How Does TargetPayandBenefits Work? (2024)

As an employee, one thing you’d probably want to ensure before applying for a company is whether they have a good benefits package. Let’s take the massive American retail corporation, Target, for example. It’s a retailers platform that probably has everything you could ever want, need, and more—from electronics, clothing items, to groceries, and most things in between. If you’re one of Target’s many employees, you can rest easy knowing that this company has got your back when it comes to the benefits you can avail.

TargetPayandBenefits is Target’s employee portal, where as a member of staff, you can log in and access a variety of information. For the past years, Target has made an effort to put special attention on its employees and the benefits they can receive. As a matter of fact, the company announced last year that it would be increasing its minimum wage to $15, which is significantly more than other competing companies.

The company is pretty widespread as well. In February 2019 alone, Target already had 1,844 stores across the United States. As for its employees, there were over 360,000 as of last year. Despite its massive number of staff members, Target still makes an effort to show how much it cares through its special Benefits program.

Eligibility

In order to receive the benefits you deserve as an employee of Target, you must first be a full-time worker for the company. In other words, you need to be working at least 35 hours to 40 hours within one week. If you happen to work more than 40 hours, you’d receive bonus benefits like individual consideration and dental consideration, among many other benefits.

How Does TargetPayandBenefits Work? (1)

List of Benefits

The benefits listed below are some of the most common ones that many Target employees make use of. Other than these, staff members will also be given access to special and beneficial resources that will help in terms of career development. These resources will be available for free, and include learning and leadership resources, among many others.

Health-Related Benefits

  • Medical Plans
  • Vision
  • Dental
  • Health Care Flexible Spending Account (FSA)
  • Team Member Life Resources (TMLR)
  • Grand Rounds
  • BridgeHealth
  • Livongo Disease Management Program
  • Rx Savings Solutions
  • UnitedHealthcare Bullseye Health Spot team
  • Flu Shots
  • Well-being Rewards
  • Maternity Support Program
  • Daylight
  • Real Appeal

Financial Benefits

  • TGT 401(k)
  • Executive Deferred Compensation Plan (EDCP)
  • Pension
  • Dependent Care Flexible Spending Account
  • Direct Deposit
  • Life Insurance
  • Short-term and Long-term Disability
  • Critical Illness, Accident and Hospital Indemnity Insurance
  • Identity Theft Protection
  • Group Legal

Benefits Outside of Work

  • Pay
  • Time Off
  • Paid Family Leave
  • Relocation

How Does TargetPayandBenefits Work? (2)

TargetPayandBenefits Requirements

The requirements needed in order to create a Target account are fairly easy to get your hands on. If you don’t have an account yet, then you need to secure the following:

  1. A valid user ID and password from the HR department or from your administrator. This will be given to when you start working for the company.
  2. Your date of birth, as well as the last 4 digits of your Social Security Number (SSN).
  3. Any smart or electronic gadget that can access the internet, such as a computer, laptop, smartphone, or tablet.

Remember: Individuals who don’t work for Target won’t be able to create an account or log into the portal.

Registering for a TargetPayandBenefits Account

Now that you have all the requirements needed, follow the steps bellow in order to create your personal account for the online portal.

  1. Choose the browser you’re most comfortable with and type in http://targetpayandbenefits.com/ in the search bar.
  2. Click “Log On,” and this will redirect you to the site’s Login page.
  3. Since you need to create an account first, tap on the link that says “New User?”
  4. After doing so, you’ll be redirected to another website wherein you’ll need to type in the last 4 digits of your SSN as well as your birth date.
  5. Click Next after submitting the details.
  6. You’ll be requested to provide even more personal data, such as your phone number, address, and other information.
  7. If the website doesn’t encounter any error with the data you’ve entered, then you should see a confirmation that you’ve been successfully registered.
  8. Keep your user ID and password to yourself, and ensure that you don’t share it with anyone else to avoid any issues.

Logging In

Now that you have finally been registered on TargetPayandBenefits, you’ll be able to log into your account in order to gain access to exclusive information that’s only for Target employees. If you need assistance in this department, follow the steps below:

  1. Once again, type in and enter the website for TargetPayandBenefits on your browser of choice.
  2. Click on the link that says “Log On.”
  3. Enter your correct user ID and Password.
  4. Simply click on the Log On button to submit your credentials. If you were able to enter the correct information, you’ll be sent to the Home page of your account.

How Does TargetPayandBenefits Work? (3)

Contact Information

If you need further information regarding TargetPayandBenefits and your queries can’t be answered through the website, then you can go ahead and call the company’s official Contact Center. The phone number is 800-828-5850, but you’ll need to provide your SSN before you’re able to set up a proper call. As long as you carefully follow the basic instructions that are provided while on-call, then you should be able to receive quick guidance and assistance from Target’s customer service team.

In conclusion, TargetPayandBenefits is a great incentive for those who work for Target. Not only does the company offer a significantly higher minimum wage than other retailers, but its employee portal is also easy to use and offers great insight into what your benefits are as a staff member.

