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
US_Active\113189820\V-1 20232637-1| |5807330 09/2023
Walmart 401(k) Plan
Annual Participant Fee Disclosure Notice
Publication Date: November 1, 2023
Walmart Inc. (“Walmart”) sponsors the Walmart 401(k) Plan (“Plan”). Federal regulations require that participants
in retirement plans, such as the Plan, be provided with certain Plan and investment-related information, including
your right to direct the investment of your Plan accounts, investment options available under the Plan, and the
costs of participation. This information is intended to assist you in the management of your Plan accounts. While
there may not be a need for action right now, please keep the information furnished in this document as it is
intended to assist you in making informed investment decisions.
You should always carefully review all available information about an investment option before making a decision
about investing in that option. Additional information about each of the Plan’s investment options (such as
investment strategies and risks, portfolio holdings, and turnover ratios) can be found by logging on to
http://www.benefits.ml.com. (If this is your first time logging on, you will need to register by creating a personal
User ID and password. Just click on “Create your User ID now” and follow the instructions provided.) You may
also contact the Customer Service Center at (888) 968-4015 for additional information.
What’s Inside:
• Plan-Related Information ........................................................................................................
.............................................................................................
....................................................................................................
...............................................................
........................................................................................
...................................................................................
.......................................................................................
1
o G
eneral Pl
an Informat
ion 1
o Expense Information 3
▪ Plan-Wide Administrative Expenses 3
▪ Individual Expenses 3
▪ Asset-Based Expenses 4
• Investment-Related Information 4
Plan-Related Information
General Plan Information
Your Investment Rights
As a participant in the Plan, you have the right to direct the investment of Plan contributions (both your
contributions and Walmart’s contributions) at any time among the various investment options available under the
Plan.
Note: Walmart Inc. Common Stock (“Walmart Common Stock”) is an investment option only for
legacy Profit Sharing Accounts. Walmart Common Stock is not available for purchase through
any of your other Plan accounts; to the extent these other accounts hold shares of Walmart
Common Stock, you may always sell those shares. If you are subject to blackout periods under
Walmart’s insider trading policy, there may be certain periods during which you are not permitted
to trade in Walmart Common Stock.
You may change your investment choices by logging on to http://www.benefits.ml.com or by calling the
Customer Service Center at (888) 968-4015. For each investment option in your 401(k) account, no more than
one sale may be filed each day for your existing account balances. You may also make one change per
investment option per day for future contributions. If you have a Profit Sharing account and want to make a
change, a separate sale or transfer must also be initiated per investment option per day. Investment directions
are processed the same business day if they are received before 3 P.M. (ET); otherwise they are processed the
following business day. Except as provided below, funds will be reinvested the day your investment direction is
M609450006
- 2 -
processed. If, however, your account is invested in an investment option and you wish to transfer your money to
Walmart Common Stock (for Profit Sharing Accounts only), your funds will be reinvested the next business day
after your investment direction is processed. If your account is invested in Walmart Common Stock and you wish
to transfer your money to another investment option, your funds will be reinvested two business days after the
day your investment direction is processed.
If you do not make an election as to how your Plan accounts will be invested, your accounts will be invested in
one of the myRetirement Funds in the myRetirement Fund series based on the year you were born. The Funds
in the myRetirement Fund series are customized target date funds created specifically for use in the Plan. For
more information, you should review the separate Qualified Default Investment Alternative (QDIA) Notice. You
may obtain a copy of the notice online at http://www.benefits.ml.com or by calling the Customer Service Center
at (888) 968-4015.
Your Investment Options
The chart below lists the investment options available under the Plan as of the date of this notice. You may
choose one of these investment options or you may spread your money among the various investment choices.
Whatever investment options you choose, it is important for you to have a well-balanced and diversified investment
portfolio. A diversified strategy could help you achieve more consistent returns because changes in the financial
markets often cause different types of investments to perform differently. If one investment option loses value,
the loss could potentially be offset by another investment option gaining in value. While diversification does not
ensure a profit or protect against loss, it can be an effective way to help you manage risk.
Walmart 401(k) Plan Investment Options
Asset Class
Investment Option
International Equity International Equity Fund
International Equity Index BlackRock International Equity Index Trust
US Large Cap Core Index BlackRock Russell 1000 Index Trust
US Large Cap Equity Large Cap Equity Fund
US Small Cap Core Index BlackRock Russell 2000 Index Trust
Small-Mid Cap Equity Small Mid Cap Equity Fund
Real Assets Real Assets Fund
Broad Market Fixed Income Bond Fund
Short-Term Fixed Income JPMorgan Short Term Bond Trust
Fixed Income Index BlackRock Bond Index Trust
Money Market BlackRock Money Market Trust
Mixed-Asset Target Date myRetirement Fund
Mixed-Asset Target Date myRetirement 2025 Fund
Mixed-Asset Target Date myRetirement 2030 Fund
Mixed-Asset Target Date myRetirement 2035 Fund
Mixed-Asset Target Date myRetirement 2040 Fund
Mixed-Asset Target Date myRetirement 2045 Fund
Mixed-Asset Target Date myRetirement 2050 Fund
Mixed-Asset Target Date myRetirement 2055 Fund
Mixed-Asset Target Date myRetirement 2060 Fund
Mixed-Asset Target Date myRetirement 2065 Fund
Employer Stock Walmart Common Stock
1
1
Because this option contains a single stock investment, it generally carries more risk than the other investment options offered through the
Plan. Walmart Common Stock is a current investment option only for legacy Profit Sharing Accounts.
