Hormel Foods Corporation 401(k) Review & Grade
Hormel Foods Corporation Tax Deferred Investment Plan B
Austin, MNManufacturing3,220 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$721Employer $ per active participant
$2,510Employee $ saved per active participant
0.12%Direct admin cost, % of plan assets
$191.6MNet plan assets, end of year
$52,288Average balance per account
Score breakdown
- Employer generosity3.9 / 508th percentile for employer $ per participant
- Low cost13.1 / 2552th percentile for low admin cost vs. same-size plans
- Employee saving1.7 / 1511th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score29 / 100 · Grade F
This plan vs. peers
Peers: Manufacturing plans with 2,500–9,999 active participants (566 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 8th |
| Lower admin cost | 52th |
| Employee saving | 11th |
| Peers that auto-enroll | 70% |
Get the monthly 401(k) report card
The best and worst plans, new grades as filings post. One email a month, no spam.
Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Hormel Foods put in about $721 per active participant, below the typical peer ($3,452). Any match is still an instant return, so contribute enough to get all of it.
- 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.
- 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 | $2,320,913 |
| Participant (employee) contributions | $8,081,534 |
| Other contributions (incl. rollovers in) | $47,071 |
| Administrative expenses paid from the plan | $219,189 |
| Investment advisory & management fees | $52,773 |
| Other admin expenses | $5,479 |
| Benefits paid out | $21,268,969 |
| Net assets, start / end of year | $188.5M / $191.6M |
| Active participants, start / end of year | 3,218 / 3,221 |
| Participants with account balances | 3,665 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young, LLP |
| Employer stock held by plan | $41,379,535 |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $142,207 reported compensation |
| Meketa Fiduciary Management LLC | $40,565 reported compensation |
| Ernst & Young US LLP | $33,700 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250919135529NAL0001105891001, received 2025-09-19, EIN 41-0319970, plan #051, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.