Target 401(k) match, vesting and fees
What Target's 401(k) plan says about matching contributions
The Company matches 100 percent of each participant’s contribution up to 5 percent of eligible compensation under the Plan. Participants of the Plan are immediately vested in both participant contributions and the Company’s matching contributions.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | 2023 audit report, p. 23 ↗ |
| Match vesting | Participants of the Plan are immediately vested in both participant contributions and the Company’s matching contributions. | 2023 audit report, p. 23 ↗ |
| Roth contributions | Except for highly compensated participants, participants are allowed to make contributions to the Plan in any combination of before-tax, after-tax and/or Roth contributions. Highly compensated participants, as defined by the Code, can make before-tax and Roth contributions. | 2023 audit report, p. 23 ↗ |
| Loans | The Plan allows for two types of loans: a primary residence and a general-purpose loan. Participants may have one of each loan type outstanding at any given time. Principal and interest can be paid through payroll deductions, direct debit payments or cashier’s checks. Interest rates are set at 1 percent plus the prime rate as published by the Wall Street Journal on the first business day of the month the loan is issued. If a participant defaults on a loan and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded. | 2023 audit report, p. 23 ↗ |
| Independent auditor | Ernst & Young LLP (unmodified opinion, limited scope) | 2024 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2024 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2023 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2024 filing.
How the plan compares
Plan year 2024 medians for 22 defined-contribution plans in retail trade with 50,000 or more participants.
| Target: employer contribution per participant | $1,744 | |
| Peer median | $1,179 |
| Target: average balance | $65,727 | |
| Peer median | $58,043 |
| Target: admin expenses ÷ assets | 0.00% | |
| Peer median | 0.09% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $13.9B at the end of plan year 2021 to $14.4B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 495,482 | $14.4B | $382M | $1,744 | 0.00% | Not published | Form 5500 ↗ |
| 2023 | 468,498 | $13B | $356M | $1,676 | 0.00% | Quoted in the audit report, p. 23 ↗ | Form 5500 ↗ |
| 2022 | 491,706 | $11.2B | $346M | $1,643 | 0.00% | Not published | Form 5500 ↗ |
| 2021 | 449,310 | $13.9B | $313M | $1,644 | 0.00% | Not published | Form 5500 ↗ |
Other Target plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Target Corporation Ventures 401(k) Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
Target Corporation Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | Ernst & Young LLP (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Target match 401(k) contributions?
The audit report attached to the Target Corporation 401(k) Plan's plan year 2023 Form 5500, page 23 says: “The Company matches 100 percent of each participant’s contribution up to 5 percent of eligible compensation under the Plan. Participants of the Plan are immediately vested in both participant contributions and the Company’s matching contributions.” Plan terms may have changed; check your current Summary Plan Description.
When is the Target 401(k) match vested?
The audit report attached to the plan year 2023 Form 5500, page 23 says: “Participants of the Plan are immediately vested in both participant contributions and the Company’s matching contributions.”
Who manages the Target 401(k)?
The filing names Target Corporation as plan administrator; it does not list a recordkeeper.
I left Target. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Target Corporation, (612) 307-5037). The Target old 401(k) page lists the contacts from every plan filing. Find an old Target 401(k)
Data from the public Form 5500 annual reports Target filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Target. Not financial advice. Report a correction · Methodology