What happens to your Target 401K if terminated?

Joined
Oct 22, 2021
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158
Welp boys I think I messed up pretty badly, my 3 year anniversary with Target is in October but it's not looking like I'm gonna make it to that right now.

I did some stupid stuff with work relationships and here in Tennessee that stuff doesn't fly, or anywhere really. Makes it worse that I'm a leader and the other person was a TM...anyway let's just say the relationship is over and now I'm catching the heat from my actions.
Bare minimum I'm looking at a final but I'm prepared to lose my job tomorrow when I come clean on everything. I made the decision to come clean on my actions with dating a TM rather than it being discovered in an investigation of sorts and me not saying anything up front. Hopefully, it looks slightly better even though I know either way I'm probably screwed.

But my question is, I've been investing into my Target 401K and I was wondering what happens to that money, can I cash it or is it stuck in that account and property of Target forever?
Also if I am terminated tomorrow would I have any grounds for an unlawful termination case? Or is it really just over?
 
Right! Now I'm stressing about what level the write-up will be. 🤣🤣 It was good though at the end of the conversation the SD and I were laughing it off. Great end to a crazy convo.
I'm not really stressing about what level the write-up is more just curious about what HR will decide to enter it as.

I'll know tomorrow if I see that ominous red ping in my Workday inbox it's probably a CA/DA I need to accept. Or nothing and maybe I got out with a PIP.
Your sd likes you & gave you a break. Take the hit, learn from it & be a good leader.
 
And the crazy part is the write-up has nothing to do with the relationship as they would have been okay with it. There may have been a shift change here or there to ensure I wasn't the only leader in the building with the team member but that would have been the most action taken. My lying is what caused the write-up. Not the relationship.
Wtf did you do man??
 
We are a 24 hour process store, so the Closing TL's probably wouldn't even need to be key carriers since the Inbound TL's are in the store long before the store actually closes. They do the Safe & Secure walk, arm the perimeter, and let the Inbound TL's know it's done so the Inbound TL's can focus on Inbound things. They wouldn't even need to be key carriers if the Inbound TL's took on that extra work and let the Closing GM team/Leaders out.
Yeah that makes sense, less likely to need to recore a building, but like I said 90% of the stores do not have that luxury.
 
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I did, I was thinking maybe there was minor involved based on “I did some stupid stuff with work relationships and here in Tennessee that stuff doesn't fly, or anywhere really”

🤷🏻‍♂️
Ok I can see how that sentence is a little confusing, lol. I assumed they just meant that workplace relationships are frowned upon.
 
I did, I was thinking maybe there was minor involved based on “I did some stupid stuff with work relationships and here in Tennessee that stuff doesn't fly, or anywhere really”

🤷🏻‍♂️
For sure not a minor...ew. LOL
But she did tell me if I don't stop talking to her she's going to have a restraining order put on me. Which is absolutely wild, I never did anything to her.
Let's just say her number is now deleted...and I will be avoiding her at work.

That's really messed up to threaten someone with that knowing it will destroy their whole career & life overall. Her number for sure was deleted and I want no contact with her after threatening something like that. That's just too far tbh.
 
For sure not a minor...ew. LOL
But she did tell me if I don't stop talking to her she's going to have a restraining order put on me. Which is absolutely wild, I never did anything to her.
Let's just say her number is now deleted...and I will be avoiding her at work.

That's really messed up to threaten someone with that knowing it will destroy their whole career & life overall. Her number for sure was deleted and I want no contact with her after threatening something like that. That's just too far tbh.
Here I am thinking all of this is over after talking with SD & HR and she tells me that... like what.

Also, I did speak with HR ETL & from what I understand they think the SD is just really mad I lied and wants to write me up but in reality, according to HR I never broke any handbook policies to be written up. So they will I guess be challenging the SD on the decision to write me up after coming clean.
 
For sure not a minor...ew. LOL
But she did tell me if I don't stop talking to her she's going to have a restraining order put on me. Which is absolutely wild, I never did anything to her.
Let's just say her number is now deleted...and I will be avoiding her at work.

