Insurance and Other Financial Programs

Hey there! I’m here to walk you through the awesome financial and insurance programs Target offers its team members. I will be breaking down TargetPayandbenefits so you can make the most of them.

Target’s got your back with options to save, protect what matters, and handle life’s curveballs, and I’ve got the details to prove it. From the Target Credit Union to pet insurance and more, I’ll guide you through what’s available, how it works, and why it’s worth a look. Let’s dive in!

Target Credit Union

The Target Credit Union is available to all U.S. team members and their families, offering a gateway to smarter financial management.

Through its partnership with BCU, one of the top 100 Credit Unions in the U.S., you gain access to a wide range of services designed to enhance your employee financial security.

Whether you’re saving for the future or managing daily expenses, this program stands out among benefit packages by delivering tangible value.

Key Benefits

• Eligibility: Open to team members, former team members, and their families.
• Savings: Over 50,000 members save approximately $341 annually compared to national banks.
• Services: Checking accounts, loans, and more, all tailored to boost your financial wellness resources.
• Accessibility: Available nationwide with online access at www.targetcu.org.

Membership Impact

Metric	Details
Active Members	Over 50,000
Annual Savings	~$341 per member
Compared to	National banks
Supported by	BCU Partnership

This program exemplifies how Target blends employee satisfaction with practical benefits, making it a standout feature of our company culture.

The Target Credit Union isn’t just a banking option, it’s a testament to how Target invests in your financial success, setting the stage for the many benefits to come.

Direct Deposit

Team members at Target can enjoy the convenience and flexibility of receiving their pay electronically through the Direct Deposit program. This section outlines how it works and the benefits it offers.

How Direct Deposit Works

• Electronic Pay Options: Team members can choose to have their salary and wages deposited into a personal bank account, a Target Credit Union account, or a Paycard.
• Enrollment Process: It’s simple to set up through Workday, Target’s employee portal, making it a hassle-free part of the compensation and benefits package.
• Early Access with Target Credit Union: Pay is received up to two days earlier when deposited into a Target Credit Union account, enhancing employee financial security.

Benefits of Direct Deposit

Here’s why Direct Deposit stands out as an employee perk:

• Convenience: Eliminates the need for paper checks, aligning with work-life balance by saving time.
• Speed: Faster access to funds, especially with the Target Credit Union option, supports financial wellness resources.
• Flexibility: Multiple account options cater to individual preferences, boosting employee satisfaction.

Direct Deposit is a cornerstone of Target’s total rewards package, ensuring team members have reliable and timely access to their earnings. This benefit package reflects Target’s commitment to employee satisfaction and financial stability, making it an essential part of the employee value proposition.

Pay Advance App

Team members at Target can take charge of their finances with the innovative DailyPay App, designed to provide flexibility and support for employee compensation. This section explores how this tool enhances financial control and well-being.

DailyPay App

The Pay Advance App, powered by DailyPay, offers team members the ability to access their earned but unpaid wages whenever they need them. Here’s what you need to know:

• Control Your Pay Timing: With DailyPay, you decide when to receive your salary and wages, giving you greater financial wellness resources to manage expenses.
• No Cost to Enroll: Joining is free, making it an accessible employee perk within Target’s benefit packages.
• Encourages Savings: The app promotes building savings habits, supporting employee financial security and long-term planning.

Transfer Options

Flexibility is key with DailyPay’s transfer options, ensuring you get your money when it suits you best:

• Free Next-Day Transfers: Move your earned pay to your account the next business day at no charge, enhancing total rewards package value.
• Instant Transfers for a Fee: Need cash right away? Pay just $2.99 for instant access, a small price for immediate compensation and benefits.

The DailyPay App is a game-changer for team members, blending convenience with financial empowerment. Whether you’re saving for the future or covering an urgent expense, this tool reflects Target’s commitment to a robust total rewards package.

Auto & Home Insurance

Target understands the importance of protecting your assets, which is why the Auto & Home Insurance program offers team members access to valuable coverage options at competitive rates.

This program provides group insurance rates through partnerships with some of the nation’s top insurance companies. Whether you’re insuring your car or your home, this benefit ensures you can safeguard what matters most while enjoying exclusive savings as a Target team member.

• Group Rates: Access discounted rates unavailable to the general public.
• Savings Potential: Enjoy up to 15% off premiums with leading providers.
• Flexible Coverage: Options tailored to your specific needs, from basic to comprehensive plans.

Benefits of the Program

The Auto & Home Insurance benefit is designed to enhance your employee financial security and provide peace of mind. Here’s how it supports you:

Benefit	Description
Health Insurance Benefits	Extends beyond medical to include property protection, complementing your overall benefit packages.
Employee Discounts	Save up to 15% on premiums, a perk exclusive to Target team members.
Employee Perks	Access to top-tier insurers at group rates enhances your total rewards package.
Convenience	Easily compare and enroll with multiple providers through one program.
Comprehensive Support	Coverage options that align with your lifestyle, boosting employee satisfaction.