Your Proxy Voting and Tender Rights
If you have shares of Walmart Common Stock in your Plan accounts, voting, tender or similar rights related to
Walmart Common Stock will be passed through to you. You will receive all of the materials generally distributed
to the shareholders of Walmart, including an instruction card to tell the Plan’s trustee how to vote your shares in
the Plan. The transfer agent who tabulates the votes will keep individual participant voting strictly confidential.
Neither Walmart nor the Benefits Investment Committee members will have access to your individual voting
- 3 -
instructions. If you do not instruct the trustee how to vote the shares of Walmart Common Stock in your Plan
accounts, the Benefits Investment Committee will vote these shares at its discretion. For all other Plan investment
options, the Benefits Investment Committee will direct the Plan’s trustee on any voting or similar rights or will
delegate these responsibilities to the investment managers.
Expense Information
It is important that you understand the costs of investing through the Plan. There are three basic types of expenses
that may be applicable to your accounts. These are explained below.
Plan-Wide Administrative Expenses
Plan-wide administrative expenses are expenses for Plan administrative services that are charged to your Plan
accounts and which are: (1) not reflected in the total operating expenses of any investment option and (2) not
indi
vidual expenses (as explained below). Plan administrative expenses include charges for the Plan’s day-to-
day operation, such as legal, accounting, recordkeeping, communication, investment advisory services and other
administrative expenses associated with maintaining account records, processing investment menu changes, and
providing customer service.
As of the date of this notice, the Plan expects to incur the following Plan-wide administrative expenses over the
next year:
• Fees for recordkeeping services of approximately $8.30 per participant per year, paid in four quarterly
installments.
• Fees for investment advisory and consulting services of approximately $0.06 per participant per quarter.
Other Plan-wide administrative expenses may also be incurred from time-to-time as necessary for the Plan’s
operations.
At the end of each Plan year quarter, the Plan-wide administrative expenses expected to be incurred or payable
by the Plan in the following quarter will be deducted directly from your Plan accounts. The amount of Plan-wide
administrative expenses may fluctuate from quarter to quarter as expenses are incurred or become payable.
The actual amount of Plan-wide administrative expenses that are charged to your Plan accounts each quarter will
appear on your quarterly statement under the “Contributions and Activity For This Period” section.
Individual Expenses
Individual expenses are those that are charged to your accounts on an individual basis and which are: (1) not
reflected in the total annual operating expenses of any investment option; and (2) not Plan-wide administrative
expenses (as explained above). Individual expenses include fees you may be charged for a particular transaction
or service you select. The following individual fees may be charged to your Plan accounts:
Walmart Common Stock Transactions (as
described above)/Dividend Reinvestment
$0.028 per share
Participant Loan Fees:
• One-time loan origination fee at the time
the loan is taken
• Additional fee for review of residential loan
paperwork (charged each time paperwork
is reviewed)
• Fee for rejection of loan payment due to
insufficient funds (where paid from
individual bank account)
$50
$45
$25
Check Fee (applies to any distribution from
the Plan)
$15 per distribution
- 4 -
Overnight Check Service (applies if you
request a distribution from the Plan and wish
to have the check sent by overnight mail)
$25 per check
QDRO Processing Fees:
• QDRO Account Setup Fee (includes the
setup and review upon the Plan’s receipt
of the first order or draft order)
• Earnings Calculation Fee (applies in the
event the order requires calculation of
earnings for a historical period)
$425
$50
Individual expenses are deducted directly from your Plan accounts and are shown on your quarterly statement
under the “Contributions and Activity For This Period” section or as part of the transaction paperwork.
Asset-Based Fees
Asset-based fees reflect an investment option’s total annual operating expenses and include trustee/custodian,
management and other fees. Asset-based fees are deducted from an investment option’s assets, thereby
reducing its investment return. They are paid by all Plan participants invested in the investment option. Asset-
based fees applicable to the investment options available under the Plan are shown below in the Investment-
Related Information section of this notice.
Typically, asset-based fees are reflected as a percentage of assets invested in the option, and are referred to as
an “expense ratio.” Expense ratios can be shown in two ways:
• Gross expense ratio: reflects the investment option’s total annual operating expenses (before fee waivers).
• Net expense ratio: reflects the investment option’s total annual operating expenses after applicable fee
waivers or reimbursements. Applicable fee waivers or reimbursements may be mandated by contract (which
would have an expiration date) or may be voluntary, and may not remain in effect. The net expense ratio
approximates the expenses you could expect to incur when investing in the option.
The cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings. For
an example showing the long-term effect of fees and expenses, visit the Department of Labor’s website at
http://www.dol.gov/ebsa/publications/401k_employee.html. Fees and expenses are only one of the many
factors to consider when you decide to invest in an option.
Investment-Related Information
This section includes important information to help you compare the investment options available under the Plan.
If you would like additional information about the investment options, including performance information as of the
most recently completed calendar month, you can go to the Plan’s website at http://www.benefits.ml.com or
you may contact the Customer Service Center at (888) 968-4015. A free paper copy of the information available
on the website can also be provided by a Customer Service Center representative.