That's really messed up to threaten someone with that knowing it will destroy their whole career & life overall. Her number for sure was deleted and I want no contact with her after threatening something like that. That's just too far tbh.
Good lesson learned! Breath a sigh of relief 🙂
 
But my question is, I've been investing into my Target 401K and I was wondering what happens to that money, can I cash it or is it stuck in that account and property of Target forever?
There are dozens of threads on this. The money you contribute to the Target 401k, AND the money Target contributes as a "match" to your contributions, is YOUR money. It does not belong to Target. If you have at least $2500 in your Target 401k, you can keep the account open and let the investments grow. When you start a new job, you can initiate a transfer from the Target 401k to your new employer's 401k. You can also contact your stockbroker, bank or credit union and request a custodian-to-custodian transfer to seamlessly move your money into an IRA or Roth IRA. If your current stockbroker/bank/CU won't handle the transfer paperwork from the 401k plan, then shop around for a different one.

If you leave your funds in the Target 401k plan, make sure you keep in touch with the administrator, get your quarterly statements and (this is crucial) let them know of any change of address. Finally, the worst choice of all (from a personal finance perspective) is cashing out your 401k plan. The tax hit for you is much worse than you realize. Prematurely cashing out your 401k essentially is robbing money from your own future. I suggest avoiding this.
 
There are dozens of threads on this. The money you contribute to the Target 401k, AND the money Target contributes as a "match" to your contributions, is YOUR money. It does not belong to Target. If you have at least $2500 in your Target 401k, you can keep the account open and let the investments grow. When you start a new job, you can initiate a transfer from the Target 401k to your new employer's 401k. You can also contact your stockbroker, bank or credit union and request a custodian-to-custodian transfer to seamlessly move your money into an IRA or Roth IRA. If your current stockbroker/bank/CU won't handle the transfer paperwork from the 401k plan, then shop around for a different one.

If you leave your funds in the Target 401k plan, make sure you keep in touch with the administrator, get your quarterly statements and (this is crucial) let them know of any change of address. Finally, the worst choice of all (from a personal finance perspective) is cashing out your 401k plan. The tax hit for you is much worse than you realize. Prematurely cashing out your 401k essentially is robbing money from your own future. I suggest avoiding this.
Would Target still provide a "match" if you are no longer an employee?
 
But my question is, I've been investing into my Target 401K and I was wondering what happens to that money, can I cash it or is it stuck in that account and property of Target forever?
Also if I am terminated tomorrow would I have any grounds for an unlawful termination case? Or is it really just over?


I'm obviously not a financial advisor, so ask your tax person..... soooo my experience with this type of situation in my state Calif. I'm not sure what Target's vested time is..... in your state does Target match a % of money based on your contributions? If it becomes vested after so many years, and you've met that time limit, like in Calif, then it's yours even if you leave the company on your own or fired. Now, once again basing what would happen in my state: Once you cash it out you will be highly, HIGHLY taxed on it. (We would lose about 30% of the funds that are pulled immediately.) You can leave it there until you find another place to put it... for example if your next job has a 401k that's better than where your current money is at, you'll want to do a 401k rollover. Most financial companies do this electronically now and you just need a couple of documents signed and notarized allowing them to release the funds. In my situation the 2 institutions that had my money and then were to receive the money didn't do electronic transfers. I had the check sent to me in with the new financial institutioin's name and I forwarded the check to the new financial institution. And there is a time limit on this... you can't get the check and hold on to it for 3 months... I believe it's 30 days .. but once again... disclaimer I'm not a financial advisor and I'm in California.

If you're able to leave the funds in Target's 401k till you figure out what you want to do with it or if you're happy with the growth you may be able to leave it there... you will not be able to add to it and the company of course stops any contributions. with your situation maybe they can move you to a warehouse/distribution center or another store???
 
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But my question is, I've been investing into my Target 401K and I was wondering what happens to that money, can I cash it or is it stuck in that account and property of Target forever?
Also if I am terminated tomorrow would I have any grounds for an unlawful termination case? Or is it really just over?


I'm obviously not a financial advisor, so ask your tax person..... soooo my experience with this type of situation in my state Calif. I'm not sure what Target's vested time is..... in your state does Target match a % of money based on your contributions? If it becomes vested after so many years, and you've met that time limit, like in Calif, then it's yours even if you leave the company on your own or fired. Now, once again basing what would happen in my state: Once you cash it out you will be highly, HIGHLY taxed on it. (We would lose about 30% of the funds that are pulled immediately.) You can leave it there until you find another place to put it... for example if your next job has a 401k that's better than where your current money is at, you'll want to do a 401k rollover. Most financial companies do this electronically now and you just need a couple of documents signed and notarized allowing them to release the funds. In my situation the 2 institutions that had my money and then were to receive the money didn't do electronic transfers. I had the check sent to me in with the new financial institutioin's name and I forwarded the check to the new financial institution. And there is a time limit on this... you can't get the check and hold on to it for 3 months... I believe it's 30 days .. but once again... disclaimer I'm not a financial advisor and I'm in California.

