Plan Snapshot
- Plan Sponsor: Hormel Foods Corporation
- Sponsor EIN: 410319970
- Sponsor Address: 1 HORMEL PLACE, AUSTIN, MN, 559123680
- Plan Type: 401(k)
- Total Participants: 3,221
- Total Assets: $191.6M
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 | 3,221 | $191.6M | $2.3M | $8.1M |
| 2023 | 3,218 | $188.5M | $2.0M | $7.5M |
| 2022 | 3,134 | $207.9M | $744,809 | $1.4M |
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 | — | — | $0 |
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: $0
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 | $219,189 | $52,773 | — | — | — |
| 2023 | $237,075 | $34,703 | — | $55,800 | — |
| 2022 | $5,995 | $5,790 | — | — | — |