Smithfield Foods Incorporated 401(k) Review & Grade
Smithfield Foods, Inc. Hourly 401(k) Plan
Smithfield, VAManagement of Companies14,305 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,832Employer $ per active participant
$2,737Employee $ saved per active participant
0.19%Direct admin cost, % of plan assets
$418.7MNet plan assets, end of year
$26,113Average balance per account
Score breakdown
- Employer generosity22.6 / 5045th percentile for employer $ per participant
- Low cost4.7 / 2519th percentile for low admin cost vs. same-size plans
- Employee saving5.1 / 1534th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-13 pts2 issues reported on the filing
Total score29 / 100 · Grade F
This plan vs. peers
Peers: all industries, plans with 10,000+ active participants (fewer than 30 industry peers) (820 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 45th |
| Lower admin cost | 19th |
| Employee saving | 34th |
| Peers that auto-enroll | 50% |
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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 ($1,113,173 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
Corrective distributions: the plan refunded $73 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Smithfield Foods Incorporated put in about $1,832 per active participant, below the typical peer ($2,229). 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.
- Direct plan expenses (0.19% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- 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 | $26,206,352 |
| Participant (employee) contributions | $39,153,069 |
| Other contributions (incl. rollovers in) | $1,035,277 |
| Administrative expenses paid from the plan | $764,577 |
| Other admin expenses | $900 |
| Benefits paid out | $57,165,029 |
| Net assets, start / end of year | $375.9M / $418.7M |
| Active participants, start / end of year | 15,011 / 13,599 |
| Participants with account balances | 16,034 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Kreischer Miller |
Largest service providers (Schedule C)
| Empower Annuity Insurance Company | $763,679 reported compensation |
| Qdro Consultants Company, LLC | $900 reported compensation |
| Empower Financial Services, Inc. | $325 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015140252NAL0006510896001, received 2025-10-15, EIN 52-0845861, plan #009, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.