Learn how Target 401(k) plan works, including eligibility requirements, contributions, employer match, withdrawals, and how to contact the plan administrator.
Target is a leading general merchandise retailer that operates over 1,948 stores across the United States. It offers a wide range of products, including food and beverages, household essentials, home furnishings, apparel and accessories, etc. With over 440,000 employees as of 2023, Target employees receive various benefits in addition to their salaries. One of these benefits is a 401(k) plan that is sponsored by Target Corporation.
Target employees are eligible to participate in the company’s 401(k) plan when they complete 90 days of service, reach age 18 or older, and are classified as team members by Target. You can choose to contribute anywhere from 1% to 80% of your pay in each pay period and still receive a match from the company. Target matches contributions dollar-for-dollar, up to 5% of your pay.
Target 401k provider
Target Corporation 401(k) plan is with Alight Solutions LLC, which manages assets worth over $9.7 billion as of 2019. Eligible 401(k) participants can access and manage their 401(k) benefits online at www.targetpayandbenefits.com. When logging into your account, you will be asked to provide your User ID and password. If you are a first-time user, you will be required to answer a series of questions to verify your identity.
Target 401k login
You can access your 401(k) account online at www.targetpayandbenefits.com. You will be required to enter your User ID and password to log in. If you have forgotten your login information, use the "Forgot User ID or password" button on the login page to reset these details. If you are a new user, you can create a new account on the login page.
Target 401k match
Target offers a dollar-for-dollar match on 401(k) contributions, up to 5% of your pay. If you contribute at least 5% of your pay to a 401(k) plan, you will be eligible to receive the full company match. Only the regular contributions are eligible for matching; catch-up contributions are not eligible for company matching.
Target 401k customer service
If you need help with your Target 401(k) plan, you can call a Target Benefits Center representative at 800-828-5850 between Monday and Friday, 9.00 a.m. to 7.00 p.m. Central Time. If you are outside the United States, you can call the Target Benefits Center at 847-883-0433.
Target 401k loan
You can take two types of 401(k) loans from your Target 401(k) plan i.e. general purpose loan and home purchase loan. The general purpose loan can be used for any purpose, while the home purchase loan can only be used to purchase your primary residence. The minimum amount you can borrow is $500 for a general-purpose loan and $1,000 for a home purchase loan, while the highest amount you can borrow is the lesser of 50% of your account balance, or $50,000. The 401(k) loan period can go up to 3 years for a general-purpose loan and up to 15 years for a home purchase loan.
Target 401k after termination
If you have a Target 401(k) plan, and you have been terminated, you may have several options with your money. If you have at least a $5,000 balance, you can choose to leave it in the plan as you decide what to do with the money.
You can also choose to rollover the 401(k) plan to your new employer's 401(k) plan, to an IRA, or another qualified retirement plan. If you have a financial emergency, you can choose to withdraw your 401(k) money, but be aware that you will owe income taxes and a potential penalty if you are below 59 ½.
Target 401k withdrawal
If you want to withdraw money from your Target 401(k) plan while you are working, you will be allowed to withdraw the regular after-tax contributions, rollover from previous employers, and old company match (made before August 15, 2003), before age 59 ½.
Pre-tax contributions and related earnings can only be withdrawn before 59 ½ if you are facing a financial emergency such as foreclosure, eviction, burial expenses, or medical expenses. Once you reach age 59 ½, you will be allowed to withdraw your contributions even if you don’t have a financial emergency.
Target 401k early withdrawal
If you are still working and below age 59 ½, you can only be allowed to make a 401(k) withdrawal if you have a financial hardship. Some of the eligible financial hardships include medical expenses, purchasing a primary residence, repairs of uninsured home damages, funeral expenses of an immediate family member, post-secondary education expenses, and expenses required to prevent an eviction or foreclosure on a home mortgage. However, you must first withdraw any after-tax contributions, rollover contributions, and old matching contributions made before August 15, 2003.
Target 401k rollover form
You can request a Target 401(k) rollover request form by logging into your 401(k) account at www.targetpayandbenefits.com. You will be required to verify that the rollover funds are coming from a qualified source. You can call a Target Benefits Center representative at 800-828-5850 to ask any questions you may have.
Target 401k account number
You can get your Target 401(k) account number either online or by calling a customer representative. To check your 401(k) account number, log into your 401(k) account at www.targetpayandbenefits.com; your account number will be displayed under your profile. You can also contact a Target Benefits Center representative at 800-828-5850 and request your 401(k) account number information; be ready to answer a series of questions to verify your identity.
Target 401k phone number
If you need help with your 401(k) plan, you can call Target Benefits Center representatives at 800-828-5850 anytime from Monday to Friday, 8.00 a.m. to 10.00 p.m. EST. You can also contact the plan administrator via phone at 612-307-5037 to get help with plan-specific issues.
Target 401k administrator
The plan administrator for the Target 401(k) plan is the Sr. Vice President, Pay & Benefits. As of September 2023, Courtney Richardson is the current Sr. Vice President, Pay & Benefits at Target. The plan administrator is responsible for the day-to-day operations of the 401(k) plan. You can also write to the plan administrator via the following address: 7000 Target Pkwy, NCB-201, Brooklyn Park, MN 55445.
Target 401k eligibility
Target employees become eligible to participate in the Target 401(k) plan when they reach age 18 or older, complete 90 days of service with Target, and are classified by Target as team members. If you are a former employee and you previously met these requirements, you will be eligible to participate in the 401(k) immediately upon rehire, as long as no more than 5 years have lapsed since your previous employment with Target.
Target 401k vesting
Your pre-tax and after-tax contributions to your Target 401(k) plan and any earnings on those contributions are fully vested at all times and will be payable to you when you leave Target. Additionally, employer matching contributions made by Target to your 401(k) plan are always 100% vested and will be payable to you when you leave your job.
Target 401k app
Target 401k summary plan description
The Target 401(k) plan administrator is required to provide each plan participant with a copy of the Summary Plan Description. If you don’t have a copy, you can request a copy by calling the plan administrator at 612-307-5037. You can also request a copy of the summary plan description in writing via the following address: 7000 Target Pkwy, NCB-201, Brooklyn Park, MN 55445.