Pension Cash Pay Credit Dec 31

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Jul 17, 2011
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Just wondering if anyone else didn't receive their Cash Pay Credit that should have been added on Dec 31 2020. I know there are some people on here that are still enrolled in the pension plan.
 
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Target does a Cash Pay Credit every 3 months. March 30, June 30, Sept 30, and Dec 31 and they add a % of your pay that quarter to your pension. The % is based on your age and years of service. This is the first time I haven't received the credit in over 20 years just kind of odd. If you look at your pension account summary it'll show the break downs for the dates.
 
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Yetive

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They stopped the pension awhile ago. Those of us who already had it kept it. If you started after, no pension for you.
 
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Target does a Cash Pay Credit every 3 months. March 30, June 30, Sept 30, and Dec 31 and they add a % of your pay that quarter to your pension. The % is based on your age and years of service. This is the first time I haven't received the credit in over 20 years just kind of odd. If you look at your pension account summary it'll show the break downs for the dates.
I have never seen this on payandbenefits and still do not. All I see is monthly payment estimate and choices for how to receive it (haven't decided because I don't know what to do! lol)
 
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Ok I checked mine. I pulled the date range from October 1 to December 31st as well as today’s date and I didn’t get any cash pay credit. Only interest. For the other quarters, I received cash pay credit.

Offtopic. If I quit Target and not at my retirement age can I still get this pension when I am eligible to retire?
 

Yetive

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I think it depends on the total value at retirement, like 401k. Under 5000 they cut a check. Otherwise, you can leave it there and get it at retirement age.
 
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Ok I checked mine. I pulled the date range from October 1 to December 31st as well as today’s date and I didn’t get any cash pay credit. Only interest. For the other quarters, I received cash pay credit.

Offtopic. If I quit Target and not at my retirement age can I still get this pension when I am eligible to retire?
Still can't find this information.
 
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Mar 17, 2020
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Still can't find this information.
it’s in targetpayandbenefits.com and when you login you should see one for pension and 401k. i clicked on the pension and checked the account summary. my question is to you, did you start working for target before or on 2008? I think target stopped giving out pension plan around that time.
 
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Ok I checked mine. I pulled the date range from October 1 to December 31st as well as today’s date and I didn’t get any cash pay credit. Only interest. For the other quarters, I received cash pay credit.

Offtopic. If I quit Target and not at my retirement age can I still get this pension when I am eligible to retire?
Yea you'll still have your pension plan if you quit target, but you can also roll it into a IRA if you'd rather try and beat the 4.64% they add to it.
 
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I sent an email to HR through targetpayandbenefits with as much info I could on the pay credit but no response yet. Store HR doesn't have a clue about the pension plan so gonna have to figure it out with targetpayandbenefits.

To everyone who is asking about the pension you have to be employed with target before Jan. 1 2009 and average 1000 hours a year for the pay credits.
 
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I sent an email to HR through targetpayandbenefits with as much info I could on the pay credit but no response yet. Store HR doesn't have a clue about the pension plan so gonna have to figure it out with targetpayandbenefits.

To everyone who is asking about the pension you have to be employed with target before Jan. 1 2009 and average 1000 hours a year for the pay credits.
Is that different for dc workers? I started after 2009 but have a pension. It is different than the old timers but still there.
 

JohnSith373

I shouldn’t have access to this but I do
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Is that different for dc workers? I started after 2009 but have a pension. It is different than the old timers but still there.
DC cutoff was Jan 1, 2017. Anyone hired before that date got a pension while anyone hired afterwards was cut.

I wonder if you’re hired at the store before 2017 and then transferred to a DC, do you get the pension benefit?
 
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Jun 8, 2011
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From target pay site under pension.
PAY CREDITS
Pay credits are added to your account every quarter, starting with the quarter in which you first become a plan participant. Pay credits are a percentage of your eligible pay, with the percentage based on your age and years of points credited service. Your age and years of points credited service (defined below) are simply the total of your full years of age added to your full years of points credited service. (Fractions of a year of either are disregarded.) Your age and points credited service are calculated at the end of the quarter. If you terminate employment during the quarter, your final pay credit is based on your age and points credited service calculated as of your date of termination. Here’s how pay credits are determined:
Your Age Plus Years of Points Credited Service
Your Pay Credit
Less than 40 - 1.5%
40 – 49 - 2.0%
50 – 59- 2.5%
60 – 69 - 3.0%
70 –79 - 4.0%
80 – 89 - 5.0%
90 or more - 6.5%
For example, let’s say you are 40 years old, you have worked for Target or other participating employer for 11 years and you earn $35,000. Your age and points credited service total 51, so 2.5 percent of your eligible pay during the quarter will be added to your Personal Pension Account.
 
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From target pay:
You are eligible to participate in the plan on the first day of the month after you meet all of the following:
   

You are an eligible team member of a participating employer under the plan; and
You have reached age 21; and
You have completed one full year (12 months in a row) of employment; and
You have completed 1,000 hours of service in your first 12 months of employment (or in any succeeding calendar year); and
You satisfy one of the following:
– You were hired before January 1, 2009.
– You were originally hired before January 1, 2009 and rehired before January 1, 2020.
– The following special rule applies to non-exempt distribution center team members: You were hired before January 1, 2017 (or originally hired before January 1, 2017 and rehired before January 1, 2020).
 
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