Retirement plan

HORMEL FOODS CORPORATION TAX DEFERRED INVESTMENT PLAN B

Name: HORMEL FOODS CORPORATION - HORMEL FOODS CORPORATION TAX DEFERRED INVESTMENT PLAN B (2024) Form 5500
Creator: HORMEL FOODS CORPORATION
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, HORMEL FOODS CORPORATION TAX DEFERRED INVESTMENT PLAN B, HORMEL FOODS CORPORATION

HORMEL FOODS CORPORATIONEIN 41-0319970Plan #051PY 2024

1 HORMEL PLACE - AUSTIN, MN 559123680507-437-5481hormelfoods.comLinkedIn10001+ employeesconsumer goods

Other plans on this EIN

4 filings

#050Retirement-$1.16B assets #001Retirement-$984.9M assets #030Retirement-$424.3M assets #002Retirement-$332.5M assets

Prospect flagsLow returnsLow employer contribution

Top hat statement on fileNQDC

Filed February 27, 2003

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$191.6M

+5.7% from 2017

Total participants

4,018

-1.8% from 2017

Average account balance

$52,288

+7.8% from 2017

Annual return

7.43%

+11.20 pp from 2017

Benchmarks

See 261 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort261 peers

Snapshot2024

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$191.63M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$52K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

3,665

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

89.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$10.40M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$3K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+7.43%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$60

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 7 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY Service code 50 · EIN 84-0467907	Direct Payment	$142,207
MEKETA INVESTMENT GROUP6 years Filed as: MEKETA FIDUCIARY MANAGEMENT LLC Service code 27 · EIN 47-2126910	Advisory (Plan)	$40,565
ERNST & YOUNG LLP4 years Filed as: ERNST & YOUNG US LLP Service code 10 · EIN 34-6565596	Accounting	$33,700
DORSEY & WHITNEY LLP7 years Service code 29 · EIN 41-0223337	Legal	$18,730
STATE STREET GLOBAL ADVISORS8 years Filed as: STATE STREET GLOBAL ADVISORS TRUST Service code 27 · EIN 81-4017137	Advisory (Plan)	$17,100
VAN IWAARDEN ASSOCIATES6 years Service code 49 840 LUMBER EXCHANGE BUILDING · MINNEAPOLIS, MN 554021010	Other Services	$5,479
CHARLES SCHWAB & CO., INC.6 years Service code 33 · EIN 94-1737782	Direct payment from the plan; Securit...	$378

Plan features & details

Pension benefit codes2E2F2G2J2K2O2R2S2T3H

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
2S
Automatic enrollment
Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

2 tripped

OpportunityLow employer contribution
Employer contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$219K

$68 / participant

Recordkeeping$142K64.9%
Investment mgmt$53K24.1%
Legal$19K8.5%
Other / not subdivided$5K2.5%

% of EOY assets

0.114%

all-in expense ratio

Categories reported

3 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: ERNST & YOUNG, LLP
Auditor EIN: 346565596
Audit fees: $0
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$52,288

$76,209-31.4%

$81,370-35.7%

$200,096-73.9%

Participation rate

89.0%

76.4%+12.7pp

69.5%+19.5pp

72.0%+17.0pp

Annual return

7.43%

15.55%-8.1pp

24.85%-17.4pp

34.26%-26.8pp

Employer contribution / active EE

$721

$2,807-74.3%

$2,464-70.8%

$3,038-76.3%

Participant deferral / active EE

$2,509

$4,210-40.4%

$3,885-35.4%

$5,090-50.7%

Admin fee / account holder

$60

$146-59.0%

$5,749-99.0%

$269-77.8%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY

Service code 50 · EIN 84-0467907

Direct Payment

$142,207

MEKETA INVESTMENT GROUP6 years

Filed as: MEKETA FIDUCIARY MANAGEMENT LLC

Service code 27 · EIN 47-2126910

Advisory (Plan)

$40,565

ERNST & YOUNG LLP4 years

Filed as: ERNST & YOUNG US LLP

Service code 10 · EIN 34-6565596

Accounting

$33,700

DORSEY & WHITNEY LLP7 years

Service code 29 · EIN 41-0223337

Legal

$18,730

STATE STREET GLOBAL ADVISORS8 years

Filed as: STATE STREET GLOBAL ADVISORS TRUST

Service code 27 · EIN 81-4017137

Advisory (Plan)

$17,100

VAN IWAARDEN ASSOCIATES6 years

Service code 49

840 LUMBER EXCHANGE BUILDING · MINNEAPOLIS, MN 554021010

Other Services

$5,479

CHARLES SCHWAB & CO., INC.6 years

Service code 33 · EIN 94-1737782

Direct payment from the plan; Securit...

$378

HORMEL FOODS CORPORATION TAX DEFERRED INVESTMENT PLAN B

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

HORMEL FOODS CORPORATION TAX DEFERRED INVESTMENT PLAN B

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion