Retirement plan

HORMEL FOODS CORPORATION TAX DEFERRED INVESTMENT PLAN B

Name: HORMEL FOODS CORPORATION - HORMEL FOODS CORPORATION TAX DEFERRED INVESTMENT PLAN B (2019) 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 2019

1 HORMEL PLACE - AUSTIN, MN 55912507-437-5481hormelfoods.comLinkedIn10001+ employeesconsumer goods

Other plans on this EIN

4 filings

#001Retirement-$1.10B assets #050Retirement-$906.1M assets #030Retirement-$493.2M assets #002Retirement-$380.4M assets

Prospect flagsLow returnsLow participationLow 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)

$210M

+5.7% from 2017

Total participants

4,738

-1.8% from 2017

Average account balance

$60,752

+7.8% from 2017

Annual return

-6.46%

+11.20 pp from 2017

Benchmarks

See 230 peers

Peer group

Industry31 - Manufacturing

Plan typeDefined contribution

Participants1,000-4,999

Cohort230 peers

Snapshot2019

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 10 of 13 by compensation

Provider	Service type	Compensation
MASSACHUSETTS MUTUAL LIFE INS. CO.4+ years Service code 49 · EIN 04-1590850	Other Services	$277,964
STATE STREET GLOBAL ADVISORS4+ years Filed as: STATE STREET BANK & TRUST COMPANY Service code 21 · EIN 04-1867445	Bank Trustee	$53,796
STATE STREET GLOBAL ADVISORS3 years Filed as: STATE STREET GLOBAL ADVISORS TRUST Service code 49 · EIN 81-4017137	Other Services	$24,787
ERNST & YOUNG LLP2 years Service code 50 · EIN 34-6565596	Direct Payment	$22,400
MEKETA INVESTMENT GROUP1 year Filed as: MEKETA FIDUCIARY MANAGEMENT LLC Service code 27 · EIN 47-2126910	Advisory (Plan)	$13,175
VAN IWAARDEN ASSOCIATES1 year Service code 50 · EIN 41-1894458	Direct Payment	$10,338
CHARLES SCHWAB & CO., INC.1 year Service code 59 · EIN 94-1737782	Shareholder Servicing	$1,009
DIMENSIONAL FUND ADVISORS2 years Service code 52 · EIN 36-3129984	Indirect Investment Fees	$0
DODGE & COX2 years Service code 52 · EIN 94-6067274	Indirect Investment Fees	$0
HARBOR2 years Service code 52 · EIN 34-1953393	Indirect Investment Fees	$0

Plan features & details

Pension benefit codes2E2F2H2J2K2R2S2T3H

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).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion 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.
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

3 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
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

$409K

$100 / participant

Investment mgmt$72K17.5%
Contract admin$277K67.8%
Other / not subdivided$60K14.6%

% of EOY assets

0.195%

all-in expense ratio

Categories reported

2 / 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: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$60,752

$65,708-7.5%

$76,667-20.8%

$77,775-21.9%

Participation rate

68.7%

79.0%-10.3pp

72.1%-3.4pp

73.2%-4.5pp

Annual return

-6.46%

49.86%-56.3pp

1166.74%-1173.2pp

32.58%-39.0pp

Employer contribution / active EE

$535

$2,167-75.3%

$2,303-76.8%

$2,504-78.6%

Participant deferral / active EE

$1,838

$3,254-43.5%

$3,336-44.9%

$3,966-53.7%

Admin fee / account holder

$118

$91+30.3%

$6,423-98.2%

$100+18.2%

Provider

Service type

Compensation

MASSACHUSETTS MUTUAL LIFE INS. CO.4+ years

Service code 49 · EIN 04-1590850

Other Services

$277,964

STATE STREET GLOBAL ADVISORS4+ years

Filed as: STATE STREET BANK & TRUST COMPANY

Service code 21 · EIN 04-1867445

Bank Trustee

$53,796

STATE STREET GLOBAL ADVISORS3 years

Filed as: STATE STREET GLOBAL ADVISORS TRUST

Service code 49 · EIN 81-4017137

Other Services

$24,787

ERNST & YOUNG LLP2 years

Service code 50 · EIN 34-6565596

Direct Payment

$22,400

MEKETA INVESTMENT GROUP1 year

Filed as: MEKETA FIDUCIARY MANAGEMENT LLC

Service code 27 · EIN 47-2126910

Advisory (Plan)

$13,175

VAN IWAARDEN ASSOCIATES1 year

Service code 50 · EIN 41-1894458

Direct Payment

$10,338

CHARLES SCHWAB & CO., INC.1 year

Service code 59 · EIN 94-1737782

Shareholder Servicing

$1,009

DIMENSIONAL FUND ADVISORS2 years

Service code 52 · EIN 36-3129984

Indirect Investment Fees

DODGE & COX2 years

Service code 52 · EIN 94-6067274

Indirect Investment Fees

HARBOR2 years

Service code 52 · EIN 34-1953393

Indirect Investment Fees

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