Hormel Foods Corporation 401(k) Review & Grade
Hormel Foods Corporation Tax Deferred Investment Plan a *
Austin, MNManufacturing4,968 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$4,165Employer $ per active participant
$9,520Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$1.2BNet plan assets, end of year
$174,477Average balance per account
Score breakdown
- Employer generosity30.5 / 5061th percentile for employer $ per participant
- Low cost21.2 / 2585th percentile for low admin cost vs. same-size plans
- Employee saving11.6 / 1577th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score63 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 61th |
| Lower admin cost | 85th |
| Employee saving | 77th |
| Peers that auto-enroll | 70% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($134,115 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Hormel Foods put in about $4,165 per active participant, more than the typical peer ($3,452). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $20,692,822 |
| Participant (employee) contributions | $47,299,719 |
| Other contributions (incl. rollovers in) | $3,014,045 |
| Administrative expenses paid from the plan | $432,904 |
| Investment advisory & management fees | $31,500 |
| Other admin expenses | $6,800 |
| Benefits paid out | $118,728,962 |
| Net assets, start / end of year | $1.1B / $1.2B |
| Active participants, start / end of year | 4,950 / 4,987 |
| Participants with account balances | 6,652 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst& Young, LLP |
| Employer stock held by plan | $80,334,803 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $354,121 reported compensation |
| Meketa Fiduciary Management LLC | $158,186 reported compensation |
| State Street Global Advisors Trust | $31,500 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250919134842NAL0001104899001, received 2025-09-19, EIN 41-0319970, plan #050, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.