Summary: This article covers all the things you must know about the Target 401k plan and the retirement benefits you get as an employee. I cover all the details here. Additionally, I cover some alternative investment options for diversifying your portfolio as well as how to roll over a 401k into precious metal.
As one of the biggest retailers in the United States, Target Corporation offers several benefits to its employees, including a retirement savings plan. Target’s 401k plan is designed to help its employees save for retirement and achieve financial security in their post-employment years.
With this plan, employees can contribute a portion of their income to their retirement account, and Target provides matching contributions to help them save even more. However, accessing and managing one’s 401k account can be a challenge, especially for those who are new to the company or unfamiliar with the process.
In this blog post, I will provide comprehensive information on how to access and manage your Target Corporation 401k account. From the steps to log in to your account to tips for managing your retirement savings, we will cover everything you need to know about your Target 401k account.
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What Is Target Corporation?
Target Corporation is a retail corporation that operates a chain of department stores and grocery stores across the United States. The company was founded in 1902 and is headquartered in Minneapolis, Minnesota.
As you mentioned, Target Corporation does offer a 401k matching plan as part of their employee benefits package. This means that for every dollar an employee contributes to their 401k retirement savings plan, Target will also contribute a certain amount, up to a maximum amount or percentage set by the company. This matching contribution is essentially free money from Target that helps employees save more for their retirement.
The 401k matching plan is just one of the many benefits that Target offers to its employees. Other benefits include health insurance, paid time off, employee discounts, and opportunities for career growth and development. These benefits are designed to help Target attract and retain top talent and provide employees with the resources they need to succeed both professionally and personally.
Target Corporation 401k Login
To log into the Target Corporation 401k portal, you will need to follow these steps:
Visit the Target Corporation 401k website. You can find this website by typing “Target 401k” into your web browser’s search bar, or by navigating to the site directly at “https://www.targetpayandbenefits.com/401k-roth/”.
Click on the “Log In” button. This will be located in the upper right-hand corner of the page.
Enter your user ID and password. If you are a first-time user, you will need to click the “New User” button and follow the prompts to set up your account.
Click on the “Log In” button to access your account.
Once you have logged in, you will be able to view your 401k account balance, investment options, and other account details. You can also make changes to your investment elections, contribution amount, and other account settings.
If you have any issues logging into your Target Corporation 401k account, you can contact the Target Pay and Benefits team at 1-800-828-5850 for assistance.
Looking for other details on more companies? These are the best company 401k matches of all time.
Target Corporation 401k Plan Name + Details
The Target Corporation 401k plan is called the Target 401(k) Plan, and it is designed to help eligible employees save for retirement. The Target Corporation 401k Plan offers a variety of mutual funds to participants, including funds from some of the industry’s leading asset management firms. The specific mutual fund available in the plan may change over time.
The Target Corporation 401k Plan offers a range of asset allocation options and asset classes for participants to choose from. These options are designed to help participants build a diversified investment portfolio that aligns with their individual retirement goals and risk tolerance levels
Here are some details about the plan:
Eligibility
Employees who are at least 21 years old and have completed one year of service with Target are eligible to participate in the plan.
Contribution Limits
As of 2023, the annual contribution limit for employees under the age of 50 is $19,500. For employees who are age 50 or older, the limit is $26,000. These limits may be subject to change based on IRS regulations.
Matching Contributions
Target provides a matching contribution of 100% of the first 5% of an employee’s eligible compensation that is contributed to the plan. The matching contribution is made on a biweekly basis.
Investment Options
The Target 401(k) Plan offers a range of investment options, including index funds, actively managed funds, and target-date funds. Any employee can choose investing in any of these options, considering their individual investment goals and risk tolerance.
Vesting
Employees are fully vested in their own contributions to the plan and in Target’s matching contributions after three years of service.
Loans and Withdrawals
The plan allows employees to take out loans or make withdrawals from their accounts in certain circumstances, such as for a primary residence purchase or in cases of financial hardship.
