Archived Pension Benefit

[PM2NO]

A lot of leadership as of late keep threatening my job for performance reasons. I'm prepared for backup and I'll try my best to make sure it doesn't happen but having questions whether or not Pension benefits apply if I was let go if I'm already vested.

 

[redeye58]

@HRZone to the thread, please.
TM needs info.

 

[HRZone]

A lot of leadership as of late keep threatening my job for performance reasons. I'm prepared for backup and I'll try my best to make sure it doesn't happen but having questions whether or not Pension benefits apply if I was let go if I'm already vested.

I Will research this tomorrow for you.

 

[Hardlinesmaster]

I think you will be ok. Go to targetpayandbenefits may have some info too.

 

[PM2NO]

The language seems to point as far employment ending and doesn't really say it has to be a voluntary ending so I'm thinking as long as I'm vested, I will be ok.

 

[redeye58]

@HRZone - You're the best

 

[HRZone]

A lot of leadership as of late keep threatening my job for performance reasons. I'm prepared for backup and I'll try my best to make sure it doesn't happen but having questions whether or not Pension benefits apply if I was let go if I'm already vested.

Followed up with someone at pay and benefits today. Verify that your pension has vested. If so even if you are involuntarily terminated you still get it.

 

[PM2NO]

Thank you so much for researching this. Hope it doesn't get to that point but good to have an idea.

 

[pellinore]

Target has a Pension Plan? Where do I go to learn about it?

 

[notfit05]

Target has a Pension Plan? Where do I go to learn about it?

Yes you should be able to view it in you ehr or my pay and benefits I forget which, it's on the same page as the 401k information. Assuming your eligible

 

[Hardlinesmaster]

Pension plan no longer available for new folks. @pellinore. You have been at spot for a while, so you do have it.

 

[PM2NO]

If you started after 2009 then you are not eligible. However they continued the plan for those who started before that.

 

[Yetive]

 

[notfit05]

If you started after 2009 then you are not eligible. However they continued the plan for those who started before that.

I started after that but I was still eligible for the pension program

 

[pellinore]

OK....I started before 2009. I tried to look upon targethealthandbenefits.com but I couldn't remember my password/userID so I'll have to try again tomorrow.

 

[Llamanatee]

So if you’re 100% vested and you quit, when do you get said pension?

 

[Llamanatee]

Never mind, found the answer! Just had to keep searching.

 

[pellinore]

I know, I was wondering the same thing, but a pension is separate from the 401K so no matter how a person leaves a job, the pension stays completely in-tact. So, whenever I get to my retirement time I'll start to get it.
Although I do not know if there is anything that I will have to do to it.

 

[Hardlinesmaster]

I know, I was wondering the same thing, but a pension is separate from the 401K so no matter how a person leaves a job, the pension stays completely in-tact. So, whenever I get to my retirement time I'll start to get it.
Although I do not know if there is anything that I will have to do to it.

Ck on targetpayandbenefits to confirm your status.

 

[Llamanatee]

I know, I was wondering the same thing, but a pension is separate from the 401K so no matter how a person leaves a job, the pension stays completely in-tact. So, whenever I get to my retirement time I'll start to get it.
Although I do not know if there is anything that I will have to do to it.

You can get your pension now if you want, assuming you've left or are leaving Target. They just take 10% from it. You have to set it up on targetpayandbenefits.com to receive it.

 

[redeye58]

You can also roll your pension into an IRA outside of Target without penalty.

 

[pellinore]

Hey gang, I've talked with my financial adviser and have discovered what needs to be done.....things can't move from Target until 30 days from your last day of employment. Both the pension money and the 401K can be moved over together.

no nix nein....I needed this information because Target fired me.

 

[bdmk]

I left Target over a month ago. I called TMSC about what to do with my 401k and pension funds. And they said it doesn't show an end date yet. Do I just try back later to see if it changes? I just want to be completely separated from Target all together.

 

[Black Sheep 214]

I left Target over a month ago. I called TMSC about what to do with my 401k and pension funds. And they said it doesn't show an end date yet. Do I just try back later to see if it changes? I just want to be completely separated from Target all together.

You have to be out of Target for 30 days before they can do anything with your 401k. Yes, call back after you have been out for 30 days. Good Luck!

 

[pellinore]

Did you get any mailings in big white envelopes? One is about how to roll over your 401K...and if you had medical insurance you'd have gotten one for that, too. Those tell you what you need to do.
I believe that this number should help you out:800-828-5850... it is the Target Benefits Center. Also, you can probably get information on the website: targetpayandbenefits.com.
good luck!