Michaels Stores, Inc. 401(k) Review & Grade
Michaels Stores, Inc. Employees 401(k) Plan
Irving, TXRetail Trade16,103 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$649Employer $ per active participant
$1,297Employee $ saved per active participant
0.27%Direct admin cost, % of plan assets
$337.2MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity22.0 / 5044th percentile for employer $ per participant
- Low cost2.8 / 2511th percentile for low admin cost vs. same-size plans
- Employee saving5.2 / 1535th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Retail Trade plans with 10,000+ active participants (124 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 44th |
| Lower admin cost | 11th |
| Employee saving | 35th |
| Peers that auto-enroll | 32% |
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Red flags from the filing
Corrective distributions: the plan refunded $174,243 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Michaels Stores put in about $649 per active participant, below the typical peer ($689). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.27% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $10,443,748 |
| Participant (employee) contributions | $20,888,376 |
| Other contributions (incl. rollovers in) | $2,658,125 |
| Administrative expenses paid from the plan | $877,752 |
| Contract administrator fees | $188,164 |
| Investment advisory & management fees | $243,038 |
| Other admin expenses | $23,761 |
| Benefits paid out | $43,470,072 |
| Net assets, start / end of year | $307.0M / $337.2M |
| Active participants, start / end of year | 4,593 / 27,613 |
| Participants with account balances | 6,471 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Weaver and Tidwell, L.L.P. |
Largest service providers (Schedule C)
| Voya Institutional Plan Services | $344,375 reported compensation |
| Mercer Investments LLC | $258,139 reported compensation |
| Voya Retirement Advisors | $34,326 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251105103009NAL0010681841001, received 2025-11-05, EIN 75-1943604, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.