Hopefully, this article was able to provide you with everything you need to know about TargetPayandBenefits, along with details on registration and how to log in. If you stumble across any issues while following the steps on your own, you can either refer back to the above-mentioned steps or check-in with Target’s customer service team for extra guidance.

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How Does TargetPayandBenefits Work? (2024)

FAQs

How does a target-benefit plan work? ›

What is a target-benefit plan? A target-benefit plan is a retirement plan that offers monthly benefits to the participants. The contributions are determined by a projected retirement benefit and participant distributions are based on the investment performance.

What happens to my Target 401k if I quit? ›

You can leave it with Alight, roll it over into an individual retirement account (IRA), roll it over into a new 401(k), or withdraw the funds (may incur tax penalties).

How do I check my Target 401k balance? ›

You can access your 401(k) account online at www.targetpayandbenefits.com. You will be required to enter your User ID and password to log in.

How does Target 401k work? ›

We provide access to a full banking institution through our credit union membership, help to save for retirement through the TGT 401(k) plan with matching contributions up to 5% of eligible earnings and offer a 10% team member discount on merchandise, with an additional 20% discount on wellness items at Target.

What are the disadvantages of a target benefit plan? ›

Target Benefit (TB) plan

Contributions rates do not vary based on plan funding – they can, however, change through bargaining. The plan does not provide a benefit-level guarantee. Pensions are paid for life but the amount could change – up or down – depending on plan funding.

How many hours a week do you get Target benefits? ›

Expanded access: About 20% of Target's team will now be newly eligible for comprehensive health care benefits. Hourly store team members who work a minimum average of 25 hours a week will be eligible to enroll in a Target medical plan, down from the previous requirement of 30 hours per week.

Do you lose your 401k if you get fired? ›

Do you keep your 401(k) if you get fired? Yes. Your contributions, your employer's vested contributions, and their earnings belong to you, even if you get fired. You can leave them in your old employer's plan if the rules allow you to, roll over the money into a new account, or cash out.

How long after I quit can I cash out my 401k? ›

For amounts below $5000, the employer can hold the funds for up to 60 days, after which the funds will be automatically rolled over to a new retirement account or cashed out. If you have accumulated a large amount of savings above $5000, your employer can hold the 401(k) for as long as you want.

How can I take my money out of my 401k without quitting my job? ›

Typically, you can't close an employer-sponsored 401k while you're still working there. You could elect to suspend payroll deductions but would lose the pre-tax benefits and any employer matches. In some cases, if your employer allows, you can make an in-service withdrawal if you've reached the age of 59 ½.

How much do I need in my 401k to retire? ›

Fidelity's guideline: Aim to save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67. Factors that will impact your personal savings goal include the age you plan to retire and the lifestyle you hope to have in retirement. If you're behind, don't fret. There are ways to catch up.

How much should you have in a 401k by 40? ›

Fidelity says by age 40, aim to have a multiple of three times your salary saved up. That means if you're earning $75,000, your retirement account balance should be around $225,000 when you turn 40. If your employer offers both a traditional and Roth 401(k), you might want to divide your savings between the two.

How do I see my target benefits? ›

Once signed into your account, you'll find your benefits in one central spot with your personal dashboard. Explore and learn more at Target.com/circle or through the Target app. Target app: Once you sign in to the Target app, tap the My Target tab at the bottom of the screen.

What is a good Target retirement income? ›

By age 35, aim to save one to one-and-a-half times your current salary for retirement. By age 50, that goal is three-and-a-half to six times your salary. By age 60, your retirement savings goal may be six to 11-times your salary. Ranges increase with age to account for a wide variety of incomes and situations.

Are target date 401k funds good? ›

Target-date funds benefit investors who do not follow investment markets, learn how to invest, and take a hands-on approach to their retirement. They're even a smart move for people inclined to frequently change their fund allocation inside their 401(k).

Can you withdraw money from Target retirement fund? ›

If your retirement plans change, consider selecting a target date fund that matches your new anticipated retirement date. If I retire, can I withdraw my savings from my target date fund even if it has not reached its designated year? Yes, you can withdraw your money at any time.

What is the difference between a cash balance plan and a target benefit plan? ›

In a cash balance plan, the hypothetical allocations generally increase as compensation increases. However, it only affects the current year contribution. In a traditional defined benefit plan the benefit is usually based on a high 3 or 5 year average of compensation.

What is the difference between a money purchase plan and a target benefit plan? ›

In other words, the difference between a target benefit plan and a traditional money purchase plan or profitsharing plan is that the target benefit plan bases contributions on a benefit formula, while the difference between a target benefit plan and defined benefit plan is that the employee still carries the risk of ...

Do target benefit plans adjust the contribution formula annually? ›

The formula typically does not change. Target benefit plans are exactly that – a target -- they provide a general sense of what the final pension amount will be.

Who contributes to a target benefit plan? ›

The employer and to some extent active employees are responsible for making up pension funding shortfalls, through their contributions and the plan's investments.

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