TGT 401(k) summary plan description

1 TGT 401(k). summary plan description Resumen de la descripci n del plan TGT-000252387-1/22 | January 2022. contents Purpose of the TGT 401(k) _____ 2 Can I borrow money from my account?_____ 17. Borrowing your money Who is eligible?_____ 2. Loan becoming taxable How do I access my TGT 401(k) account ?_____ 2. How do I withdraw my money while I'm working?__ 18. TGT 401(k) website Withdrawals Target Benefits Center Withdrawing in a financial emergency Keeping your account safe If you are getting a divorce How do I enroll in the TGT 401(k)?_____ 4. How do I receive my money when Enrollment procedures I retire or leave Target?_____ 20. Distribution of your account How do I choose a beneficiary?_____ 4. Lump sum distribution Primary and secondary beneficiaries Installment distributions Beneficiary if married Roll over TGT 401(k) into the Target Pension Beneficiary after divorce Purchase Program Beneficiary if single Roll over TGT 401(k) into another qualified plan or IRA.

2 Beneficiary if married later Required minimum distributions Beneficiary designation Valuation of accounts at distribution Commencement of benefits to beneficiary What is the distribution order of my account?____ 21. How do I contribute to the TGT 401(k)?_____ 5. Choosing a percent of contribution Can I convert non-Roth balances into a TGT 401(k) contribution limits Roth account?_____ 22. Choosing before-tax, Roth, or regular after-tax contributions What is the tax treatment of my distributions?____ 22. Catch-up contributions Tax treatment of your distributions Military Leave 10 percent excise tax Rollovers Special rules regarding Roth distributions How does Target contribute to the TGT 401(k)?__ 8 ERISA statement of rights_____ 24. Target contributions Tender or exchange offers Voting rights How can I invest plan contributions?

3 _____ 8. Confidentiality Investment choices Assignment of interest Professional Investment Advice from Alight Financial Advisors (AFA) ERISA provisions this booklet is for team members of Target. Blended Group Amendment of Plan Core Group Plan qualification Specialty Group Type of Plan This booklet is a summary Plan description or SPD as required by federal law. It describes the Other investment considerations Top-heavy requirements benefits of the Target 401(k) Plan ( TGT 401(k) or Plan ). Read this booklet carefully so you understand Administrative expenses Plan administration_____ 26. the Plan. If you have any questions, visit the website at or call the Is the TGT 401(k) insured? Filing a claim Additional company stock fund information Target Benefits Center at 800-828-5850. Dividend elections This booklet summarizes the legal document that governs how the Plan is administered.

4 If there should How do I change my contributions be any conflict between the legal document and this summary , the legal document will prevail. You may or investments?_____ 16. review the legal document or obtain a copy of it by calling the Target Benefits Center. Plan changes based on your changing needs Transferring out of the Target Corporation Target expects to continue this Plan indefinitely, but it reserves the right to amend, discontinue, or Common Stock Fund Be Well-Balanced & Diversified terminate the Plan at any time by action of its Board of Directors or authorized personnel. TGT 401(k) summary Plan description 1. purpose of the TGT 401(k). The TGT 401(k) is intended to help you achieve your Choose when a portion of your pay will be taxed by TARGET BENEFITS CENTER. financial goals now and in the future by offering a way to: offering you before-tax contributions, Roth You can also enroll in the TGT 401(k) and make changes CALLING THE TARGET BENEFITS.

5 Contributions and regular after-tax contributions, or a to your account by calling the Target Benefits Center at CENTER AT 800-828-5850: Save money conveniently and systematically, with Target combination of the three; 800-828-5850. You will be asked for the last four digits of your matching your contributions dollar for dollar up to 5 Social Security Number, your date of birth and Add to your retirement income. percent of your pay; Target Benefits Center representatives are available from your Password. 9 to Central time, Monday through Friday. HABLA ESPA OL? who is eligible? If you contact the Target Benefits Center to complete account transactions, your call must be completed by Si Ud. habla espa ol, llame al 800-828-5850. y permanezca en la l nea. Un representante 3 Central time (or market closing, if earlier) to be de Target Benefits Center lo atender en You are eligible to participate in the TGT 401(k) after you If you are a former team member and previously met processed that day.

