Plan Snapshot
- Plan Sponsor: Hormel Foods Corporation
- Sponsor EIN: 410319970
- Sponsor Address: 1 HORMEL PLACE, AUSTIN, MN, 559123680
- Plan Type: 401(k)
- Total Participants: 4,987
- Total Assets: $1.2B
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: Yes
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2024 | 4,987 | $1.2B | $20.7M | $47.3M |
| 2023 | 4,950 | $1.1B | $16.2M | $43.1M |
| 2022 | 5,009 | $1.0B | $7.6M | $8.2M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| ERNST& YOUNG, LLP | Auditor | $30,498 | — | $30,498 |
Verified Provider Profiles
Direct links to verified profiles of matched retirement plan providers on PlanProvider.Pro:
- ERNST& YOUNG, LLP — Auditor
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $30,498
- Estimated Expense Ratio: 0.003% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2024 | $432,904 | $31,500 | — | $30,498 | — |
| 2023 | $542,167 | $264,208 | — | $25,747 | — |
| 2022 | $22,909 | $20,694 | — | — | — |