NOTE: The Benefits Investment Committee, the Plan's trustee/custodian, and investment managers for the Plan
have claimed an exclusion from the definition of "commodity pool operator" under the Commodity Exchange Act
and, thus, are not subject to registration or regulation as a pool operator under the Act.
The table below provides the following information regarding each investment option available under the Plan:
• Historical Performance Information - The chart shows how each option has performed over time and allows
you to compare it with an appropriate benchmark for the same time periods. The performance data shown
here represents past performance as of December 31, 2022. Past performance is not necessarily an
indication of how an investment option will perform in the future. Your investment options could lose money.
- 5 -
Information about the option’s principal risks is available on the website. (Note that you cannot invest directly
in an index used as a benchmark.)
• Fee and Expense Information - The chart also shows fee and expense information for each investment
option. These are asset-based fees as described in the Plan-Related Information section above. The net
expense ratios shown approximate the expenses you could expect to incur when investing in the option.
These ratios change from time to time based on changes in investment management fees and asset
allocations. More current expense information may be obtained on the Plan's website at
http://www.benefits.ml.com.
For additional investment-related information regarding your Plan,
you may contact:
• Plan Sponsor:
Walmart Inc.
Attn: Benefits Customer Service
508 SW 8
th
Street
Bentonville, AR 72716-0295
(800) 421-1362
• Customer Service Center
(888) 968-4015; TDD (Hearing Impaired) (800) 637-1215
• Plan Website:
http://www.benefits.ml.com
Please visit http://www.benefits.ml.com for a glossary of investment terms
relevant to the investment options under the Plan. This glossary
is intended to help you better understand your options.
Investing in funds, which are intended as long-term investments, involves risk, including the possible loss of principal.
Investments in foreign securities are subject to substantial volatility due to the potential for adverse political, economic or other
developments and may carry additional risk. Funds that invest in small- or mid-capitalization companies experience a greater
degree of market volatility than those of large-capitalization stocks and are riskier investments. Bond funds have the same
interest rate, inflation, and credit risks associated with the underlying bonds owned by the fund. Generally, the value of bond
funds rises when prevailing interest rates fall and, conversely, the value falls when interest rates rise. There are ongoing fees
and expenses associated with investing. Bear in mind that higher return potential is accompanied by higher risk.
Investors should carefully consider the investment objectives, risks, charges and expenses of each investment option before
investing. For more information on the investment options, log on to
http://www.benefits.ml.com and refer to the fund
description or fact sheet, if available. Note that prospectuses are not available for collective trusts or for customized funds,
such as the myRetirement Fund series, that are offered only through the Walmart 401(k) Plan.
Effective as of November 1, 2023
QUALIFIED DEFAULT INVESTMENT ALTERNATIVE (QDIA) NOTICE
This notice explains your investment rights under the Walmart 401(k) Plan (“Plan”) with respect to your monies in the Plan
and how those monies will be invested if you do not make an investment election. PLEASE READ THIS NOTICE
CAREFULLY. As a participant in the Plan, you have the right to direct the investment of Plan contributions (both your contributions
and Walmart’s contributions) at any time among various investment options available under the Plan. You can obtain information
about all of the investment options available under the Plan (including fees associated with each investment option), free of charge,
by accessing your account online at www.benefits.ml.com or by calling the Customer Service Center at (888) 968-4015. If you do
not ma
ke an election as to how your Plan contributions will be invested, your Plan contributions will be invested in one of the
myRetirement Funds
1
1
The myRetirement Funds are not mutual funds that are registered under the Investment Company Act of 1940. Prospectuses are
not available and shares are not publicly traded or listed on exchanges.
,2
2
The principal value of these funds is not guaranteed at any time, including at or after the target date. You may lose money by
investing in the myRetirement Funds series, including losses near and following the target retirement date, and there is no guarantee
that this investment will provide adequate retirement income. These funds, other than the myRetirement Fund, are designed to
become more conservative over time as the target date approaches.
,3
3
As a “fund of funds,” each of these funds, as a shareholder of underlying funds, will indirectly bear its pro rata share of the expenses
incurred by the underlying assets.
ba
sed on the year you were born, as indicated in the chart below. For instance, if you were born in 1971,
your Plan contributions will be invested in the myRetirement 2040 Fund.
The Year You Were Born
Your Account Will Be
Invested In The:
1995 to present
myRetirement 2065 Fund
1990 – 1994
myRetirement 2060 Fund
1985 – 1989
myRetirement 2055 Fund
1980 – 1984 myRetirement 2050 Fund
1975 – 1979 myRetirement 2045 Fund
1970 – 1974 myRetirement 2040 Fund
1965 – 1969
myRetirement 2035 Fund
1960 – 1964
myRetirement 2030 Fund
1955 – 1959
myRetirement 2025 Fund
1954 and prior
myRetirement Fund
The m
yRetirement Funds are a series of 10 customized investment options created solely for Plan participants by the Benefits
Investment Committee and are commonly known as “target retirement date” funds. Although the myRetirement Funds series is
designed for different age groups, you may choose to invest in any fund you wish. The myRetirement Funds series, other than the
myRetirement Fund, is a series of diversified investment options that automatically change their asset allocation over time to become
more conservative as a participant gets closer to retirement. This is done by shifting the amount of money that is invested in more
aggressive investments, such as stocks, to more conservative investments, such as bonds, as a participant nears his or her target
retirement date. The target retirement date for these funds is the approximate date a participant would access assets from his or her
retirement account for lump sum retirement benefits from the Plan. Solely for purposes of determining investment allocations, each
myRetirement Fund (other than the myRetirement Fund) uses a target retirement date identified in the name of the myRetirement
Fund, as listed in the table above. Shortly before a myRetirement Fund with a target retirement date identified in its name reaches
its target retirement date, its assets are automatically transferred to the myRetirement Fund.
