The Campbell's Company 401(k) Retirement Plan is a defined contribution plan covering employees of The Campbell's Company and its subsidiaries. The plan is administered by an Administrative Committee, with State Street Bank and Trust Company as trustee and Transamerica Retirement Solutions, LLC as recordkeeper.
Employer Contributions: The company provides a 100% match on up to 4% of an employee's compensation for all eligible participants, and a non-elective 3% contribution for eligible employees not participating in other defined benefit plans.
Employee Contributions: Participants can make after-tax, before-tax, Roth, and catch-up contributions through payroll deductions. New eligible employees are automatically enrolled at a 4% before-tax rate, with the rate increasing by 1% annually until reaching 10%. Total contributions cannot exceed 75% of a participant's compensation.
Participant Accounts: Each participant's account is credited with their contributions, employer matching, and investment gains or losses. Administrative expenses are charged to individual accounts.
Vesting: Participants are immediately vested in their contributions and employer contributions plus earnings, except for a limited group of Pacific Foods of Oregon, Inc. employees.
Benefits: Participants can receive cash or reinvest dividends from The Campbell's Company Stock Fund. Withdrawals are subject to certain conditions and penalties.
Investment Options: Participants can direct their contributions to various mutual funds and common collective trusts. The Campbell's Company Stock Fund was closed to new investments as of January 1, 2021, but dividends can be reinvested.
Key Data:
- Total assets as of December 31, 2024: $2,155,558,367
- Net assets available for benefits as of December 31, 2024: $2,155,558,367
- Net increase in net assets available for benefits for the year ended December 31, 2024: $170,775,352
Risks and Uncertainties: The plan's investments are subject to risks such as interest rate risk, credit risk, market risk, and economic changes. Concentrations in certain funds could lead to significant changes in account balances.
Plan Amendments and Changes:
- Participant investments in the PIMCO Total Return Fund Institutional Class were transferred to the PIMCO Total Return Collective Trust Class N in November 2024.
- The plan was retroactively amended in November 2024 to include a group of union hourly employees and to conform the Plan document with certain operational elements.
- The plan was amended in December 2024 to add Sovos Brands Inc. related employers and to make certain changes to the Plan design, effective January 1, 2025.
Tax Status: The Internal Revenue Service has determined that the plan and related trust are designed in accordance with the applicable sections of the Internal Revenue Code, and no provision for income taxes is required in the financial statements.
