Archived Somehow not eligible for benefits, just have one question.

[TTGOz]

So, I guess last year I didn't work more than 20 hours a week which doesn't make sense to me because I worked 32-36 hours almost the entire year except in Q1 and I do have bills to pay so I can't afford to not work, but my average hours were below 20 hours still.

As far as I know per HR, average hours are correct and I can't change them. I wasn't using any other benefits other than funding my 401k retirement account with Target. I will be losing my benefit eligibility this April and so that leaves me with the question of.. what happens to my 401k? My ETL-HR wasn't working at the time when I talked to an HR TM shortly and she didn't know either. Will my 401k account still exist but not be eligible to continue funding, do I have to withdraw early and put whatever money I have and create a Roth-IRA? Which is something I've been wanting to do now over a 401k... but I guess this could be the push to do it.

Just looking for some ideas or answers. I do intend to talk to my ETL-HR tomorrow if she is there. I assume she's gonna just give me a number to call.

 

[Amanda Cantwell]

avg hours don't affect 401k. you just need 1000 lifetime hours + be over 18

source: I don't qualify for benefits but I get that 5% match in my 401k!

 

[Agent Spot]

The minimum hours for benefits only applies to medical insurance. I believe the 401K eligibility is after you have reached 1000 hours. Your 401K is your money and you can continue to fund it. If you haven't already you should log into targetpayandbenefits.com where you can see everything related to your 401K. This site is where you can change your contribution % and the accounts you are investing in as well as other accounts you may want to invest in.

 

[TTGOz]

Thanks, guys! I forgot the eligibility was separate. I don't get the 5% match, think I only get 1% match. I guess I haven't paid attention in a while.

 

[Amanda Cantwell]

Thanks, guys! I forgot the eligibility was separate. I don't get the 5% match, think I only get 1% match. I guess I haven't paid attention in a while.

You have to contribute 5% to get 5% match. If you can afford it, do it. It’s free money

 

[TTGOz]

You have to contribute 5% to get 5% match. If you can afford it, do it. It’s free money

Of course, I must be only contributing 1% and they're matching that 1%. I can definitely afford it, I really gotta log back into my benefits page. I was last there about a month ago but didn't really change anything, just looked.

 

[Amanda Cantwell]

Of course, I must be only contributing 1% and they're matching that 1%. I can definitely afford it, I really gotta log back into my benefits page. I was last there about a month ago but didn't really change anything, just looked.

Def go to 5% then. Target will literally give you free money.