Jennie-O Turkey Store 401(k) match, vesting and fees
What Jennie-O Turkey Store's 401(k) plan says about matching contributions
The Company provides a matching contribution equal to 50% of the first 2% of pay contributed for the pay period. The Company’s fixed contribution to the Plan is an amount equal to 4% of the eligible employee’s earnings each pay period.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | 2024 audit report, p. 33 ↗ |
| Match vesting | Vesting - Participant contributions are fully vested immediately. Participants generally become 100% vested after three years of vesting service in the employer matching contributions. | 2024 audit report, p. 33 ↗ |
| Loans | Forfeited accounts and unallocated assets (e.g. loan repayments, rollovers) as of December 31, 2024 and December 31, 2023 were $835,035 and $709,532, respectively. Notes Receivable from Participants - Participants may borrow from their accounts a minimum of $1,000 up to a maximum of the lesser of $50,000 or 50% of their vested account balances. Loan terms range from one year to five years or up to 15 years for the purchase of a primary residence. The interest rate is 1% over the prime rate of interest published in The Wall Street Journal on the date the loan is granted. The loans are secured by the balance in the participant’s account. Participants are required to make repayments of principal and interest through payroll deductions. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded. | 2024 audit report, p. 34 ↗ |
| Recordkeeper | Empower Annuity Insurance Company O | 2025 Schedule C ↗ |
| Independent auditor | Ernst & Young, LLP (unmodified opinion) | 2025 Schedule H ↗ |
| Plan type and status | 401(k) · Active | 2025 Form 5500 ↗ |
Match, vesting and other plan features are from the plan year 2024 filing's audit report (the latest one extracted so far). Rows cited to the Form 5500 and its schedules are from the plan year 2025 filing.
How the plan compares
Plan year 2025 medians for 91 defined-contribution plans in manufacturing with 5,000 to 9,999 participants.
| Jennie-O Turkey Store: employer contribution per participant | $232 | |
| Peer median | $2,852 |
| Jennie-O Turkey Store: average balance | $49,392 | |
| Peer median | $136,445 |
| Jennie-O Turkey Store: admin expenses ÷ assets | 0.10% | |
| Peer median | 0.07% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $244M at the end of plan year 2021 to $291M at the end of plan year 2025.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2025 | 7,699 | $291M | $1.4M | $232 | 0.10% | Not published | Form 5500 ↗ |
| 2024 | 6,023 | $274M | $2.2M | $368 | 0.09% | Quoted in the audit report, p. 33 ↗ | Form 5500 ↗ |
| 2023 | 6,161 | $269M | $2M | $333 | 0.14% | Not published | Form 5500 ↗ |
| 2022 | 6,275 | $249M | $2.1M | $343 | <0.01% | Not published | Form 5500 ↗ |
| 2021 | 6,193 | $244M | $9.8M | $1,714 | 0.10% | Not published | Form 5500 ↗ |
Common questions
Does Jennie-O Turkey Store match 401(k) contributions?
The audit report attached to the Jennie-O Turkey Store Retirement Savings Plan's plan year 2024 Form 5500, page 33 says: “The Company provides a matching contribution equal to 50% of the first 2% of pay contributed for the pay period. The Company’s fixed contribution to the Plan is an amount equal to 4% of the eligible employee’s earnings each pay period.” Plan terms may have changed; check your current Summary Plan Description.
When is the Jennie-O Turkey Store 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 33 says: “Vesting - Participant contributions are fully vested immediately. Participants generally become 100% vested after three years of vesting service in the employer matching contributions.”
Who manages the Jennie-O Turkey Store 401(k)?
The recordkeeper listed on Schedule C of the plan year 2025 filing is Empower Annuity Insurance Company O. The plan administrator is Jennie-O Turkey Store, Inc..
I left Jennie-O Turkey Store. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Jennie-O Turkey Store, Inc., (507) 437-5610) or the recordkeeper, Empower Annuity Insurance Company O. The Jennie-O Turkey Store old 401(k) page lists the contacts from every plan filing. Find an old Jennie-O Turkey Store 401(k)
Data from the public Form 5500 annual reports Jennie-O Turkey Store filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024 and 2025) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Jennie-O Turkey Store. Not financial advice. Report a correction · Methodology