Retirement Plan

Save for your retirement with our 401(k) Plan

Educational Seminars – Vanguard offers financial education seminars to help you learn more about protecting your financial future. The seminars are available at several times and on demand at no cost to you. Use the links below to register.

Timeline to Retirement: Review key benefits and decision points from ages 55 to 72 Principles of InvestingLearn how to create a diversified, low-cost investment portfolio Saving for College: Learn more about 529 college savings plans

Click here to watch past seminars on demand: Financial FreedomTarget-Date InvestmentsProtect Your Future

For general information about the 401(k), watch this webinar.

Eligibility and Annual Contribution Limits – You are eligible to participate on Day 1 with Michaels if you are age 21 or over. You can contribute up to $22,500 in 2023 on a pre-tax, Roth or after-tax basis. If you are age 50 or over, you can contribute up to an extra $7,500 as a “catch-up” contribution.

Company 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 on the next 2% of your pay you save after you have completed three months of service.

Vesting – Vesting refers to ownership of accrued contributions and earnings in the plan. Your contributions are always your own and so are all matching contributions from Michaels.

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, are over age 59-1/2, 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 period through payroll deduction.

Loan Fees
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 or call Vanguard Participant Services at 1-800-523-1188.

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 1-800-523-1188.

401(k) Documents 

401(k) Highlights: English | Spanish
Enrollment Brochure: English | Spanish

To elect or change your beneficiaries for the Michaels 401(k) plan, login to your account on the Vanguard website. The plan number is 095441.