The m
yRet
irement Fund is the last fund in the myRetirement Fund series and is intended to be the most conservative fund. Unlike
the other funds, the investment allocations for the myRetirement Fund no longer change simply because you get older.
For mo
re complete information about the investment options that are not mutual funds (non-registered investments), refer
to the fund description, or fact sheet if available.
This document is being provided exclusively by your Plan, which retains responsibility for the content.
| |
Please note, for plan years ending prior to February 1, 2006, all or a significant portion of Walmart’s profit sharing contribution was
invested in Walmart stock. Participants in the Plan prior to that date may have Walmart stock in their Profit Sharing Accounts. These
amounts may be reinvested in a different investment option(s) at your election, but if no election is made, they will remain invested
in Walmart stock
4
. These assets are not automatically invested in the myRetirement Funds series.
Target Asset Allocations as of November 1, 2023
As noted on page 1, the target asset allocations for the myRetirement Funds series change over time (other than the myRetirement
Fund). The table below outlines the specific target asset allocation for each myRetirement Fund as of November 1, 2023. Each fund
in the myRetirement Fund series, other than the myRetirement Fund, is adjusted quarterly to become more conservative, and is
rebalanced to the adjusted target asset allocation for the following quarter. The percentages below may be modified from time to
time. Percentages at any given time will vary from those listed below based on market performance, rounding, and timing of fund
rebalancing.
2065
2060
2055
2050
2045 2040
2035
2030
2025 myRetirement
Fund
US Equity
57.5%
57.5%
57.5%
56.5%
53.8%
49.3%
43.2%
36.2%
27.6%
24.4%
International
Equity
32.0%
32.0%
32.0% 31.2%
29.2% 25.9% 22.1%
18.0% 13.0% 11.0%
Real Assets
9.5%
9.5% 9.5% 11.0%
11.3% 11.0% 10.6% 10.2% 9.2%
8.5%
Fixed Income
1.0%
1.0%
1.0%
1.3%
5.7%
13.8%
24.1%
35.6% 50.2%
56.1%
The following chart illustrates the targeted investment mix of each myRetirement Fund as of November 1, 2023. Each fund, other
than the myRetirement Fund, becomes less invested in stocks and real assets and more invested in fixed income assets, such as bonds,
as participants in each 5-year age band approach the target retirement date. The chart below also illustrates generally how the asset
allocation of each fund in the myRetirement Fund series changes over time. For instance, if you were born in 1977 and invested in
the 2045 fund, the asset allocation of that fund in 10 years will generally look like the asset allocation of the 2035 fund. Similarly,
the asset allocation of the 2045 fund in 20 years will generally look like the asset allocation of the 2025 fund.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2065 2060 2055 2050 2045 2040 2035 2030 2025 myRetirement
Fund
Percent of Investment
myRetirement Fund
US Equity International Equity Real Assets Fixed Income
20232637-2 5807323 09/2023
| |
In the chart on the previous page, the US equity allocation consists of the BlackRock Russell 1000 Index Trust
5,6
, the Large Cap Equity Fund
6
,
and the Small-Mid Cap Equity Fund
6
. The international equity allocation consists of the International Equity Fund
6
and BlackRock International
Equity Index Trust
5,6
. The real assets allocation consists of the PIMCO All Asset Fund, and the underlying investment vehicles of the Real
Assets Fund
6
. The fixed income allocation consists of the JPMorgan Short Term Bond Trust
6
, the Blackrock Intermediate Government Bond
Index Trust
5,6
, the BlackRock Long Term Government Bond Index Trust
5,6
, the PGIM (Prudential) Long Duration Credit Trust
6
, and the Bond
Fund
6
. From time to time the Benefits Investment Committee may replace any of these holdings or investment managers, or add additional
underlying investment holdings or investment managers, in the myRetirement Funds series.
Expense Ratios
The expense ratios shown below are estimates of each fund’s total annual operating expenses (management fees and fund operational
expenses) as of November 1, 2023. Note that a fund’s actual expenses may vary slightly from that shown due to differences between
estimated and actual operational expenses and fee waivers or reimbursements by investment managers (which may be voluntary or
mandated by contract, and may not remain in effect).
7
7
Because percentages invested in the underlying funds will change from time to time, and the expense ratios of the underlying funds
also may change from time to time, the expense ratios for the myRetirement Funds will fluctuate and may be more or less than the
expense ratio shown. The expense ratios may also change if any underlying holdings of the funds are modified by the Benefits
I
nvestment Committee or as asset allocations within a fund are modified.
