Target Corporation provides its workers with a strong 401(k) plan to help them save for retirement. The Target 401(k) Plan is a crucial component of the company’s benefits package, offering a variety of investment alternatives to match its workers’ unique financial requirements and ambitions.
TGT 401(k) Overview
Employees may manage their 401(k) using Fidelity’s online interface. The plan allows loans and withdrawals for defined purposes such as principal house acquisition or financial hardship.
| Feature | Details |
|---|---|
| Eligibility | 21+ years old, 1 year of service |
| Contribution Limit (2024) | $20,500; $6,500 catch up for 50+ |
| Company Match | 100% of first 5% contributed |
| Investment Options | Index funds, managed funds, target date funds |
| Vesting | 3 years for full vesting of company contributions |
| Plan Administrator | Fidelity Investments |
Eligibility and Contributions
To enroll in the Target 401(k) Plan, workers must be at least 21 years old and have completed one year of employment. The plan permits workers to contribute up to $20,500 per year, with an extra catch up contribution cap of $6,500 for individuals 50 and older as of 2024.
Target increases the attractiveness of its 401(k) plan by matching 100% of the first 5% of employee contributions, providing an instant boost to savings.
Target 401k Login Portal
To access your Target 401(k) account through Fidelity Investments:
- Go to the Fidelity Website: Open your browser and visit Fidelity’s login page.
- Log In: Click the “Log In” button at the top right corner of the page.
- Enter Credentials: Enter your user ID and password.
- First Time Users: If it’s your first time, click “Register” or “New User” and follow the instructions to set up your account.
- Access Account: Click “Log In” to view your account details, manage investments, and adjust contributions.
Investment Options
Target’s 401(k) plan offers a number of investment options, including index funds, actively managed funds, and target date funds. These alternatives cater to various risk tolerances and investing techniques, enabling workers to customize their retirement savings based on their financial condition.
Plan Administration and Access
Fidelity Investments, a renowned financial services firm, administers the Target 401(k) Plan. Fidelity’s online portal allows participants to manage their accounts, see balances, make investment changes, and modify contributions.
Additional Plan Features
The Target 401(k) Plan also allows loans and withdrawals under specific circumstances, such as financial hardship or the purchase of a principal property, giving workers more flexibility when they need access to their savings. After three years of employment, workers are fully vested in both their contributions and the company’s matching funds, guaranteeing that they get the full benefit of their plan savings.
Financial Wellness and Planning Resources
Target works with a variety of financial institutions to provide educational information and planning tools to assist workers make educated choices about their investments and retirement plans. This project demonstrates Target’s dedication to the financial well being of its workers.
Target 401k Phone Number
For questions about the Target 401(k) Plan, please contact the plan’s administrator, Fidelity Investments, at 1-800-835-5095. For inquiries about Target’s 401(k) programs, please call this dedicated phone number.
Conclusion
The Target 401(k) Plan is an excellent benefit for workers, combining high matching contributions, a range of investment options, and flexible features to help them grow their retirement savings. Target helps its workers achieve their long term financial objectives by partnering with Fidelity Investments for plan administration and focusing on financial education.
FAQs
Q1. Who is eligible to participate in the Target 401(k) Plan?
Ans: Employees who are at least 21 years old and have completed one year of service are eligible to participate.
Q2. How much can I contribute to my Target 401(k) Plan annually?
Ans: For 2024, the contribution limit is $20,500, with an additional $6,500 catch up contribution for employees aged 50 and older.
Q3. Does Target provide any matching contributions?
Ans: Yes, Target matches 100% of the first 5% of employee contributions to the 401(k) plan.
Q4. What investment options are available in the Target 401(k) Plan?
Ans: The plan offers a range of options including index funds, actively managed funds, and target date funds.
Q5. How do I manage my Target 401(k) Plan?
Ans: Participants can manage their investments and contributions through Fidelity Investments’ online portal.