Archived questions regarding payout and 401k info

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hey guys, I am putting in my two weeks, after over 10 years. I am one of those luckies that is getting the boot thanks to the new ae roll out. Thanks to this forum, I was well prepared before the meeting and actually had my first job interview the day after. I don't start the new job for a few weeks so I'm just running out the clock at Target.

But as I do not trust a single soul in my store, and my HR is as helpful as two left shoes, I have a few questions regarding what steps I need to take with my 401k and how my vacation/personal and if my sick will be paid out. I work in California if that affects anything. I am not enrolled in health benefits.

Any info is greatly appreciated.
 
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*Update*

I was able to find out that I will get paid out in cash for vacation, personal and sick. Also pension is paid out via check if under 5k (not sure if over)

I just need to find out if my 401k has to be immediately removed or if it can sit until I find out from my new employer if I can transfer it. I will call TMSC tomorrow for this info.
 

mrknownothing

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For 401k, get it transferred to your new employer. Do not get a cash payout, as this will result in a tax penalty.

From what I've read on here, vacation time will be paid out, but PH will not be, so use those up. Not sure about sick time. (may depend on your state laws)
 
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Good luck to you,

You can choose to leave the $ in the 401k, or roll it into another one at the institution of your choice. No cost to you either way if you don't touch the $.

I'm in hr, and I don't trust anyone either.

Personal time needs to be used before last paycheck. It will be removed from last paycheck, automatically. I always tell team members to keep using their personal time first when bumping up paychecks.
 

buliSBI

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But as I do not trust a single soul in my store, and my HR is as helpful as two left shoes, I have a few questions regarding what steps I need to take with my 401k and how my vacation/personal and if my sick will be paid out. I work in California if that affects anything. I am not enrolled in health benefits.

Any info is greatly appreciated.
For your 401k/pension:
You have up to 90 days to rollover your Target 401k and pension to a qualified account. There is some paperwork you will have to fill out. Make sure you do a rollover. Do not cash out/request direct payout. You will receive penalty fees and will be taxed for a payout.

After 90 days, your 401k/pension will be automatically rolled over into a outside institution IRA account (Keybank possibly).

If your new employer doesn't have a 401k, check with your local bank/credit unions to open an IRA account. Some institutions require you to have a traditional IRA first then you are able to switch it to a ROTH. Just inquire if you go the IRA route.

Your vacation should be paid out on your last pay check.

I think personal days may not be paid out.
 
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Thanks everyone for your help.

I was able to verify via TMSC , atleast for California, that vacation, personal and sick will be an automatic pay out.

As far as my pension, 30 days after my last day with the company, it will be calculated and a tax form will be sent to my mailing address. From there I initiate the pay out with target pay and benefits.

I will be rolling my 401k into an IRA with a credit union.
 
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Hey guys, just checking back in with a status update, as its been a month and one week since my last day and anyone wondering what the process may look like.

I was paid out in cash for my sick/personal/vacation as well as my last pay. Again, I worked in California; so not all states offer personal.

I set up a 401k at a finical institution and had my 401k rolled over, it was simple and quick, transferred in less than 5 days.

Today I received my personal pension info packet stating I could cash it out or roll it over as well. It will be taxed as usual plus an extra 10% if cashing out. Not sure how long it will take to receive it, as I choose to cash it out and have it direct deposited into my bank, but I am guessing a 1-2 weeks for snail mail, possibly a week for direct deposit.

Ill update with that time frame when it comes. Hope all is well!
 
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An update to when you receive your personal pension. 2 months and a week or so after your last day. Essentially; after the first month, they send you your packet. then after you fill out how you want to handle it, its takes another month for the account to close. Then they send it to you.
 
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I left the company at the end of April and will finally be getting my pension payout August 1st. I just finished rolling my 401(k) over to my new plan, and it feels good to finally be completely severed from Target!
 
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hey guys, I am putting in my two weeks, after over 10 years. I am one of those luckies that is getting the boot thanks to the new ae roll out. Thanks to this forum, I was well prepared before the meeting and actually had my first job interview the day after. I don't start the new job for a few weeks so I'm just running out the clock at Target.

But as I do not trust a single soul in my store, and my HR is as helpful as two left shoes, I have a few questions regarding what steps I need to take with my 401k and how my vacation/personal and if my sick will be paid out. I work in California if that affects anything. I am not enrolled in health benefits.

Any info is greatly appreciated.
what is the new ae roll out about ?
 

mrknownothing

purveyor of things
Joined
Jun 10, 2011
Messages
10,148
hey guys, I am putting in my two weeks, after over 10 years. I am one of those luckies that is getting the boot thanks to the new ae roll out. Thanks to this forum, I was well prepared before the meeting and actually had my first job interview the day after. I don't start the new job for a few weeks so I'm just running out the clock at Target.

But as I do not trust a single soul in my store, and my HR is as helpful as two left shoes, I have a few questions regarding what steps I need to take with my 401k and how my vacation/personal and if my sick will be paid out. I work in California if that affects anything. I am not enrolled in health benefits.

Any info is greatly appreciated.
what is the new ae roll out about ?

Organizational changes Cuts at every level of store leadership.
 
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