2065
2060
2055
2050
2045
2040
2035 2030
2025
myRetirement Fund
Gross Expense
Ratio
0.24% 0.24%
0.24%
0.25%
0.25%
0.24%
0.23%
0.20%
0.16%
0.14%
Important Information
If your Plan contributions are invested in one of the myRetirement Funds as described in this notice, you may move those funds into
any other investment options available under the Plan at any time either online at www.benefits.ml.com or by calling the Customer
Service
Center at (888) 968-4015.
8
8
You may not invest your 401(k) funds -- including your own salary deferral contributions, Walmart's contributions to your 401(k)
account and company matching contributions -- in Walmart stock.
There are no fees charged for transferring in or out of the myRetirement Funds.
For information on the other investment options available under the Plan, call the Customer Service Center at (888) 968-4015 or go
to www.benefits.ml.com to review the fund fact sheet for each option. (Note that prospectuses are not available for collective trusts
or for customized funds, such as the myRetirement Funds, which are offered only through the Walmart 401(k) Plan.) You may also
obtain information about your investment rights and options under the Plan by reviewing the Walmart 401(k) Plan Investment Guide
and the Walmart 401(k) Plan Annual Participant Fee Disclosure Notice, which you may obtain from the Customer Service Center
or website referenced above.
The Plan is intended to be an “ERISA Section 404(c) Plan.” This means that you assume all investment risks, including the increase
or decrease in market value, connected with the investment options you choose in the Plan or the investment of your accounts in the
myRetirement Funds if you fail to make an investment decision. Neither Walmart, the Benefits Investment Committee, nor the
Trustee are responsible for losses to your Plan accounts as a result of the investment decisions you make or as a result of the
investment of your account in a myRetirement Fund as explained in this notice.
Investors should carefully consider the investment objectives, risks, charges and expenses of each investment option before
investing.
Investing in funds, which are intended as long-term investments, involves risk, including the possible loss of principal. Investments
in foreign securities are subject to substantial volatility due to the potential for adverse political, economic or other developments
and may carry additional risk. Funds that invest in small- or mid-capitalization companies experience a greater degree of market
volatility than those of large-capitalization stocks and are riskier investments. Bond funds have the same interest rate, inflation, and
credit risks associated with the underlying bonds owned by the fund. Generally, the value of bond funds rises when prevailing interest
rates fall and, conversely, the value falls when interest rates rise. There are ongoing fees and expenses associated with investing.
Bear in mind that higher return potential is accompanied by higher risk.
Investing in commodities or global commercial real estate or the securities of companies operating in these markets involves a high
degree of risk, including leveraging strategies and other speculative investment practices that may increase the risk of investment
l
oss, including the principal value invested. Investments may be highly illiquid and subject to high fees and expenses.
4
Walmart stock gives you the potential for capital appreciation. As there are no other forms or types of investments in this option,
the value of the stock stands on its own. Because this option is a single stock investment, it generally carries more risk than the
other investment options offered through the Plan.
5
It is not possible to invest directly in an index.
6
This investment option is not a mutual fund, registered under the Investment Company Act of 1940, A prospectus is not available
and shares are not publicly traded or listed on an exchange.
2
0232637-2 580
7323 09/2023
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”)
makes available cerain investment products sponsored, managed, distributed or provided
by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a
registered broker-dealer, registered investment adviser, member SIPC, and a wholly owned
subsidiary of BofA Corp.
Investment products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
The Walmar 401(k) Plan has a diverse selection of investment choices. Because people have different levels
of investment experience, the Plan offers a variety of options. The goal is to make it easy for you to choose an
investment mix that is right for you — whether you’re new to investing, an experienced investor, or somewhere
in between.
Through the Plan, you can select a:
• “One-choice” investment option based on the year you expect to retire
• Mix of individual investment options based on your retirement goals
This brochure explains the investment options available through Walmar’s 401(k) Plan. Information about your
Plan account and investment options is always available online and over the phone from Merrill.
Taking charge of your financial future now could help you fulfill your retirement goals. Review this information and
star planning for your retirement … your way.
Want to learn more?
Detailed information about all of the Walmar 401(k) Plan’s investment choices is available on the
Benefits OnLine® website or by calling Merrill.
• Online: Visit Benefits OnLine at www.benefits.ml.com.
• Customer Service Center: By calling (888) 968-4015, you can use the automated Interactive
Voice Response (IVR) system or speak with a customer service representative.
For more information about 401(k) plan features, please review your Summary Plan Description.
Walmar 401(k) Plan Investment Guide
M609450002
2
Make your investment choices
When it comes to investing, do you want to make just one choice? Or would you rather mix and manage your own
porfolio? It’s up to you.
*Diversification does not ensure a profit or protect against loss.
Make just one choice
A myRetirement Fund might be right
for you if:
• You want to simplify investing.
• You want a diversified portfolio with a
single investment choice.*
• You want a retirement strategy that will
automatically become more conservative
as you approach retirement age.
In general, this means:
• You select a fund that best coincides with the
year in which you expect to retire.
• Your fund is monitored and adjusted by
the Plan on a regular basis with the aid of
investment professionals.
• The fund mix automatically becomes
more conservative as you approach
retirement age.
However, you should monitor your account
regularly to make sure that your investment is
still right for you.
See page 3 for more details about the
myRetirement Funds.
