Hormel Foods Corporation
Overview
Hormel Foods Corporation sponsors a self-funded health plan that covered 21,629 participants in plan year 2024. The plan year starts in October. Alongside medical, its benefits filing reports life insurance, dental, vision, short-term disability, and more.
- Plan type
- ERISA welfare benefit plan, self-funded (benefits paid from employer assets or a trust)
- Participants
- 21,629
- Plan year
- Begins October 1 · next renewal October 2027
- Health plans filed
- Hormel Foods Corporation Comprehensive Welfare Benefit Plan, plan 503 (21,629 participants); Hormel Foods Corporation Retiree Health Care Plan, plan 514 (1,049 participants); Hormel Foods Corporation Retiree Health Care Plan for Bargaining Unit Employees, plan 515 (250 participants)
- Broker compensation
- $654K across insured contracts
Insurance carriers
Insured coverage reported on Schedule A. Self-funded medical claims aren't reported there.
| Carrier | Coverage | Covered | Premium | Broker comp |
|---|---|---|---|---|
| Metropolitan Life Insurance Company | Long-term disability, Life | 35,182 | $7.6M | $509K |
| Reliastar Life Insurance Company | Accident, Critical Illness and Hospital | 6,214 | $1.0M | $134K |
| Metropolitan General Insurance Company | Legal | 452 | $81K | $10K |
Pharmacy benefit estimate
StreamRX estimate for a plan this size. Not based on this plan's claims.
Estimated prescription spend: 21,629 participants × $2,371 national average per member. Usually higher once dependents are counted.
Typical savings opportunity found in independent reviews of plans this size.
Form 5500 filing details
- Filing
- Form 5500 with Schedule A, plan year 2024
- Plan sponsor
- Hormel Foods Corporation
- Sponsor EIN
- 41-0319970
- Plan numbers
- 503, 514, 515
- Filed with
- U.S. Department of Labor (EBSA) via EFAST2
Verify this filing: search EIN 41-0319970 in the Department of Labor's EFAST2 Form 5500 search.
Retirement plan
- Plan
- Hormel Foods Corporation Pension Plan
- Type
- Pension plan
- Participants
- 11,855
About this data
Source: Hormel Foods Corporation's Form 5500 filing for plan year 2024 and its Schedule A insurance reports, published by the U.S. Department of Labor. "Self-funded" means the filing reports benefits paid from employer assets or a trust, with no medical insurance contract or with a stop-loss contract. Pharmacy figures are StreamRX estimates based on national averages. StreamRX is not affiliated with Hormel Foods Corporation.