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Targa Resources Employees: Navigating the Financial Implications of Fallen Tree Damage on Your Property

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Are Targa Resources employees responsible for the damage caused by a tree on their property that hits their neighbor’s home or other insured structure, such as a garage or shed?

In most cases, the answer is “no.”

When such damage occurs to your neighbor’s home due to forces outside your control (e.g., weather events), your neighbors may have to file a claim with their insurer to receive a reimbursement for the damage a fallen down tree caused.

There is one exception, however.

If it is determined that the tree damage stems from your negligence (e.g., dead limbs that you refused to cut down, or you chose to trim your tree as a weekend project), then the neighbor’s insurer may come after you to recover their loss—a process called subrogation.¹

You may want to check your policy or speak to your insurance agent to ascertain if your homeowner's policy covers your liability in cases of negligence.

When Neighbors Sue

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Some neighbors may seek to bring legal action against you, though often that is unnecessary.

For those working at Targa Resources, determine what municipal laws are in place to cover such instances. Generally speaking, you are not responsible unless you knew, or should have known, about the danger. Proving what you knew or should have known can be difficult and costly in a court of law. It typically benefits both parties to arrive at a compromise that avoids an expensive legal process.

The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.

What is the primary purpose of Targa Resources' 401(k) Savings Plan?

The primary purpose of Targa Resources' 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or Roth after-tax basis.

How can employees at Targa Resources enroll in the 401(k) Savings Plan?

Employees at Targa Resources can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company’s benefits portal during the enrollment period or after they become eligible.

What is the employer match contribution policy for Targa Resources' 401(k) Savings Plan?

Targa Resources offers a competitive employer match for contributions made to the 401(k) Savings Plan, typically matching a percentage of employee contributions up to a certain limit.

What types of investment options are available in Targa Resources' 401(k) Savings Plan?

Targa Resources' 401(k) Savings Plan provides a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to tailor their investment strategy.

At what age can employees at Targa Resources start withdrawing from their 401(k) Savings Plan without penalties?

Employees at Targa Resources can start withdrawing from their 401(k) Savings Plan without penalties at age 59½, provided they have separated from service or are still employed.

Does Targa Resources allow loans against the 401(k) Savings Plan?

Yes, Targa Resources allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.

Can employees at Targa Resources change their contribution percentage to the 401(k) Savings Plan at any time?

Yes, employees at Targa Resources can change their contribution percentage to the 401(k) Savings Plan at any time through the benefits portal.

What happens to an employee's 401(k) Savings Plan balance if they leave Targa Resources?

If an employee leaves Targa Resources, they can choose to leave their balance in the plan, roll it over to another qualified retirement plan, or cash it out, subject to taxes and penalties.

Is there a vesting schedule for employer contributions in Targa Resources' 401(k) Savings Plan?

Yes, Targa Resources has a vesting schedule for employer contributions, meaning employees must work for the company for a certain period before they fully own the employer match.

How often can employees at Targa Resources review their 401(k) Savings Plan statements?

Employees at Targa Resources can review their 401(k) Savings Plan statements quarterly through the benefits portal or receive them via mail.