Minnesota › Retail trade › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Target Corporation Pension Plan
Sponsored by Target Corporation, Brooklyn Park, MN
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Target Corporation Pension Plan is a cash balance pension plan sponsored by Target Corporation of Brooklyn Park, Minnesota. For the plan year ending 31 Dec 2024 it reported 75,775 participants, 38,299 of them active, and net assets of $3.29B.
Net assets came to $43,474 per participant, well below the $88,040 median for defined benefit plans with 25,000 or more participants and well above the $30,870 median for defined benefit plans in retail trade. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $10.5M: $138 per participant, close to the same-size median of $143. Administrative expenses charged to the plan were $20.4M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $2.03B in 2009 to $3.29B in 2024 (up 62%), and participants from 254,500 to 75,775 (down 70%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DB plans |
|---|---|---|---|---|
| Net assets per participant | $43,474 | $88,040 | $30,870 | $86,221 |
| Employer contributions per active participant | — | $6,524 | $2,829 | $10,244 |
| Schedule C compensation per participant | $138 | $143 | $165 | $344 |
| Schedule C compensation, share of net assets | 0.32% | 0.26% | 0.59% | 0.42% |
| Administrative expenses per participant | $269 | $306 | $310 | $527 |
Peer columns are medians for plan year 2024 across defined benefit plans with 100 or more participants: 25,000 or more participants (215 plans), retail trade (132) and all US plans (5,308). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 75,775 | $3.29B | $43,474 | — | — | $10.5M |
| 2023 | 85,309 | $3.52B | $41,279 | $150M | — | $10.4M |
| 2022 | 96,222 | $3.33B | $34,597 | — | — | $11.2M |
| 2021 | 109,369 | $4.64B | $42,433 | — | — | $11.2M |
| 2020 | 116,681 | $4.68B | $40,103 | $50.0M | — | $11.5M |
| 2019 | 124,605 | $4.28B | $34,375 | — | — | $12.1M |
| 2018 | 135,196 | $3.76B | $27,776 | $100M | — | $13.7M |
| 2017 | 147,748 | $4.10B | $27,748 | — | $6.6M | $11.7M |
| 2016 | 155,581 | $3.75B | $24,111 | $200M | — | $12.0M |
| 2015 | 163,784 | $3.41B | $20,810 | $150M | — | $11.8M |
| 2014 | 175,325 | $3.51B | $20,028 | — | — | $13.3M |
| 2013 | 189,144 | $3.25B | $17,161 | $120M | $1.5M | $12.3M |
| 2012 | 203,196 | $3.09B | $15,231 | $150M | — | $13.3M |
| 2011 | 223,847 | $2.71B | $12,121 | $150M | — | $11.8M |
| 2010 | 235,866 | $2.39B | $10,150 | $150M | — | $12.9M |
| 2009 | 254,500 | $2.03B | $7,968 | $200M | — | $17.0M |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$3,521,492,856
- Employer contributions—
- Participant contributions—
- Rollovers and other contributions$9,808,205
- Total contributions$9,808,205
- Total income, including investment results$128,804,764
- Benefits paid$335,685,386
- Administrative expenses$20,384,812
- Total expenses$356,070,198
- Net income−$227,265,434
- Net transfers$0
- Net assets, end of year$3,294,227,422
Participants
- Active participants38,299
- Retired or separated, receiving benefits11,011
- Retired or separated, entitled to future benefits25,543
- Total participants, end of year75,775
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Alight Solutions LLC | Contract Administrator; Participant communication | $5,157,589 | $0 |
| Nisa Investment Advisors, LLC | Investment management | $1,464,535 | $0 |
| JP Morgan Investment Management Inc. | Investment advisory (plan); Investment management | $613,317 | $0 |
| State Street Bank & Trust Company | Custodial (securities); Trustee (directed); Investment management | $601,909 | $0 |
| Schroder Investment Management NA | Investment management | $493,702 | $0 |
| Aon Consulting | Actuarial; Consulting (pension) | $462,591 | $0 |
| Goldman Sachs Asset Management, LP | Investment management | $407,028 | $0 |
| BlackRock Financial Management, Inc. | Investment management | $323,100 | $0 |
| BlackRock Institutional Trust Co. | Trustee (bank, trust company, or similar financial institution); Trustee (discretionary); Investment management | $235,149 | $0 |
| Pugh Capital Management, Inc. | Investment management | $213,945 | $0 |
| Callan LLC | Consulting (general) | $175,000 | $0 |
| State Street Global Advisors Trust | Custodial (other than securities); Custodial (securities); Investment management | $139,657 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Other administrative expenses$9,882,690
- Contract administrator fees$5,405,189
- Investment advisory and management fees$3,990,433
- Trustee and custodial fees$601,909
- Actuarial fees$462,591
- IQPA audit fees$42,000
- Total administrative expenses$20,384,812
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Corporate debt instruments$1.13B · 34.0%
- Common/collective trusts$827M · 24.9%
- U.S. Government securities$457M · 13.8%
- Partnership/joint venture interests$329M · 9.9%
- 103-12 investment entities$271M · 8.2%
- Cash (interest and non-interest bearing)$267M · 8.0%
- Receivables$30.4M · 0.9%
- Other investments$7.8M · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmErnst & Young LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $50,000,000
- Blackout period during the year—
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
1ABenefits are primarily pay related1CCash balance or similar plan3FPlan sponsor(s) received services of leased employees3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 452200: Department Stores.
Other plans of Target Corporation
| Plan | Participants | Net assets |
|---|---|---|
| Target Corporation 401(k) Plan | 495,482 | $14.4B |
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Minneapolis Retail Meat Cutters and Food Handlers Pension Fund | Board of Trustees, Minneapolis Retail Meat Cutters | 13,679 | $605M | $44,220 |
| Northern Mn-Wi Area Retail Clerks Pension Fund | Trustees of Northern Mn-Wi Area Retail Clerks Pension Fund | 6,012 | $136M | $22,541 |
| Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Plan | Board of Trustees, Minneapolis Retail Meat Cutters and | 4,515 | $28.7M | $6,348 |
| Miner's, Inc. Defined Benefit Pension Plan | Miners, Inc. | 1,017 | $26.0M | $25,528 |
Defined benefit plans in retail trade closest in size.
Questions and answers
How big is Target Corporation Pension Plan?
75,775 participants at the end of the plan year ending 31 Dec 2024, of whom 38,299 were active employees, with net assets of $3,294,227,422. Among defined benefit plans that places it in the 25,000 or more participants band, which held 215 plans in plan year 2024.
What does Target Corporation contribute per participant?
This filing has no Schedule H financial statement, so employer contributions are not reported here.
What fees does the plan pay and how do they compare?
Schedule C reports $10,454,522 in compensation to service provider organisations, $138 per participant or 0.32% of net assets. The same-size median among plans reporting any Schedule C compensation was $143 per participant. Administrative expenses on Schedule H were $20,384,812. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Target Corporation. Recordkeeping or administration: Alight Solutions LLC. Investment advisory or management: Nisa Investment Advisors, LLC, JP Morgan Investment Management Inc. and State Street Bank & Trust Company. Trustee or custodian: State Street Bank & Trust Company, BlackRock Institutional Trust Co. and State Street Global Advisors Trust. The financial statements were audited by Ernst & Young LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 2 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 41-0215170, plan 001, received 2 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.