With Auto & Home Insurance, Target helps you secure your future, proving that employee satisfaction and benefit packages are top priorities for the company.

Pet Insurance

Target’s Pet Insurance offers flexible and affordable coverage tailored to your pet’s needs and your budget. Here’s what you can expect:

• Customizable Coverage: Choose plans that fit your pet’s specific health requirements and your financial situation.
• Comprehensive Reimbursement: Get up to 100% coverage on unexpected vet bills, including accidents, illnesses, surgeries, and hospital stays.
• Budget-Friendly Options: Affordable premiums make it easier to protect your pet while maintaining employee financial security.

Key Features and Savings

This program is designed to enhance your total rewards package by offering peace of mind and savings on pet care costs.

Feature	Benefit
Accident & Illness Coverage	Covers vet bills for unexpected events
Surgical & Hospital Care	Reimbursement for critical treatments
Flexible Plans	Adjust coverage to suit your budget
Savings on Premiums	Discounts as part of employee perks

• Employee Discounts: Access reduced rates exclusive to Target team members.
• Employee Well-Being Programs: Pet care support contributes to your overall wellness.
• Work-Life Balance: Less worry about pet expenses means more focus on personal life.

Eligibility and Enrollment

• Available to all eligible U.S. team members as part of our benefit packages.
• Enrollment is simple, ensuring you can quickly secure this employee satisfaction-boosting perk.
• Enhances company culture by showing Target cares for every aspect of your life.

With compensation and benefits like these, Target helps you protect your pets while keeping your finances intact, reinforcing our commitment to your employee well-being programs.

Team Member Giving Fund

The Team Member Giving Fund is designed to offer employee financial security during crises such as natural disasters or personal emergencies. By relying on voluntary contributions from team members and support from Target, the fund ensures that help is available when it’s needed most.

• Purpose: Provides tax-free grants to eligible team members facing financial hardship due to unforeseen events.
• Funding: Combines voluntary donations from employees with contributions from Target, amplifying the program’s impact.
• Impact: Supports employee satisfaction by demonstrating the company’s dedication to employee well-being programs and fostering a strong company culture.

How It Works

The process is straightforward, ensuring that team members can access support without unnecessary delays, contributing to employee retention and a positive employee value proposition.

Feature	Details
Eligibility	Available to team members facing financial hardship from disasters or crises.
Application	Team members apply through a confidential process for grant consideration.
Grant Type	Tax-free financial assistance to cover immediate needs.
Funding Source	Voluntary team member donations + Target contributions.
Confidentiality	Applications are handled with care to maintain privacy.
Accessibility	Designed to be a reliable part of the total rewards package, ensuring work-life balance during tough times.
Community Focus	Encourages team members to support each other, strengthening compensation and benefits through collective care.

The Team Member Giving Fund is more than just financial aid—it’s a testament to Target’s investment in its people. By participating, team members contribute to a cycle of support that enhances employee satisfaction and builds a stronger workplace community.

Supplemental Medical (Critical Illness, Accident and Hospital Indemnity Insurance)

Target’s Supplemental Medical plans, including Critical Illness, Accident, and Hospital Indemnity Insurance, offer health insurance benefits and medical coverage to eligible U.S. team members averaging 20+ weekly hours.

• Critical Illness: Lump-sum payout for diagnoses like cancer or stroke.
• Accident: Covers costs from unexpected injuries.
• Hospital Indemnity: Pays for hospital stays, easing financial strain.

Benefits and Flexibility

• These plans enhance employee financial security with direct payouts.
• It supports employee well-being programs.
• Use funds for disability insurance gaps, bills, or recovery, ensuring a total rewards package.
• It promotes employee satisfaction, work-life balance, and robust compensation and benefits.

Target’s Supplemental Medical coverage empowers team members to manage unforeseen health costs effectively, reinforcing a benefit packages commitment.

Short-term Disability and Long-term Disability

Target understands that unexpected health challenges can impact your ability to work, which is why we offer robust disability insurance options to ensure employee financial security. For U.S. salaried and hourly team members averaging 20+ weekly hours, these programs provide peace of mind and income protection during difficult times.

Short-term Disability

This benefit kicks in when you’re unable to work due to illness or injury, offering immediate support at no cost to you.

• Eligibility: Automatically enrolled if eligible, fully paid by Target.
• Coverage: Provides a percentage of your pay to maintain financial stability.
• Purpose: Bridges the gap during temporary absences, aligning with employee well-being programs.

Long-term Disability

For extended absences, this coverage ensures continued support, reflecting Target’s commitment to compensation and benefits that prioritize employee satisfaction.

