What are the fees in the Michaels, Inc. 401(k) plan?

For plan year 2022, Michaels, Inc. reported $340 in plan administrative expenses, or 0.02% of average plan assets — lower than ~75% of peers. Fund-level expense ratios are not included in public filings.

What is the Michaels, Inc. 401(k) match?

In 2022, employer contributions to the Michaels, Inc. plan averaged $1,192 per active participant, above the $1,114 median for plans of similar size. Public filings report contribution dollars, not the match formula; the formula is in the plan's summary plan description.

What is the average account balance in the Michaels, Inc. 401(k)?

The average participant account balance was $34,420 for plan year 2022, based on 47 accounts.

Michaels, Inc.401(k)

Name: Michaels, Inc. 401(k) plan: Form 5500 data
Creator: U.S. Department of Labor

MICHAELS, INC. 401(K) PLAN · SHELTON, CT · plan year 2022

Reported admin expense ratio · 2022

0.02%

Peer grade: A- · admin costs + employer contributions vs same-size plans · how grading works

Michaels, Inc. reported $340 in plan administrative expenses for 2022: 0.02% of average plan assets, lower than ~75% of peers. Employer contributions averaged $1,192 per active participant. This ratio covers administrative expenses reported on the plan's Schedule H only; fund-level expense ratios are not included in public structured data — see methodology.

The plan sits in the $1M–$10M size bracket, benchmarked here against 30,021 comparable plans and shown alongside other retail trade employers. By assets it is among the smaller plans on file in Connecticut (1,049th of 1,106), and 4,776th of 5,215 in retail trade. In 2022, employees put in $2.91 for every $1.00 the employer contributed.

Plan summary
Net assets, end of year$1,617,757
Participants with balances47
Active participants40
Employer contributions$47,695
Employee contributions$138,721
Employer contribution per active participant$1,192
Average account balance$34,420
Benefits paid to participants$224,578
Plan auditUnmodified (clean) audit opinion
AuditorWALSH & DICKINSON

Administrative expenses, itemized · 2022

Recordkeeping & contract admin$340

Total administrative$340

The Michaels, Inc. 401(k) match · 2022

Employer contribution per active participant$1,192

Median for plans this size$1,114

Michaels, Inc.'s 2022 employer contribution ran above the $1,114 median for plans its size. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.

What these fees cost you

Your balance

Annual cost at the plan's reported 2022 administrative ratio, against the median plan its size; fund expense ratios are extra. Compare any plan.

Administrative cost history1

2022$340 · 0.02%

Similar plansRetail Trade · Connecticut
Euro Performance Cars, Inc. CT$2.3M · 0.31%
Girard Motors, Inc. CT$2.3M · 1.04%
Waverly Markets, LLC CT$2.2M · 0.88%
Trackman, Inc. CT$1.8M · 0.03%
Express Kitchen, Inc. CT$1.3M · 1.00%
Dxr Finance 3 LLC CT$428K · 0.18%
Lecoq Cuisine Corporation CT$75K · 11.82%

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Source: U.S. Department of Labor, Form 5500 series, EIN 060871968 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.