6 Calls completed after 3 Central poco tiempo. meet the following requirements: the age and service requirements, you will be eligible to time will be processed the following business day. Your participate immediately upon rehire if it has been less than TDD. request will be completed as soon as possible. There is You are classified by Target as a team member; five years since your former employment with Target. no guarantee that all transactions will be completed on If you are hearing impaired, please call your You are age 18 or older; If you are a former team member and previously did the day you make your call to the Target Benefits Center. local relay service. not meet the age and service requirements and one Certain circumstances may prevent your transaction You complete 90 days of service with Target.

7 Full calendar year has passed in which you have no from being completed the same day. OUTSIDE THE OR CANADA. employment with Target, then you must complete 90 If you're calling from outside the or Canada, days of service to become eligible. KEEPING YOUR ACCOUNT SAFE you can reach the Target Benefits Center by You can take steps to keep your information and device calling 847-883-0433. safe and help avoid unauthorized access to your account: how do I access my TGT 401(k) account? Keep your contact information (including a mobile Alight Solutions, Target's Benefit Administrator, also offers number) up to date so you may be contacted quickly the Alight Protection Program to help you keep your if suspicious activity is suspected. retirement plan benefits secured and protected. When ACCESS YOUR ACCOUNT DAY GETTING STARTED IS EASY you take the required steps to protect your account, the OR NIGHT Sign up for text messaging updates to receive a text program will, at no cost to you, reimburse your Target- You may access this site at: message if a payment or loan is ever processed on sponsored qualified retirement plan account for any Using the site is a fast way to get up-to-the-minute your account.

8 Amount taken due to unauthorized activity and through information on your TGT 401(k). This site can help you: no fault of your own. You will be asked to enter your User ID and your Review the tips in the Security Center of Password. First time users will be asked to Enroll in the plan; More information, including FAQs and security answer a series of security questions to protect requirements that must be followed in order to be Enter beneficiary information; your information. If you wish to add an additional layer of account security, eligible for reimbursement through the Alight Protection you may set up an account lock. Visit Check your account balance; Program is available in the Security Center on and select Account Change your contribution percentages, investment At any time you can go online and view/print an online Lock from the My Profile menu on the home page.

9 Choices, or transfer funds; account statement or call 800-828-5850 to request an You will set a 10-digit numeric unlock key that will then on-demand account statement. prevent any future payments or loans unless that key is Get professional investment advice by clicking used to unlock your account. on Investment Advice under the Savings &. It is your responsibility to review these statements Retirement menu;. carefully, especially for any changes you may have Monitor your investment performance; requested in your rate of contribution or investment fund elections. If a statement does not match your records, Request a loan or withdrawal. you must notify the Target Benefits Center immediately. 2 TGT 401(k) summary Plan description TGT 401(k) summary Plan description 3. how do I enroll in the TGT 401(k)?

10 How do I contribute to the TGT 401(k)? ENROLLMENT PROCEDURES BENEFICIARY IF MARRIED CHOOSING A PERCENT OF CONTRIBUTION. You can enroll in the TGT 401(k) any time at If you are married, your spouse is automatically your sole You can select any whole percent from 1 percent to 80 You can change the percentage of pay that you or by calling primary beneficiary. You may name someone other than your percent of your pay to be contributed each pay period contribute in the Plan at any time. You can also 800-828-5850. If you choose not to enroll when you spouse as your primary beneficiary only if both you and your to the Plan. Each pay period Target will match your choose to have your contribution percent increased first become eligible, but remain with Target, you spouse complete the Beneficiary Designation Authorization contributions dollar for dollar, up to 5 percent of your automatically in April of each year.