• Eligibility: Automatic enrollment with payroll deductions based on age and salary; opt-in/out flexibility available.
• Coverage Start: Begins after 150 days of an approved short-term disability.
• Benefits: Offers a percentage of pay, enhancing total rewards package and work-life balance.

By integrating disability insurance into our offerings, Target reinforces a culture of care, helping team members maintain employee financial security and focus on recovery without financial stress.

Life Insurance

Team members at Target gain access to valuable life insurance coverage designed to provide financial stability for their loved ones. This benefit ensures peace of mind by protecting families against financial loss in the event of an unexpected tragedy.

Overview of Life Insurance Benefits

Target offers a robust life insurance program tailored to support employee needs:

• Company-Paid Coverage: Automatically provided at no cost, equal to 1x your annual pay.
• Supplemental Coverage: Optional additional coverage available for purchase, up to 8x your annual pay.
• Family Options: Extend life insurance to your spouse/domestic partner and/or eligible children.

Eligibility and Enrollment

• Who’s Eligible: U.S. salaried and hourly team members averaging 20+ weekly hours.
• Enrollment: Company-paid coverage is automatic; supplemental plans require opt-in via Workday.

Benefits Breakdown

Coverage Type	Details	Cost
Company-Paid	1x annual pay	Free for eligible employees
Supplemental (Employee)	Up to 8x annual pay	Payroll deduction
Spouse/Domestic Partner	Customizable coverage	Payroll deduction
Children	Coverage for eligible dependents	Payroll deduction

With life insurance as part of your compensation and benefits, Target helps you plan for the future with confidence, reinforcing the employee value proposition that makes working here rewarding.

Identity Theft Protection

Team members at Target can rest easy knowing their personal information is safeguarded with the Identity Theft Protection benefit, a key part of the company’s commitment to employee financial security.

This program offers comprehensive support to protect your identity at rates that stand out in the market.

• Full-Service Remediation Support: In the event of identity theft, you’ll receive expert assistance to resolve issues quickly and efficiently, a valuable employee perk.
• Low-Cost Premiums: Target negotiates competitive rates, ensuring this benefit package is affordable and accessible, enhancing employee satisfaction.
• Peace of Mind: With identity theft on the rise, this coverage provides employee well-being programs that prioritize your security and mental ease.

Why It Matters

Identity Theft Protection is more than just a perk—it’s a cornerstone of Target’s total rewards package, reflecting a company culture that values work-life balance and support for its team.

• Designed to complement other compensation and benefits, this benefit ensures you’re covered without breaking the bank.
• It’s a practical addition to the employee discounts and resources Target offers, making it easier to manage life’s uncertainties.

By including this in its offerings, Target reinforces its dedication to creating a supportive environment where employee satisfaction thrives.

Group Legal

Team members at Target can access affordable legal support through the Group Legal program, designed to ease the burden of unexpected legal needs.

Benefits of Group Legal

• Affordable Access: Legal representation from a large network of attorneys at a low group rate.
• No Extra Costs: Covered services include family law, wills, estates, debt matters, identity theft remediation, real estate, traffic, criminal issues, and personal injury—no additional fees apply.
• Convenient Enrollment: Simple sign-up process for eligible team members.

This program enhances employee satisfaction by offering peace of mind and practical support for life’s legal challenges.

Dependent Care Flexible Spending Account (FSA)

Team members at Target can take advantage of the Dependent Care Flexible Spending Account (FSA) to manage caregiving costs effectively. This program supports eligible employees by offering tax-saving options for dependent care expenses.

• Pre-tax Savings: Set aside funds from each paycheck before taxes to cover qualifying daycare or eldercare expenses incurred while working.
• Eligible Expenses: Includes childcare, preschool, and eldercare services, enhancing family leave support.
• Planning is Key: Unused funds at the end of the plan year are forfeited, so careful budgeting is essential for maximizing employee financial security.

Eligibility and Benefits

Eligibility: Based on position, average hours (20+ weekly), and tenure at Target.

Benefit: Reduces taxable income, supporting work-life balance and employee satisfaction.

This benefit aligns with Target’s total rewards package, offering compensation and benefits that promote employee well-being programs. It’s a practical perk within the benefit packages, reinforcing employee perks and financial wellness resources.

The Dependent Care FSA empowers team members to balance work and family life, ensuring employee satisfaction and a robust employee value proposition through thoughtful financial planning.

Conclusion

Target offers an impressive range of benefits designed to boost financial and personal well-being, from the Dependent Care FSA to life insurance and more. Eligibility varies based on role, hours, and tenure, so it’s not a one-size-fits-all deal.

That’s where Workday comes in handy, team members can log in to see what’s available to them. This guide is all about laying out the options clearly, and it’s safe to say these programs make Target a standout employer. Curious about what applies to you? Head to Workday and dig into the details—you’ve got this!