DILLARD'S, INC. 401(k): Milliman, match 3.5% max
Dillard’s, Inc. Investment & Employee Stock Ownership Plan · DDS · CIK 28917
Milliman is the recordkeeper named on the Form 5500 filed for this plan, the company that keeps the account records. What the filing says about them.
Matched to this employer by sponsor name, not by an identifier stated in the filing.
Maximum employer match, as a share of pay
3.5%
DILLARD'S, INC. matches 100% (dollar-for-dollar) of the first 1% of pay, then 50% of the next 5% of pay, for a maximum employer match of 3.5% of pay.
From the Form 11-K filed June 9, 2026 ↗, covering the plan year ended December 31, 2025. Page data last updated July 28, 2026, when the Form 5500 bulk data was last refreshed. Why filings lag
On this page: what the employer actually paid in · the formula, word for word · when the money becomes yours · who can join · who holds your account · what the plan reports to the DOL · how it compares · what to do next
What DILLARD'S puts in, and what the plan costs
What DILLARD'S put into the plan, per active participant
$850
DILLARD'S, INC. put $850 into this plan for each of its 26,070 active participants in plan year 2024. This is the whole employer side of the plan: matching money, profit sharing, non-elective and safe-harbor contributions, and reallocated forfeitures. The Form 5500 does not separate them, so this is what the employer put in and not the match.
DILLARD'S put in more per active participant than 63% of plans with 5,000+ participants in retail. The middle plan in that group of 196 reported $700. Retail comes from business code 452200, which DILLARD'S entered on its own Form 5500. Sponsors pick that code themselves, so a code that does not describe what the employer does ranks the plan against the wrong companies.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
What this figure cannot separate: how much DILLARD'S pays, and how much it puts in
This is dollars, not a rate. A Form 5500 carries no payroll, so the figure reflects both how much the employer puts in and how much the employer pays: two plans running the same formula report different amounts when one pays better. Crossing the peer group with industry holds most of that difference still, and none of it disappears.
This is one plan year, not an average. A true-up, a plan merger or a one-off contribution moves a single year on its own.
Source: DOL Form 5500 for the plan year ended December 31, 2024, EIN 710388071, plan 111 · DOL EFAST2 ↗
The $850 above is the Form 5500 figure for plan year 2024, and it counts every employer dollar on one line. DILLARD'S, INC. also files a Form 11-K, which states the match formula for plan year 2025: the card below reads $1,733 a year at a $49,500 salary. That second figure is what the formula pays one worker on that salary, and not an amount either filing reports. The two figures cover different plan years and measure different things, so neither one is the other one corrected.
What DILLARD'S puts in
$1,733
a year, at a $49,500 salary.
The match paragraph, word for word
“participants who are eligible for Company matching contributions will receive a matching contribution equal to 100% on the first 1% of a participant’s eligible earnings contributed to the Plan and 50% on the next 5% of a participant’s eligible earnings contributed to the Plan, for a maximum Company matching contribution of 3 1/2 %.”
What you contribute to collect all of it
Contribute at least 6% of your pay to collect the full match.
That is $2,970 a year at a $49,500 salary, and it scales with your own.
Vesting score
71.43 out of 100
How fast the employer’s money becomes yours. Higher than 32% of the 369 schedules we have scored.
It measures vesting speed and nothing else. It says nothing about the size of the match, what the plan charges, or the funds inside it.
Share of the employer's money that is the worker's at hire and at each of the first 6 anniversaries: 0%, 0%, 100%, 100%, 100%, 100%, 100%. The score is the average of those 7 readings.
Vesting, word for word
“Vesting in the Company’s contribution portion of the participant’s accounts plus earnings or losses thereon is based on years of service, or in the event of death, disability or retirement, the participant is entitled to 100% of his or her account balance. Matching contributions vest after a participant completes 2 or more years of service, except in the case of certain merged accounts, which were fully vested upon transfer.”
A worker hired today collects no match for 1 year. This is a filed term, and it does not move the score above.
Eligibility, word for word
“An employee is eligible to make Basic Salary Deferral Contributions and receive Company matching contributions no later than the first business day of the second calendar week next following the calendar week that he or she has both attained age 21 and completed one year of service for eligibility.”
