The Campbell's Company 401(k) Retirement Plan
Plan Overview
The Campbell's Company 401(k) Retirement Plan (Plan) is a defined contribution plan covering employees at all domestic locations of The Campbell's Company and certain former employees. The Plan is subject to the Employee Retirement Income Security Act of 1974 (ERISA) and is administered by the Administrative Committee with State Street Bank and Trust Company as trustee and Transamerica Retirement Solutions, LLC as recordkeeper.
Eligibility and Contributions
- Employer Contributions: The Company provides a 100% match on up to 4% of an employee's compensation for eligible participants and a non-elective 3% contribution for eligible non-participants not covered by the Company's defined benefit pension plan.
- Employee Contributions: Participants can make after-tax, before-tax, Roth, and catch-up contributions through payroll deductions. New employees are automatically enrolled at a 4% before-tax rate, which increases by 1% annually until reaching 10%, unless opted out. Contribution limits for 2025 and 2024 were $23,500 and $23,000 (including catch-up), respectively, with an increased catch-up limit of $34,750 for participants aged 60-63 in 2025.
- Participant Accounts: Accounts are credited with contributions, investment gains/losses, and charged administrative fees. Benefits are based on vested account balances.
Vesting and Benefits
- Vesting: Most participants are immediately vested, except for a limited group of Pacific Foods of Oregon, Inc. employees with a three-year vesting period for certain employer contributions.
- Benefits: Participants can withdraw funds upon retirement, termination, or death. Early withdrawals before age 59½ (excluding after-tax contributions) are subject to a 10% penalty. Required minimum distributions begin at age 73.
Investment Options and Fees
- Investment Options: Participants can direct contributions to mutual funds, common collective trusts, or a Vanguard Target Retirement Trust based on their expected retirement date. The Campbell's Company Stock Fund was closed to new investments on January 1, 2021, but dividends can be reinvested.
- Fees: Administrative expenses and investment manager fees are included in net appreciation/depreciation.
Plan Amendments and Changes
- Recent Amendments: The Plan has undergone several amendments, including transfers to lower-cost investment options, participation by additional employees, and updates to reflect SECURE 2.0 legislation.
- Future Amendments: A non-elective 3% contribution will be added for eligible active salaried non-union employees impacted by the Non-Union defined benefit pension plan freeze, effective August 1, 2028.
Financial Highlights
- Forfeited Accounts: Balances were $1,770 and $5,199 at December 31, 2025 and 2024, respectively, used to reduce future Company contributions.
- Investment Valuation: Investments are reported at fair value using Level 1 (mutual funds, Campbell's Company Stock Fund) and Level 2 (common collective trusts) inputs.
Risks and Uncertainties
Investments are subject to market risks, and changes in investment values could materially affect participant account balances.
Tax Status
The Plan is qualified and tax-exempt as determined by the Internal Revenue Service (IRS).
Subsequent Events
Participant investments in certain funds were transferred to lower-cost share classes on March 3, 2026.