If you're able to leave the funds in Target's 401k till you figure out what you want to do with it or if you're happy with the growth you may be able to leave it there... you will not be able to add to it and the company of course stops any contributions. with your situation maybe they can move you to a warehouse/distribution center or another store???
No need to move me to another store; everything seems to have worked out just fine with SD & HR. SD was pissed last he/she talked to me and wants me to get a write-up for lying, but HR ETL is pushing back, saying there are no grounds for a write-up as lying isn't breaking any handbook rules.
I've never seen HR ETL and an SD go at it, but whoever wins will determine if my record is stained for a few years.
I should probably add the HR ETL has had my back since he/she got hired and still has my back to this day. That helps greatly with a new SD I've only been working with for 6 months.
 
@Hardlinesmaster
So update, the SD decided to escalate the situation to the HRBP even further after I thought everything was over. Mans so pissed I lied and got his way.
After he told me I wouldn't be fired he turned around and fired me today.
I was terminated for "Detrimental Conduct" for dating a team member and lying to him that first time... bruh really.
Lost my job. This termination is a complete violation of Target's policies.
Keep in mind there was no prior documentation, PC/PIPS, CA/DA, or Finals in the system on me. Straight terminated.
Take a look below at the official "Dating Policy" I broke no rules here and did everything the policy says to do. But the main issue is the Team member did not directly report to me which makes the whole situation dumb, why escalate it that far?
The policy also states that one should be given the option if possibly to transfer which I was not, or be asked to leave not forced. I was forced to leave by being terminated. But again on paper in Workday, the team member did not have a reporting relationship with me which means I didn't break this policy at all, to begin with.
 

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@Hardlinesmaster
So update, the SD decided to escalate the situation to the HRBP even further after I thought everything was over. Mans so pissed I lied and got his way.
After he told me I wouldn't be fired he turned around and fired me today.
I was terminated for "Detrimental Conduct" for dating a team member and lying to him that first time... bruh really.
Lost my job. This termination is a complete violation of Target's policies.
Keep in mind there was no prior documentation, PC/PIPS, CA/DA, or Finals in the system on me. Straight terminated.
Take a look below at the official "Dating Policy" I broke no rules here and did everything the policy says to do. But the main issue is the Team member did not directly report to me which makes the whole situation dumb, why escalate it that far?
The policy also states that one should be given the option if possibly to transfer which I was not, or be asked to leave not forced. I was forced to leave by being terminated. But again on paper in Workday, the team member did not have a reporting relationship with me which means I didn't break this policy at all, to begin with.
I will be going after Target full force with a lawyer and have already filed two hotline reports against them for "Retaliation" & "Unfair termination".
 
I will be going after Target full force with a lawyer and have already filed two hotline reports against them for "Retaliation" & "Unfair termination".

Good luck man.
They know how to paperwork people to death.
That was probably why they waited to fire you.
I'm sorry you are in this position.
 
@Hardlinesmaster
So update, the SD decided to escalate the situation to the HRBP even further after I thought everything was over. Mans so pissed I lied and got his way.
After he told me I wouldn't be fired he turned around and fired me today.
I was terminated for "Detrimental Conduct" for dating a team member and lying to him that first time... bruh really.
Lost my job. This termination is a complete violation of Target's policies.
Keep in mind there was no prior documentation, PC/PIPS, CA/DA, or Finals in the system on me. Straight terminated.
Take a look below at the official "Dating Policy" I broke no rules here and did everything the policy says to do. But the main issue is the Team member did not directly report to me which makes the whole situation dumb, why escalate it that far?
The policy also states that one should be given the option if possibly to transfer which I was not, or be asked to leave not forced. I was forced to leave by being terminated. But again on paper in Workday, the team member did not have a reporting relationship with me which means I didn't break this policy at all, to begin with.
To be fair that says that you are supposed to report it when the relationship starts not after it ends and then they will try and see if someone can transfer. Still sucks because you are not technically a direct supervisor. Target always covers its tracks. Sorry to here about your termination
 
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