Dillard's 401(k) Plan

Officially: DILLARD'S, INC. INVESTMENT & EMPLOYEE STOCK OWNERSHIP PLAN

The Dillard's, Inc. Investment & Employee Stock Ownership Plan is a large single-employer KSOP covering 44,726 total participants at year-end 2024, with 36,958 holding account balances and approximately $3.00 billion in net assets. Milliman, Inc. serves as recordkeeper, with Charles Schwab Trust Bank as directed trustee for non-employer-stock investments and Newport Trust Company as trustee for the Dillard's Stock Fund. The plan includes an ESOP component invested in Dillard's, Inc. common stock, which represented roughly 69.7 percent of net assets at year-end 2024. The 2024 filing reports a qualified automatic contribution arrangement, a tiered company match, and a two-year cliff vesting schedule for employer matching contributions.

Participants: 47,826 Plan assets: $3,003,997,060 Plan number: 111 Form 5500 plan year: 2024 Last verified: Jun 10, 2026 View Form 5500
Match
100% on the first 1% and 50% on the next 5% of eligible pay, for a maximum employer match of 3.5% of pay
Vesting
Two-year cliff vesting on employer matching contributions made after January 1, 2008; participant contributions, rollovers, and dividends on company stock are immediately vested.
Investment Options
15 funds
Auto-Enrollment
Employees who do not make an election are automatically enrolled at a 3% Basic Salary Deferral Contribution rate after attaining age 21 and completing 1,000 hours of service, with automatic 1% annual escalation over the following three plan
Plan Size
$3,003,997,060

By Zac Murphy, CFA charterholder and CFP professional. Published June 10, 2026. Verified against Form 5500 plan year 2024.

Get a personalized look at your Dillard's 401(k) options

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Fund lineup

Fund Asset Class Type
Dillard's, Inc. Common Stock Company Stock Other
American Funds EuroPacific Growth R6 International Equity Active
Dodge & Cox Income Fund Class X US Bonds Active
American Funds Wash Mutual R6 US Large Cap Active
Goldman Sachs Small Cap Value Fund Inst I US Small Cap Active
JP Morgan Mid Cap Equity R6 Fund US Mid Cap Active
Clearbridge Small Cap Growth A Fund US Small Cap Active
DFA World ex U.S. Core Equity Index Inst Fund International Equity Index
Harbor Capital Appreciation CIT Class 4 US Large Cap Active
State Street Russell Sm/Mid Cap Index SL Class II US Mid Cap Index
State Street Global All Cap Equity ex-US Index SL Class II International Equity Index
State Street U.S. Bond Index SL Class XIV US Bonds Index
State Street S&P 500 Index SL Class II US Large Cap Index
State Street U.S. Inflation Protected Bnd Idx SL Cl II TIPS Index
Galliard Stable Return Fund X Stable Value Other

Why our allocations use only index funds

The actively managed funds in this plan cost more per year than the plan's index funds, which run roughly 0.02% to 0.06%. Decades of research on long-term active fund performance do not support reliable outperformance net of fees, which is why the allocation ideas below may consider using only the low-cost index options.

Employer match

Match summary
100% on the first 1% and 50% on the next 5% of eligible pay, for a maximum employer match of 3.5% of pay
Match cap 100% of pay
Effective match rate --
Vesting Two-year cliff vesting on employer matching contributions made after January 1, 2008; participant contributions, rollovers, and dividends on company stock are immediately vested.
Waiting period Eligible for Basic Salary Deferral Contributions and matching contributions after attaining age 21 and completing one ye
$
Contribute this much to capture the full match
100% of your eligible pay, every paycheck.

100% on the first 1% and 50% on the next 5% of eligible pay, for a maximum employer match of 3.5% of pay Contributing less than 100% of your eligible pay leaves part of Dillard's's match unclaimed.

