Archived Question about 401k

[MajorChomp]

I started recently at Target and got a question about 401k that I did not get an answer for. From the first week of employment I had already set up my 401k contributions through eHR and when I look in the account it shows everything’s active and set up properly from what I can see. However it’s been 3-4 paycheck deposits I’ve received since working there but 401k has still not been deducted from any of my checks, what’s the wait time like for 401k contributions? Did not expect it to take this long to kick in

 

[PackAndCry]

I believe you aren't eligible for that until 6 months in, although maybe that's just their 5% match.

 

[MajorChomp]

I believe you aren't eligible for that until 6 months in, although maybe that's just their 5% match.

Darn, that sucks. I wanted to rollover my 401k from my previous employer and continue the ball rolling but I guess I’ll have half a year without being able to continually put money aside directly into it.

 

[GoodyNN]

From Target's benefits pages (bold is mine for emphasis):

Target matches your contributions dollar for dollar up to 5% of eligible pay. Eligibility begins once you are age 18 and have completed 1,000 hours of service. The employer match is immediately 100% vested. New team members can rollover previous 401(k) balances at date of hire—even before eligibility for Target's plan begins.

Deductions from current payroll would begin once you meet both the age and service requirements. Since you already have an existing account from a prior employer, I assume you've met the age minimum. Talk to your HR person to get contact info for the rollover portion.

 

[Hardlinesmaster]

If you are seasonal, you not make the cut. You might to your $$$ in a ira at your bank instead. You will get some interest earned.

 

[MajorChomp]

If you are seasonal, you not make the cut. You might to your $$$ in a ira at your bank instead. You will get some interest earned.

Oh no, i joined as a Team Lead

From Target's benefits pages (bold is mine for emphasis):


Deductions from current payroll would begin once you meet both the age and service requirements. Since you already have an existing account from a prior employer, I assume you've met the age minimum. Talk to your HR person to get contact info for the rollover portion.

Thanks, guess I got some waiting to do

 

[Hardlinesmaster]

Don’t wait for spot. Put in an ira. You have survive Halloween & 4th qtr, first.