Save for your retirement with our 401(k) Plan
To learn more about the 401(k), watch this recent webinar.
Eligibility – You are eligible to participate if:
You are 21 or over
Part-Time Team Members: You’ve completed 1,000 hours of service in 1 year
Contributions – Michaels will contribute $1 for every $1 you save in the plan (up to 3% of your pay) and then $0.50 for every additional $1 of the next 2% of your pay.
Vesting – Vesting refers to ownership of accrued contributions and earnings in the plan. Your contributions are always your own. Team Members will be immediately vested and will not experience a vesting schedule.
Withdrawals – Since the plan is primarily designed to help you save for retirement, there are IRS restrictions on when you may withdraw money from your account. You can withdraw money when you retire, experience a qualified hardship, become disabled or terminate employment. Your beneficiary(ies) may withdraw money upon your death. Always consult your tax advisor concerning the potential tax penalty of any withdrawal.
Loans – Your plan allows for you to have one outstanding loan at a time. You may borrow up to 50% of your vested account balance or up to $50,000, whichever is less. The minimum loan amount is $1,000. You must repay each loan within 5 years unless the loan is used to purchase your principal residence, in which case the loan must be repaid within 10 years. The interest rate is the prime rate at the time the loan is taken, plus 1%. Loan repayments are made each pay cycle through payroll deduction.
Annual Maintenance: $25.00
Web/Voice initiated: $50.00
Participant Services initiated: $100.00
Investments – Whether you feel confident making your own investment decisions or you prefer to have your assets professionally managed, the plan offers a variety of investment strategies to help meet your needs. To make or change your investment elections or to schedule a one-on-one advice consultation, log in to vanguard.com/retirementplans or call Vanguard Participant Services at 800-523-1188.
Plan Fees – It’s important for you to understand your share of fees for administrative, investment and individual services. Please take time to review the Participant Fee Disclosure and your quarterly statement to learn more about any fees that may apply. For questions about fees, call 800-523-1188.
To elect or change your beneficiaries for the Michaels 401(k) plan, login to your account on the Vanguard website.