The wait before the match starts and the year-end true-up appear above when the filing states them. Neither is part of the score, and a filing that is silent on one of them is not a plan without it.
What the plan costs, against plans of its size
45th percentile
$49.54 per participant in plan-paid administrative cost, cheaper than 55% of plans with 5,000+ participants.
What is DILLARD'S 401(k) match formula?
DILLARD'S 401(k) employer match tops out at 3.5% of pay. A tiered formula pays its best rate on the first slice of pay and less on the next, which is how the rate steps down.
| Match formula | 100% (dollar-for-dollar) of the first 1% of pay |
|---|---|
| then | 50% of the next 5% of pay |
| Maximum employer match | 3.5% of compensation |
| Paid in company stock | Yes |
At a $60,000 salary, contributing 6% ($3,600) earns the full employer match of $2,100 for the year.
What the filing says, word for word
“participants who are eligible for Company matching contributions will receive a matching contribution equal to 100% on the first 1% of a participant’s eligible earnings contributed to the Plan and 50% on the next 5% of a participant’s eligible earnings contributed to the Plan, for a maximum Company matching contribution of 3 1/2 %.”
Source: Form 11-K filed June 9, 2026, SEC EDGAR · SEC ↗
What is DILLARD'S 401(k) vesting schedule?
DILLARD'S vests the employer match on a cliff schedule: nothing is yours until two years of service, then 100% at once. Leave a day early and the employer money goes back to the plan, the edge a two-year cliff creates.
| Employer match vesting | Cliff: 100% vested after 2 years of service |
|---|---|
| Your own contributions | Immediate: always 100% yours |
| Accelerated vesting | in the event of death, disability or retirement, the participant is entitled to 100% of his or her account balance |
Vesting, word for word
“Vesting in the Company’s contribution portion of the participant’s accounts plus earnings or losses thereon is based on years of service, or in the event of death, disability or retirement, the participant is entitled to 100% of his or her account balance. Matching contributions vest after a participant completes 2 or more years of service, except in the case of certain merged accounts, which were fully vested upon transfer.”
Source: Form 11-K filed June 9, 2026, SEC EDGAR · SEC ↗
Who can join DILLARD'S 401(k), and is enrollment automatic?
DILLARD'S enrolls new hires automatically at 3% of pay, rising 1% a year to 6% of pay.
| Plan entry | An employee is eligible to make Basic Salary Deferral Contributions and receive Company matching contributions no later than the first business day of the second calendar week next following the calendar week that he or she has both attained age 21 and completed one year of service for eligibility. |
|---|---|
| Match eligibility | An employee is eligible to make Basic Salary Deferral Contributions and receive Company matching contributions no later than the first business day of the second calendar week next following the calendar week that he or she has both attained age 21 and completed one year of service for eligibility. |
| Automatic enrollment | Yes: default deferral 3% of pay; auto-escalation +1%/yr to 6% |
Eligibility, word for word
“An employee is eligible to make Basic Salary Deferral Contributions and receive Company matching contributions no later than the first business day of the second calendar week next following the calendar week that he or she has both attained age 21 and completed one year of service for eligibility.”
Automatic enrollment, word for word
“If an employee does not make an election regarding participation in the Plan, then after the employee has attained age 21 or older with at least 1,000 hours of service within twelve months or any calendar year thereafter, the employee will be automatically enrolled into the Plan with a 3% Basic Salary Deferral Contribution rate which will be in effect until the last day of the Plan year following the Plan year in which the employee was first automatically enrolled. If the participant does not make an election otherwise, their contribution rate will be increased by 1% for each of the next three following Plan years to achieve a maximum rate of 6%.”
Source: Form 11-K filed June 9, 2026, SEC EDGAR · SEC ↗
Who holds your account
Schedule C of the Form 5500 filed for plan year 2024 reports Milliman. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to. The trustee that holds the plan’s assets can be a different company, and this filing does not name it.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
217 plans on file name Milliman as their recordkeeper. Of those, the 216 with a computable fee have a median plan-paid cost of $152.44 per participant.
| Recordkeeper | Milliman |
|---|---|
| Recordkeeper EIN | 910675641 |
What does the DILLARD'S plan report on Form 5500?
