Archived Pension Benefit

[DeadEnd]

Fired? I hope you didn’t do something illegal, wish you best of luck to new journey and learn your lesson to not let it happens to your next job.

 

[pellinore]

Actually, I did nothing wrong....it was the HRBP who fired me for something a guest complained about. First time issue.....zero tolerance. Been there over 10 years.
Thanks for the good wishes. I'm now in the job hunting mode and I hope it goes well and relatively fast.

 

[Black Sheep 214]

Actually, I did nothing wrong....it was the HRBP who fired me for something a guest complained about. First time issue.....zero tolerance. Been there over 10 years.
Thanks for the good wishes. I'm now in the job hunting mode and I hope it goes well and relatively fast.

Where does Spot find all these “leaders” with no brain, no heart, and no soul? Good Luck with the job hunt.🍀

 

[Llamanatee]

I have 4,971$ in my pension. Don’t know whether to laugh or cry.

 

[Times Up]

I have 4,971$ in my pension. Don’t know whether to laugh or cry.

Lucky to have one, really. Most folks just have a 401k

 

[Llamanatee]

Lucky to have one, really. Most folks just have a 401k

I don’t have a 401k.

 

[Times Up]

I don’t have a 401k.

As soon as you're eligible, go for it!

 

[Llamanatee]

As soon as you're eligible, go for it!

I've been eligible. TBH didn't think I'd live this long. Thought about starting one this year, but don't know if I'll even be working at the end of the year. Oooooh well.

 

[Amanda Cantwell]

I've been eligible. TBH didn't think I'd live this long. Thought about starting one this year, but don't know if I'll even be working at the end of the year. Oooooh well.

if you start one target will match up to 5% of your paycheck if you contribute 5%. basically they'll give you free money... I'm no accountant but I'm pretty sure you shouldn't turn down free money

 

[ShortTM]

I forget, how many hours do you need to start a 401k? Also, does anyone know if Target is able to transfer the funds if you switch employers?

 

[pellinore]

When you leave a company then the 401K goes with you. You can roll it over to a mutual fund or to an IRA. With Target you are vested as soon as you as you are eligible to enroll in the 401K.....that is not true with most companies so this is a real advantage with Target.

 

[Hardlinesmaster]

I forget, how many hours do you need to start a 401k? Also, does anyone know if Target is able to transfer the funds if you switch employers?
[/QUOTE

Can be switch over
From targetpayandbenefits.com:
Who is eligible?
You are eligible to participate in the TGT 401(k) after you
meet the following requirements:
• You are classified by Target as an employee; and
• You are age 18 or older; and
• You complete and have been paid for 1,000 or more
hours of employment; however, if you have one full
calendar year in which you have no hours of employment
and if you previously did not complete at least 1,000
hours of employment, then you must complete 1,000
hours of employment during any subsequent period of
employment without having another full calendar year in
which you have no hours of employment.

Once you are eligible you are automatically enrolled at a 5% (the maximum match) contribution, though you will definitely want to go in and change the distribution. There is no real incentive to get Target stock, and you would generally be advised against getting it at all. The managed funds should be fine for most people. Make sure you change the company match to your preferred fund otherwise I believe it defaults entirely to company stock.