The Michaels Organization, LLC 401(k) Review & Grade
The Michaels Organization 401(k) Plan
Camden, NJReal Estate & Rental2,596 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,033Employer $ per active participant
$3,164Employee $ saved per active participant
0.31%Direct admin cost, % of plan assets
$100.2MNet plan assets, end of year
$34,137Average balance per account
Score breakdown
- Employer generosity37.8 / 5076th percentile for employer $ per participant
- Low cost5.6 / 2522th percentile for low admin cost vs. same-size plans
- Employee saving7.3 / 1549th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-10 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Real Estate & Rental plans with 2,500–9,999 active participants (50 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 76th |
| Lower admin cost | 22th |
| Employee saving | 49th |
| Peers that auto-enroll | 46% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($137,240 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Michaels Organization put in about $2,033 per active participant, more than the typical peer ($1,141). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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 (0.31% of assets) are well above similar-size plans (0.12%). 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.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- 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 | $5,277,068 |
| Participant (employee) contributions | $8,212,075 |
| Other contributions (incl. rollovers in) | $1,177,857 |
| Administrative expenses paid from the plan | $283,444 |
| Contract administrator fees | $250,906 |
| Other admin expenses | $38 |
| Benefits paid out | $11,285,475 |
| Net assets, start / end of year | $85.2M / $100.2M |
| Active participants, start / end of year | 2,491 / 2,700 |
| Participants with account balances | 2,936 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Bdo USA P.C. |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company O | $169,096 reported compensation |
| Wells Fargo Advisors LLC | $89,496 reported compensation |
| Bdo USA, LLP | $32,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251014102342NAL0002513857001, received 2025-10-14, EIN 47-4070382, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.