The Michaels 401k Plan is an employer sponsored retirement account that lets eligible employees save on a pretax or Roth after tax basis through automatic payroll deductions.
Michaels matches 100 percent of the first 3 percent of your pay and 50 percent of the next 2 percent, so contributing at least 5 percent gets you the full match.
The plan is managed by Voya Financial. The 2026 employee contribution limit is $24,000, with an additional $8,000 catch up for age 50 plus.
You are 100 percent vested immediately.
Full time employees age 21 and older can start right away. You log in at go.voya.com/michaels401k using your SSN and mailed PIN.
What is the Michaels 401k Plan?
The Michaels Stores Employees 401k Plan is a qualified retirement plan that follows ERISA and IRS rules. You can save on a pretax basis or on a Roth after tax basis. The plan is managed by Voya Financial.
Key features you will use:
- Automatic pay deductions so saving is easy
- Safe Harbor employer match that boosts your savings
- A simple set of investment options like target date funds, index funds, bond funds, international equity, and stable value funds
- 401k loan and hardship withdrawal options when you meet the rules
- Secure online access at go.voya.com/michaels401k
Who is eligible and when can you start?
Full time employees
You must be 21 years or older. You are eligible right after you start work. You can begin contributing as soon as you are hired if you are 21 or older.
Part time employees
You must be 21 years or older. You need 500 hours in a 12 month period based on employee reports. You can start on the first day of the month after you finish 500 hours.
Please confirm with Michaels HR or your benefits packet because the official plan document is the final rule.
Employer match eligibility
Full time employees can contribute right away, but the company match may start after three months of work. Part time employees gain match eligibility after they meet the hours rule.
How to enroll in Michaels 401k?
- Go to the Michaels benefits portal or use the link your HR team sent
- Visit the Voya Financial portal at go.voya.com/michaels401k
- First time users register with your Social Security Number and the PIN that was mailed to you
- Choose pretax or Roth contributions
- Set your contribution percent
- Pick your investments from the lineup
- Submit your enrollment online. Your pay deductions will start automatically
IRS contribution limits for 2026
These numbers come from the IRS 2026 COLA update.
- Employee limit: $24,000
- Catch up for age 50 and older: $8,000
- Total limit (employee plus employer): $71,000 with a pay cap of $355,000
Employer match and how much to save?
Michaels uses a Safe Harbor match.
- 100 percent match on the first 3 percent of your pay
- 50 percent match on the next 2 percent of your pay
To get the full match, contribute at least 5 percent of your pay. This is free money that adds to your savings right away.
Vesting
You are 100 percent vested right away in both your contributions and the company match. The money is yours as soon as it goes into your account, even if you leave Michaels soon after.
Loans and withdrawals
401k loans
- One loan at a time
- You can borrow up to 50 percent of your vested balance or $50,000, whichever is less
- Minimum loan is $1,000
Withdrawals
- Hardship withdrawals are allowed for things like medical bills or buying a primary home
- Early withdrawals before age 59 and a half may have a 10 percent penalty plus regular income tax
- Required minimum distributions start at age 73
Investment options
The plan offers a clear set of choices:
- Target date funds that become more conservative as you near retirement
- Index funds that track the market at low cost
- Bond funds for steady income
- International equity for global diversification
- Stable value funds for lower risk growth
Build a mix that fits your time plan and risk level. Adjust it over time as your goals change.
Tax benefits
Pretax contributions lower your taxable income now and grow tax deferred until you take money out. Roth contributions use after tax pay, but qualified withdrawals in retirement are tax free. Your earnings grow without tax each year, which helps your money compound faster.
Ask a tax advisor which type fits your situation best.
How to log in to your Michaels 401K account?
- Go to go.voya.com/michaels401k
- First time users register with your SSN and the mailed PIN
- Enter your User ID and Password
- See your balance, recent pay deductions, company match, investments, and history
- Use Forgot User ID or Forgot Password if you need to reset
- Call support at 833-396-4015, 7 a.m. to 7 p.m. Central Time, weekdays
Mistakes to avoid
Do not save too little and miss the full 5 percent match. Do not take early withdrawals and lose growth and pay penalties. Do not keep all your money in one type of investment. Do not set your percent once and never change it. Do not forget to log in and check your account.
Quick Answers
How do I check my balance?
Log in to the Voya portal and open your account page.
When can I start contributing?
Full time: right away if you are 21 or older. Part time: after you finish the required hours. Ask HR to confirm the exact hours.
Is Roth available?
Yes. You can choose pretax or Roth.
What happens if I leave Michaels?
You can roll your balance to an IRA or to another employer plan.
How much should I save?
At least 5 percent to get the full match. Then increase your percent over time toward the IRS limit.
For more information visit https://worksmart-michaels.com