The DILLARD'S plan reported $3.0B in assets and 47,826 participants for plan year 2024.
Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
| Plan named in the DOL record | Dillard's, Inc. Investment & Employee Stock Ownership Plan |
|---|---|
| Total plan assets | $3,003,997,060 |
| Participants | 47,826 |
| Plan-paid admin cost per participant | $49.54 |
How that cost compares
This plan pays $49.54 per participant. The median across plans in retail is $93.99, from the 2,177 of 2,305 whose Form 5500 yields a per-participant cost.
How does DILLARD'S 401(k) match compare?
DILLARD'S, INC.'s maximum 401(k) match of 3.5% of pay compares with a median of 4% across the 269 companies in our data with a computable formula.
Employers worth reading next
Of the six employers below, three file in retail, two land near DILLARD'S maximum match and one vests on the same schedule.
Maximum match 3% of pay. Also in retail.
Maximum match 3.5% of pay. Also in retail.
Maximum match 3% of pay. Also in retail.
Maximum match 3.5% of pay, level with DILLARD'S.
Maximum match 3.5% of pay, level with DILLARD'S.
Maximum match 5% of pay. Same 2-year cliff as DILLARD'S.
What can you do next?
- Read the Form 11-K on SEC EDGAR ↗
Form 11-K filed June 9, 2026, SEC EDGAR. Every match fact on this page comes from it.
- Changed jobs? Find an old 401(k) ↗
The Department of Labor's Retirement Savings Lost & Found, a free government database.
- This year's IRS contribution limits ↗
The official deferral and catch-up limits every formula operates under.
Questions this filing answers
What is DILLARD'S, INC.'s 401(k) match?
Dillard's, Inc. matches 100% (dollar-for-dollar) of the first 1% of pay, then 50% of the next 5% of pay, for a maximum employer match of 3.5% of compensation (plan year ended December 31, 2025).
When does the DILLARD'S, INC. 401(k) match vest?
Cliff: 100% vested after 2 years of service.
Does DILLARD'S, INC.'s 401(k) plan have automatic enrollment?
Yes: default deferral 3% of pay; auto-escalation +1%/yr to 6%.
Who is the recordkeeper for DILLARD'S, INC.'s 401(k)?
Milliman is named as the recordkeeper on the Form 5500 filed for Dillard's, Inc. Investment & Employee Stock Ownership Plan for plan year 2024. That is the company paid to keep the account records: what is in an account, what went into it, and usually the site a participant signs in to. Matched to this employer by sponsor name, not by an identifier stated in the filing. This record could cover another plan of the same employer.
Source
The match formula, the vesting schedule and the enrollment rules on this page were read from one document: the Form 11-K annual report that DILLARD'S, INC. filed with the US Securities and Exchange Commission for the plan year ended December 31, 2025. Each of those fields carries the filing sentence it was read from, expandable where the field appears. Nothing on this page was supplied by the employer to this site.
The plan assets, the participant counts, the plan-paid fees and the recordkeeper come from a different document, the plan’s DOL Form 5500 annual return, and the section that reports them links it. Comparisons with other employers are computed across the filings named in the section they appear in.
Read the filing on SEC EDGAR ↗
| Document | Form 11-K annual report |
|---|---|
| Filed with | US Securities and Exchange Commission (EDGAR) |
| Filed by | DILLARD'S, INC. |
| SEC CIK | 28917 |
| Accession number | 0000028917-26-000022 |
| Plan | Dillard’s, Inc. Investment & Employee Stock Ownership Plan |
| Period of report | December 31, 2025 |
| Filed | June 9, 2026 |
401(k) Monitor is not affiliated with DILLARD'S, INC., with the Securities and Exchange Commission or with this plan’s recordkeeper, and publishes this page without their involvement. It republishes a public filing and says where it came from.
Cite this page
401(k) Monitor, “DILLARD'S, INC. 401(k) plan facts”, from SEC Form 11-K accession 0000028917-26-000022, plan year ended December 31, 2025.
