Archived Retire

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Any HR peeps in here I’m looking for info about retiring from Target. I’ve been with the company for 18 yrs and a TL. The only problem is I’m not at retirement age yet. What are the qualifications? I don’t want to call the benefits center until I explore options.
 
Other than keeping your discount, what are the other benefits?
 
Spotter said:
Any HR peeps in here I’m looking for info about retiring from Target. I’ve been with the company for 18 yrs and a TL. The only problem is I’m not at retirement age yet. What are the qualifications? I don’t want to call the benefits center until I explore options.
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From targetpayandbenefits.com info page.
Retiree Discount and Retirement Gift

  1. You may be eligible for the Target retiree discount privilege, as well as a retirement gift, if you meet all of the following criteria:❏❏ Are at least 55 years old when you leave the company.

    ❏❏ Have 10 years of credited and continuous service, starting after your latest hire date. A year of credited service is a calendar year in which you were paid for 1,000 or more hours. (If you were age 45 or older and an active team member on December 31, 2002, five years of credited and continuous service will qualify under the grandfathered rule. Note: If you left the company and were rehired January 1, 2003 or after, you need to meet the 10-year eligibility rules.)

    If you are eligible for a retirement gift, you will receive information in the mail approximately two months after your retirement date.
 
If you choose to save your soul and leave the bullseye and you meet the qualifications can you consider that a retirement even if you decide to leave for another job? Retirement and quitting after 55 ( and all of the other qualifiers) the same thing?
 
tellmeaboutatime said:
Retirement and quitting after 55 ( and all of the other qualifiers) the same thing?
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I think you could draw whatever benefit from Target if you qualify for company retirement but it shouldn't impede you from any other job.
You need to decide what to do with your 401K (do nothing, roll it over to another account, transfer it to another institution, etc) & if you were one of the old-timers who still qualified for pension.
The only time you have to worry about work hours for retirement is if you begin drawing Soc Sec because you'll be limited as to how much you can work.
 
Also, you need to give Target 90-days notice of your effective retirement date, not two weeks notice that you are retiring.
 
When you retire from Target (best decision I ever made and I am 59 with 22 years in), you do not have to give your store any notice technically, I didn't. But we had people give two weeks notice when they were going to retire.
You can collect on your pension at 55 if you have one. You can move your 401k to another investment or leave it there but if you leave it you can't use any of it until you are a certain age. Not sure of the exact age.
Honestly you can call the benefits center and discuss all of this with them and they do not notify the store, that is for you to do. I would call twice to make sure you are getting the same information as I was given the wrong information the first time and was delayed in getting my pension payments started.
Once you pick a date, then you call the benefits center and let them know. From the date you give them you have to wait 30 days just to start the process of getting any of your money, then it takes another 30 days to get your first check. The benefit to retiring is you keep your 10% discount.
The benefits center and the stores do not speak to each other, in fact each one will tell you if you want to retire you need to start with the other one...confusing.
 
Just an FYI, credited hours means 1000 hours worked each year for the past 10 years. If you did not reach those hours you will not be able to keep your discount after retiring. I am an HR Leader and had to share that with one of my team members.
 
From target pay & benefits:
Team Member Discount
Your team member discount ends on your retirement date. If, as of this date, you were at least age 55, and (1) have 10 years or more of continuous and credited (1,000 or more hours) service, or (2) were an active team member on December 31, 2002 and have five years of continuous and credited (1,000 or more hours) service, you and your eligible dependents are eligible for the retiree discount.
 
I'm retiring and I'm no where near 55. Sure better get my pension instantly its my only game plan
 
Hardlinesmaster said:
From target pay & benefits:
Team Member Discount
Your team member discount ends on your retirement date. If, as of this date, you were at least age 55, and (1) have 10 years or more of continuous and credited (1,000 or more hours) service, or (2) were an active team member on December 31, 2002 and have five years of continuous and credited (1,000 or more hours) service, you and your eligible dependents are eligible for the retiree discount.
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So the 10 continuous and credited has to be as of you retire or could you do 10 years continuous and credited and then just say work once a week for a few years?
 
How much is the average pension for the old timers who contributed before the 401k became the plan? I've been around 20 years, and what I did put in the pension would amount to about $40 a month. I really didn't pay attention to the option to keep the pension plan vs. rollover to the 401.
 
RhettB said:
How much is the average pension for the old timers who contributed before the 401k became the plan? I've been around 20 years, and what I did put in the pension would amount to about $40 a month. I really didn't pay attention to the option to keep the pension plan vs. rollover to the 401.
Click to expand...

Ouch! That could cost you majorly.
 
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