Manage your own
investment mix
Creating your own investment mix might
be right for you if:
• You’re comfortable managing your 401(k)
investments.
• You feel confident in your ability to select
investment options that are right for your
retirement goals.
• You want to monitor your investments and
adjust them over time to meet your needs.
In general, this means:
• You choose your own investment mix from the
Plan’s investment menu, and you decide how
much to invest in each fund.
• You’re responsible for monitoring your
investments, and adjusting them as necessary.
• You may want to periodically adjust the mix
of stocks, bonds and cash equivalents in your
account as you approach retirement.
• Or, you may want to choose a new asset mix if
your goals and investment strategy change.
See page 5 for details about the Plan’s individual
investment options.
3
Make just one choice: select a myRetirement Fund
The myRetirement Funds are “target retirement date” funds that invest in several different types of stocks and bonds.
Their investment mix changes over time, so they become more conservative as you get closer to retirement. The funds
do this by moving money that’s invested in more aggressive investments, like stocks, to more conservative investments,
like bonds, as you get older. When you choose a myRetirement Fund, your savings will be invested by professional
investment managers in stocks, bonds, and other assets for you—so you won’t have all your eggs in one basket.
The myRetirement Fund is intended to be the most conservative fund in the series of myRetirement Funds. Unlike the
other funds, the investment allocations for the myRetirement Fund do not change as you get older. The myRetirement
Fund is designed for paricipants whose target retirement date was around the year 2020 or earlier, and seeks income
and capital appreciation in a diversified fund designed for retirement.
If retirement is many years away, your focus might be on building your account, which could involve taking more
investment risks. But as you move closer to retirement, you may want to become more conservative in your investment
risks, with a goal of preserving what you already have. Managing this process is what a myRetirement Fund can do for you.
How do you choose a myRetirement Fund?
If you decide that the myRetirement Funds are right for you, you generally would pick the year you think you will
retire, or will need to begin to withdraw the money from your account. Then, select the fund with a title closest
to that date. For example, John Doe was born in 1963, and plans to retire at age 67 in 2030. John would choose
the myRetirement 2030 Fund. However, you can choose any of the myRetirement Funds that you wish.
If you don’t make an investment election, your contributions and Walmar’s matching contributions will be
invested automatically in one of the myRetirement Funds based upon the year you were born, as shown below.
The myRetirement Funds are not mutual funds, registered under the Investment Company Act of 1940. Prospectuses are not available and shares are
not publicly traded or listed on exchanges.
The target date for each myRetirement Fund is the approximate date when investors plan to star withdrawing the assets from their retirement
account. The principal value of these funds is not guaranteed at any time, including at or after the target date. You may lose money by investing in
the myRetirement Funds, including losses near and following the target retirement date, and there is no guarantee that this investment will provide
adequate retirement income. These funds, other than the myRetirement Fund, are designed to become more conservative over time as the target date
approaches.
As a “fund of funds,” each of the myRetirement Funds, as a shareholder of underlying funds, will indirectly bear its pro rata share of the expenses
incurred by the underlying funds.
If you do not make an investment election, and
you were born in . . .
You will be invested in . . .
1995 or later myRetirement 2065 Fund
1990 — 1994 myRetirement 2060 Fund
1985 — 1989 myRetirement 2055 Fund
1980 — 1984 myRetirement 2050 Fund
1975 — 1979 myRetirement 2045 Fund
1970 — 1974 myRetirement 2040 Fund
1965 — 1969 myRetirement 2035 Fund
1960 — 1964 myRetirement 2030 Fund
1955 — 1959 myRetirement 2025 Fund
1954 or earlier myRetirement Fund
4
More about the myRetirement Funds
The enclosed Qualified Default Investment Alternative notice provides more details on the myRetirement Funds,
including:
• Target asset allocations.
• An illustration of how the funds change over time.
• Fund expenses.
For more up-to-date information, visit Benefits OnLine at www.benefits.ml.com.
A few principles to keep in mind
• Review your investment choices. No matter how you invest, you’re responsible for your investment
decisions. Because your goals and tolerance for risk may change over time, it’s wise to periodically review
your investments (at least annually) and make sure they are still appropriate for your goals.
• Investment performance isn’t guaranteed. None of the Plan’s investment options provide guaranteed
income in retirement.
• Diversify your account. Try to make sure your account is divided among different types of investment
options. That way, if one investment loses money, it may potentially be offset by another investment that
makes money. While diversification does not ensure a profit or protect against loss, it can be a good way
to manage risk. (A myRetirement Fund can diversify your account for you; however, like any investment,
the myRetirement Funds have the potential to lose money.)
5
The fund categories and risk/potential reward spectrum are based upon Lipper fund classifications (which are shown above the fund
names). These are intended to provide a general evaluation of the risk and potential reward of each investment option. They are not
meant to predict future perormance or the volatility of any investment option.
Investment option descriptions
Following are brief descriptions of the investment options available through the Plan. For more information about
these investment options, including perormance and fact sheets, visit Benefits OnLine at www.benefits.ml.com.
BlackRock Money Market Trust
This collective trust seeks as high a level of current income as is consistent with liquidity and stability of principal.
The porfolio invests in US Treasury bills, notes and obligations guaranteed by the US government and its agencies
and instrumentalities. Repurchase agreements are fully collateralized by such obligations. BlackRock is the
investment manager of this collective trust.
