheck, if any, will be treated as your deferral election.
Safe Harbor M
atching Contribution: You will begin receiving safe harbor matching contributions on the first day of the calendar month following
your first anniversary of employment with Walmart if you are credited with at least 1,000 hours of service during the first year and if you are making
your own contributions to the Plan. (Matching contributions will not be made with respect to contributions you make before you become eligible for
matching contributions.) The safe harbor matching contribution will equal 100% of your combined pre-tax and Roth salary deferral contributions
(including catch-up contributions), up to a maximum of 6% of your eligible annual pay for the Plan year while you are eligible for matching
contributions. Eligible annual pay for this purpose has the same definition as it does for purposes of determining your contributions. This
contribution generally will be deposited into the Plan each payroll period, along with your contributions.
The Plan may be amended during the Plan year to reduce or suspend safe harbor matching contributions. However, the reduction or suspension
will not apply until at least 30 days after all eligible employees are provided notice of the reduction or suspension. If Walmart suspends or reduces
safe harbor matching contributions, you will receive a supplemental notice explaining the reduction or suspension of the safe harbor matching
contribution at least 30 days before the change is effective. Walmart will contribute any safe harbor matching contribution you have earned up to
that point.
Other Plan Contributions: At the present time, Walmart intends the safe harbor matching contribution to be the sole source of company
contributions. You may also roll over to the Plan funds owed to you from a previous employer’s plan (including a 401(k) plan, a profit sharing plan,
a 403(b) plan of a tax-exempt employer or a 457(b) plan of a governmental employer) or from an individual retirement account. For more information
on rollover contributions, see the section of the summary plan description entitled “Making a rollover from a previous employer’s plan or IRA.” Any
rollovers you make to the plan are not considered a contributio
n that is eligible for a match.
You have choices for what to do with your 401(k) or other type of
plan-sponsored accounts. Depending on your financial circumstances, needs and
goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over a 401(k) from a prior employer to a 401(k) at your new employer,
take a distribution, or leave the account where it is. Each choice may offer different investments and services, fees and expenses, withdrawal
options, required minimum distributions, tax treatment (particularly with reference to employer stock), and provide different protection from creditors
and legal judgments. These are complex choices and should be considered with care.
Vesting: Your contributions, rollover contributions and safe harbor matching contributions are 100% vested at all times. Any contributions Walmart
made to your Company-Funded 401(k) Account (generally made for Plan years beginning prior to February 1, 2011) are also 100% vested at all
times. If you have a Company-Funded Profit Sharing Account, contributions to your profit sharing account (generally made for Plan years beginning
prior to February 1, 2011) are subject to a 6-year vesting schedule. You accrue a year of service for vesting purposes by working 1,000 or more
hours during a Plan year.
Withdrawal Restrictions: Except in the circumstances described below, withdrawals from the Plan are not permitted until you terminate
employment with Walmart. You may be able to withdraw all or part of the vested portion of your Plan accounts while you are still working for
Walmart if you experience a financial hardship under IRS guidelines (as defined and permitted by the Plan) or any time after you reach age 59½,
and you can withdraw up to $5,000 within one year
of the birth or adoption of your child. You may also withdraw your rollover contributions at any
time, and you may request a loan from the vested portion of your Plan accounts. The Plan may provide for certain other in-service distributions
with respect to amounts transferred from other plans. (Note that if you make an In-Plan Roth Conversion of funds that are otherwise eligible for
distribution, the funds will be treated as though they were distributed from the Plan and then rolled back into the Plan. Thus, they will be credited to
your rollover account in the Plan.) For more information, see the section in the summary plan description entitled “Receiving a payout while working
for Walmart.”
For More Information: You ca
n learn more about the Plan by reading the summary plan description for the Plan. You can find this in the Plan’s
section of the Associate Benefits Book. To request an additional copy of the summary plan description or obtain additional Plan information, you
may contact the Plan Administrator at: Walmart Inc., Attn: Benefits Customer Service, 508 SW 8
th
St., Bentonville, AR 72716-0295, (800) 421-
1362. You may also contact the Customer Service Center at (888)-968-4015 or benefits.ml.com.
This document is being provided exclusively by your Plan, which retains responsibility for the content
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