Overall, the Target 401(k) Plan is a valuable benefit that helps employees save for their future retirement. The plan provides generous matching contributions, a variety of investment options, and flexibility in terms of loans and withdrawals.
EIN (Employer Identification Number)
The Employer Identification Number (EIN) for Target Corporation is 41-0215145. This unique nine-digit number is assigned by the Internal Revenue Service (IRS) to identify businesses for tax purposes. Target Corporation uses this number when reporting taxes, filing financial statements, and conducting other business transactions.
Who Is The 401k Administrator of Target Corporation
The 401k administrator for Target Corporation is Fidelity Investments. Fidelity serves as the record-keeper for the Target 401(k) Plan and is responsible for managing the plan’s administrative and operational functions, such as processing contributions, managing investment options, and providing customer service to plan participants.
Employees who participate in the Target 401(k) Plan can access their accounts through Fidelity’s online portal or by contacting Fidelity’s customer service team.
Contact Information
Corporate Headquarters: Target Corporation 1000 Nicollet Mall Minneapolis, MN 55403 Phone: (612) 304-6073
Target Corporation 401k Plan: Fidelity Investments Phone: 1-800-835-5095
Target Customer Service: Phone: 1-800-440-0680 Email: [email protected]
For additional contact information, including Target’s media relations and investor relations contacts, you can visit the company’s website at www.target.com
How To Rollover A Target Corporation 401k To a Gold IRA
If you are interested in rolling over your Target Corporation 401k into a Gold IRA, here are the general steps you should follow:
Choose a reputable Gold IRA custodian
First, you will need to choose a reputable Gold IRA custodian who can help you set up and manage your new account. Look for a custodian that has experience handling Gold IRAs and has a good reputation in the industry.
Open a Gold IRA account
Once you have chosen a custodian, you will need to open a self-directed IRA account or Gold IRA account. This will involve filling out some paperwork and providing documentation to the custodian.
Initiate the rollover
Contact Fidelity Investments, the 401k administrator for the Target 401(k) Plans, and request to initiate a rollover of your account balance to your new Gold IRA account. You will need to provide Fidelity with the necessary information about your new account, such as the custodian’s name and account number.
Receive the Distribution
Once Fidelity receives your rollover request, they will process the distribution from your Target 401(k) Plan account and send it to you or directly to your new Gold IRA custodian.
Purchase Gold
Once the funds are in your new Gold IRA account, you can work with your custodian to purchase gold or other approved precious metals to hold in the account.
It is important to note that there are some rules and regulations that govern Gold IRA rollovers, so it is a good idea to consult with a financial advisor or tax professional before proceeding with the process. They can help you understand the tax implications and other considerations associated with a Gold IRA rollover.
Conclusion
It’s crucial to save for retirement and contributing to a 401k and self-directed IRA is a great way to build your retirement savings. By participating in your employer’s 401k plan, you can benefit from matching contributions and tax advantages that can help your savings grow over time.
Self-directed IRAs allow you to invest in assets, such as precious metals, which can help diversify your portfolio and protect your wealth against market volatility.
Target Corporation 401k plan is a beneficial retirement savings plan for employees. The online platform for accessing and managing the plan, through the Target Corporation 401k login, provides users with easy and convenient access to their accounts.
Other Company 401k Plans You Might Want To Know About
There are some other companies that I’ve covered when it comes to 401(k) plans today. My suggestion is to check out the Walmart 401k plan as well as the IBM 401k plan. Lastly, give the Storyworth 401k retirement guide a look as well.
Move Your Retirement To Gold
If you’re looking to move your 401k to a precious metals investment account, then you have a few options to consider. My advice is to check out the options below and make sure you understand the account minimums before reaching out. They are the absolute minimum amounts, so I want you to understand that it’s important to choose an account where you meet the requirements.
| Best Gold IRA Companies | Rating | Minimum Requirement | Protect Your Wealth |
|---|---|---|---|
 | 5.0 | $25,000 | Free Investing Guide |
 | 4.9 | $50,000 | Free Investing Guide |
 | 4.8 | $10,000 | Free Investing Guide |