What the match is worth at your pay After 1 year of service, contributing 100%
Annual pay Your contribution Employer match Total to 401(k)

Estimates assume a constant salary and the match formula shown above. Your actual match depends on your plan's exact terms.

The cost of contributing only --%

On a $60,000 salary, contributing just half the match threshold would leave about -- in employer match unclaimed each year. Invested over 20 years at a hypothetical 7% annual return, that forgone match could have grown to roughly -- (a hypothetical illustration, not a projection). The match is the highest-return contribution you will make all year.

Sources

  • Plan metadata (employer, participants, assets, plan year): Form 5500 annual return/report, plan year 2024 -- view filing
  • Summary Plan Description (SPD) and fee disclosure (404a-5), where available from the plan administrator.

This page is for educational purposes only and does not constitute investment, tax, or legal advice, nor a recommendation to buy or sell any security. Information is drawn from public Form 5500 filings and plan documents and may be incomplete or out of date. You may consider consulting a qualified professional and confirming all details with your plan administrator before making decisions. Waterfall Planning is not affiliated with Dillard's.

Find your risk profile

Answer 13 questions to see which allocation fits your situation.

Question 1 of 13

Risk assessment methodology based on Grable, J. E., & Lytton, R. H. (1999). Financial risk tolerance revisited: The development of a risk assessment instrument. Financial Services Review, 8, 163-181.

Allocation ideas

Five sample mixes built from this plan's funds, from conservative to growth. Take the assessment above to see which one fits your risk profile.

Recommended for you (based on your risk profile)
Conservative
Conservative

Capital preservation with minimal market exposure, built from bonds and stable value.

US equity   International   Bonds   Stable value
State Street U.S. Bond Index SL Class XIV 70%
Galliard Stable Return Fund X 30%
0% stocks / 100% bonds
Recommended for you (based on your risk profile)
Income & A Little Growth
Income & A Little Growth

Mostly bonds with a small stock sleeve for modest growth.

US equity   International   Bonds   Stable value
State Street U.S. Bond Index SL Class XIV 49%
Galliard Stable Return Fund X 21%
State Street S&P 500 Index SL Class II 19%
DFA World ex U.S. Core Equity Index Inst Fund 8%
State Street Russell Sm/Mid Cap Index SL Class II 3%
30% stocks / 70% bonds
Recommended for you (based on your risk profile)
Balanced
Balanced

A classic 60/40 split of stocks and bonds.

US equity   International   Bonds   Stable value
State Street S&P 500 Index SL Class II 39%
State Street U.S. Bond Index SL Class XIV 28%
DFA World ex U.S. Core Equity Index Inst Fund 15%
Galliard Stable Return Fund X 12%
State Street Russell Sm/Mid Cap Index SL Class II 6%
60% stocks / 40% bonds
Recommended for you (based on your risk profile)
Growth & Income
Growth & Income

Stock-heavy with a bond cushion for a long horizon.

US equity   International   Bonds   Stable value
State Street S&P 500 Index SL Class II 52%
DFA World ex U.S. Core Equity Index Inst Fund 20%
State Street U.S. Bond Index SL Class XIV 14%
State Street Russell Sm/Mid Cap Index SL Class II 8%
Galliard Stable Return Fund X 6%
80% stocks / 20% bonds
Recommended for you (based on your risk profile)
Growth
Growth

All stocks for maximum long-term growth potential, with higher short-term volatility.

US equity   International   Bonds   Stable value
State Street S&P 500 Index SL Class II 65%
DFA World ex U.S. Core Equity Index Inst Fund 25%
State Street Russell Sm/Mid Cap Index SL Class II 10%
100% stocks / 0% bonds
Stay on track

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  • ✓ How to keep costs low with index funds
  • ✓ Plan updates when your filing changes

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These allocation ideas are educational illustrations built from this plan's available funds and a standard risk-tolerance assessment. They are not personalized investment advice or a recommendation, and risk tolerance is only one factor in an investment decision. You may consider consulting a qualified professional before making changes to your account.