2,3
JPMorgan Shor Term Bond Trust
This collective trust, managed by JPMorgan, seeks current income consistent with preservation of capital
through investment in high-grade and medium-grade fixed income securities. Under normal conditions the fund
will primarily invest in high quality bonds, including taxable or tax-exempt municipal securities. It will generally
maintain an average weighted maturity of 3 years or less, taking into account expected amorization and
prepayment of principal on cerain investments.
2
Lower Risk/Lower Potential Reward Higher Risk/Higher Potential Reward
JPMorgan
Shor Term
Bond Trust
Shor-
Intermediate
Investment Grade
Debt Funds
Real Assets Fund
Global Flexible
Porfolio Funds
BlackRock
Money Market
Trust
Institutional
Money Market
Funds
BlackRock Russell
1000 Index Trust
1
Large Cap Equity
Fund
Small Mid Cap
Equity Fund
BlackRock Russell
2000 Index Trust
1
Large-Cap
Core Funds
BlackRock Bond
Index Trust
1
Bond Fund
Core Bond Funds
Small-Cap
Core Funds
Mid-Cap
Core Funds
BlackRock
International
Equity Index
Trust
1
International
Equity Fund
International
Large-Cap
Core Funds
Do it yourself: choose a mix of investments
Are you comforable choosing your own investments? The Plan offers a diverse menu of investment choices. You
can choose the ones you want, according to your investment goals and tolerance for risk.
Investment option overview
6
BlackRock Bond Index Trust
The BlackRock Bond Index Trust is a passively managed index porfolio that seeks to replicate the perormance
of the Bloomberg US Aggregate Bond Index by investing in intermediate term, high quality, U.S. treasury,
government agency, corporate, and morgage backed securities. The duration of this investment option will be
approximately 5-7 years. A typical investor in this fund seeks income and modest capital appreciation. This is a
conservative investment option; however, the investor remains exposed to both credit and interest rate risk.
1,2,3
Bond Fund
The Bond Fund was created by the Benefits Investment Committee solely for use by the Plan. The Fund may be
appropriate for investors who desire the additional porfolio diversification provided by fixed income investments.
The Fund provides bond exposure through the use of external investment managers, who in turn invest in fixed
income instruments of various maturities. The Fund aims to provide a favorable return relative to the Bloomberg
US Aggregate Bond Index. The Committee manages allocations to the underlying Fund managers, who are subject
to change without notice. Allocations to underlying managers fluctuate each quarer due to contributions and
perormance, but are rebalanced quarerly to the target allocation.
2,4
Real Assets Fund
The Real Assets Fund was created by the Benefits Investment Committee solely for use by the Plan. The Fund
seeks to provide investors with a way to diversify a stock and bond porfolio by combining external investment
managers, who in turn invest in real asset investments including commodities, global listed infrastructure
securities (service providers in the water, utility and related industries), global commercial real estate securities
and U.S. Treasury Inflation Protected Securities (TIPS). The Fund aims to provide a favorable return relative to a
blended benchmark including the Bloomberg Commodities Index, the FTSE/EPRA NAREIT Developed Index, the
S&P Global Listed Infrastructure Index, and the Barclays U.S. TIPS Index. The Committee manages allocations to
the underlying Fund managers, who are subject to change without notice. Allocations to underlying managers
fluctuate during each quarer due to contributions and perormance, but are rebalanced quarerly to the target
allocation.
2,3,5
BlackRock Russell 1000 Index Trust
BlackRock Institutional Trust Company, N.A. is the investment manager of this collective trust. This Trust seeks
to match the perormance of the Russell 1000 Index by investing in stocks that make up the index. The Russell
1000 Index is comprised of the 1,000 largest companies within the Russell 3000 Index. These 1,000 large-
capitalization companies represent approximately 93% of the total market capitalization of the Russell 3000 Index.
The Russell 3000 Index represents approximately 96% of the total US equity market capitalization. Investing in
large-capitalization stocks is the most efficient way to paricipate in earnings from large US companies. These
stocks have the potential for more stable earnings than that of small- or mid-capitalization stocks, and their prices
tend to be less volatile. This fund is intended for long-term investors seeking to capture the earnings and growth
potential of large US companies.
1,2
Large Cap Equity Fund
The Large Cap Equity Fund was created by the Benefits Investment Committee solely for use by the Plan. The
Fund is intended for investors seeking a diversified porfolio of large capitalization stocks. The Fund invests
through an external investment manager, who in turn invests in marketable equity securities of US Large Cap
companies. The Fund will include exposure to stocks across the equity style spectrum, including growth, value
and core investments. The Fund will use alternative index strategies to provide low-cost exposure to several
market factors, such as value, low volatility, quality, and momentum. The Fund aims to provide a favorable return
relative to the Russell 1000 Index. The Committee manages allocations to the underlying Fund strategies, which
are subject to change without notice. Allocations to underlying strategies fluctuate during each quarer due to
contributions and perormance, but are rebalanced quarerly to the target allocation.
2,4
7
Small Mid Cap Equity Fund
The Small Mid Cap Equity Fund was created by the Benefits Investment Committee solely for use by the Plan. The
Fund is intended for investors seeking a diversified porfolio of small and mid capitalization companies, who are
willing to accept increased volatility relative to larger companies. The Fund invests through the use of external
investment managers, who in turn invest in small and mid capitalization stocks across the equity style spectrum,
including growth, value and core investments. The Fund aims to provide a favorable return relative to the Russell
2500 Index. The Committee manages allocations to the underlying Fund managers, who are subject to change
without notice. Allocations to underlying managers fluctuate each quarer due to contributions and perormance,
but are rebalanced quarerly to the target allocation.
2,4
BlackRock Russell 2000 Index Trust
BlackRock Institutional Trust Company, N.A. is the investment manager of this collective trust. The Trust seeks
to match the perormance of the Russell 2000 Index by investing in a diversified sample of the stocks that make
up the index. The Index is comprised of the 2,000 smallest companies in the Russell 3000 Index and represents
approximately 7% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index represents
96% of the total US equity market capitalization. The Trust may be appropriate for long-term investors who are
willing to accept changes in the value of their investments due to the regular fluctuations of stock prices.
1,2
BlackRock International Equity Index Trust
The BlackRock International Equity Index Trust is a passively managed index porfolio that seeks to replicate
the perormance of the MSCI ACWI ex USA Investable Market Index by investing in large, mid, and small cap
stocks that make up the broad international equity universe. This investment option invests in over 6,000 stocks
in approximately 22 developed countries excluding the United States and 24 emerging market countries. The
investment option is intended for longer-term investors who are seeking growth potential and are willing to
accept increased volatility associated with stocks of small- and mid-capitalization international developed and
emerging market companies.
1,2
International Equity Fund
The Fund was created by the Benefits Investment Committee solely for the Plan. The Fund is intended for
investors seeking a diversified porfolio of international stocks. The Fund seeks long-term growth of capital
and invests primarily in pooled trusts and mutual funds, which in turn invest in marketable equity securities of
non-US and emerging markets companies. The Fund provides equity exposures across various regions and market
capitalization ranges, as well as equity growth and value investment styles. The Fund aims to provide a favorable
return relative to the MSCI All Country World ex-US IMI Index. The Committee manages allocations to Fund
holdings, which are subject to change without notice. The allocation fluctuates each quarer due to contributions
and perormance, but is rebalanced quarerly to the target allocation.
2,4
Changing your investment elections
You can change your investment choices at any time.
• How to make a change: Log on to www.benefits.ml.com or call the Customer Service Center at
(888) 968-4015.
• What happens next: If you call prior to 3:00 p.m. ET, your investment change will generally be made on
the day you call. If you call after 3:00 p.m. ET, your investment change will generally be made on the
next business day. You’ll get a confirmation statement after you change your investment choices. It’s
important to review this statement and make sure your changes were made correctly.
Investing through the Plan involves risk, including the possible loss of the principal value invested.
Merrill provides products and services to various employers, their employees and other individuals. Merrill makes available content on
websites on the internet, mobile device applications, and written brochures in order to provide you with information regarding your
plan. Under no circumstances should this content be considered an offer to sell or a solicitation to buy any securities, products, or
services from Merrill or any other person or entity.
Benefits OnLine is a registered trademark of Bank of America Corporation.
© 2023 Bank of America Corporation. All rights reserved. | 5807308 | 20232633-1 | 10/2023 | ADA
For information about plan fees
The Plan makes available the Walmar 401(k) Plan Annual Paricipant Fee Disclosure Notice, which contains
a list of fees associated with the Plan, including administrative fees and expenses that apply to each
investment option. You may obtain a copy of this document, as well as additional information about each
investment option, at www.benefits.ml.com or by calling the Customer Service Center at (888) 968-4015.
1
It is not possible to invest directly in an index.
2
This investment option is not a mutual fund registered under the Investment Company Act of 1940. A prospectus is not available and
shares are not publicly traded or listed on exchanges.
3
An investment in the Fund is neither insured nor guaranteed by the U.S. government.
4
As a “fund of funds,” this Fund, as a shareholder of underlying funds, will indirectly bear its pro rata share of the expenses incurred by
the underlying funds.
5
Investing in commodities or global commercial real estate or the securities of companies operating in these markets involves a high
degree of risk, including leveraging strategies and other speculative investment practices that may increase the risk of investment loss,
including the principal value invested. Investments may be highly illiquid and subject to high fees and expenses.
Investing involves risk, including possible loss of the principal value invested. Investments in foreign securities or real estate securities
are subject to substantial volatility due to adverse political, economic or other developments and may carry additional risk. Funds that
invest in small- or mid-capitalization companies experience a greater degree of market volatility than those of large-capitalization
stocks and are riskier investments. Bond funds have the same interest rate, inflation, and credit risks associated with the underlying
bonds owned by the fund. Generally, the value of bond funds rises when prevailing interest rates fall and, conversely, the value falls
when interest rates rise. There are ongoing fees and expenses associated with investing. Bear in mind that higher return potential is
accompanied by higher risk.
Investors should consider the investment objectives, risks, charges and expenses of investment options carefully before investing.
For more information about the investment options that are not mutual funds (non-registered investments), log on to Benefits OnLine at
www.benefits.ml.com and refer to the fund description or fact sheet, if available.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors
before making any financial decisions.