Iowa › Retail trade › 25,000 or more participants
Form 5500 statement · plan year 30 Sep 2024 to 28 Sep 2025
The Hy-Vee and Affiliates 401(k) Plan
Sponsored by Hy-Vee, Inc., West Des Moines, IA
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 28 Sep 2025, The Hy-Vee and Affiliates 401(k) Plan covered 75,634 participants and held $3.11B in net assets. The plan is a 401(k) plan sponsored by Hy-Vee, Inc. of West Des Moines, Iowa.
Net assets came to $41,098 per participant, well below the $62,774 median for defined contribution plans with 25,000 or more participants and above the $36,708 median for defined contribution plans in retail trade. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $38.2M during the year, or $684 per active participant against a same-size median of $2,417; participants contributed $112M and $12.2M arrived as rollovers and other contributions. Benefits paid out totalled $282M.
Schedule C lists 2 service provider organisations paid $5,000 or more, with reported compensation of $3.4M: $45.28 per participant, above the same-size median of $36.41. Administrative expenses charged to the plan were $3.4M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $1.00B in 2009 to $3.11B in 2024 (up 210%), and participants from 51,475 to 75,634 (up 47%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $41,098 | $62,774 | $36,708 | $53,102 |
| Employer contributions per active participant | $684 | $2,417 | $999 | $2,175 |
| Schedule C compensation per participant | $45.28 | $36.41 | $121 | $123 |
| Schedule C compensation, share of net assets | 0.11% | 0.07% | 0.36% | 0.26% |
| Administrative expenses per participant | $45.38 | $38.81 | $114 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 25,000 or more participants (608 plans), retail trade (3,794) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 75,634 | $3.11B | $41,098 | $38.2M | $112M | $3.4M |
| 2023 | 75,584 | $2.94B | $38,913 | $36.7M | $106M | $3.1M |
| 2022 | 76,369 | $2.45B | $32,049 | $35.0M | $102M | $3.1M |
| 2021 | 80,222 | $2.23B | $27,837 | $35.4M | $107M | $3.3M |
| 2020 | 84,453 | $2.71B | $32,122 | $34.5M | $99.9M | $3.4M |
| 2019 | 79,033 | $2.27B | $28,765 | $29.7M | $92.1M | $3.5M |
| 2018 | 76,685 | $2.14B | $27,940 | $29.3M | $88.4M | $3.4M |
| 2017 | 74,789 | $2.08B | $27,782 | $28.2M | $82.8M | $3.4M |
| 2016 | 74,172 | $1.91B | $25,720 | $27.6M | $77.3M | $3.2M |
| 2015 | 72,444 | $1.68B | $23,220 | $26.0M | $71.5M | $1.2M |
| 2014 | 69,864 | $1.52B | $21,783 | $22.6M | $61.3M | $1.1M |
| 2013 | 64,388 | $1.51B | $23,502 | $19.6M | $52.6M | $524K |
| 2012 | 59,416 | $1.39B | $23,376 | $17.7M | $47.3M | $410K |
| 2011 | 54,538 | $1.20B | $22,036 | $16.1M | $42.9M | $393K |
| 2010 | 54,731 | $1.02B | $18,636 | $15.1M | $39.4M | $1.1M |
| 2009 | 51,475 | $1.00B | $19,464 | $14.1M | $36.8M | $371K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$2,941,181,020
- Employer contributions$38,243,626
- Participant contributions$111,976,547
- Rollovers and other contributions$12,152,334
- Total contributions$162,372,507
- Total income, including investment results$453,134,341
- Benefits paid$282,339,573
- Administrative expenses$3,431,910
- Total expenses$285,898,461
- Net income$167,235,880
- Net transfers$0
- Net assets, end of year$3,108,416,900
Participants
- Active participants55,933
- Retired or separated, receiving benefits108
- Retired or separated, entitled to future benefits19,165
- Participants with account balances57,133
- Total participants, end of year75,634
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Life Insurance Company | Contract Administrator; Participant loan processing | $3,418,998 | $0 |
| Sowell Financial Inc. | Investment advisory (plan) | $5,349 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$3,421,365
- Other administrative expenses$10,545
- Total administrative expenses$3,431,910
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Common/collective trusts$2.00B · 64.4%
- Pooled separate accounts$682M · 21.9%
- Employer securities$154M · 5.0%
- Registered investment companies (mutual funds)$141M · 4.5%
- Participant loans$51.6M · 1.7%
- Other investments$40.8M · 1.3%
- Receivables$38.2M · 1.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmRSM US LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $2,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2FERISA section 404(c) plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2RParticipant-directed brokerage accounts provided as an investment option under the plan2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3DPre-approved pension plan3HPlan sponsor(s) is (are) a member(s) of a controlled group
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 445110: Supermarkets and Other Grocery (except Convenience) Stores.
Similar plans in Iowa
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Casey's General Stores 401(k) Plan | Casey's General Stores Inc. | 38,025 | $514M | $13,527 |
| Fareway Stores, Inc. 401(k) Profit Sharing Plan | Fareway Stores, Inc. | 7,393 | $437M | $59,044 |
| McCoy Group, Inc. 401(k) Profit Sharing Plan | McCoy Group, Inc. | 4,747 | $267M | $56,189 |
| Bomgaars Supply, Inc. Profit Sharing and Savings Plan | Bomgaars Supply, Inc. | 2,873 | $52.7M | $18,328 |
| Von Maur 401(k) Retirement Plan | Von Maur, Inc. | 2,423 | $112M | $46,337 |
| Shottenkirk 401(k) Retirement Savings Plan | Shottenkirk Automotive Group, Inc. | 1,791 | $40.3M | $22,482 |
Defined contribution plans in retail trade closest in size.
Questions and answers
How big is The Hy-Vee and Affiliates 401(k) Plan?
75,634 participants at the end of the plan year ending 28 Sep 2025, of whom 55,933 were active employees, with net assets of $3,108,416,900. Among defined contribution plans that places it in the 25,000 or more participants band, which held 608 plans in plan year 2024.
What does Hy-Vee, Inc. contribute per participant?
The filing reports $38,243,626 in employer contributions for the year, which is $684 per active participant; the median for plans of the same type and size was $2,417 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $3,424,347 in compensation to service provider organisations, $45.28 per participant or 0.11% of net assets. The same-size median among plans reporting any Schedule C compensation was $36.41 per participant. Administrative expenses on Schedule H were $3,431,910. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Hy-Vee, Inc.. Recordkeeping or administration: Principal Life Insurance Company. Investment advisory or management: Sowell Financial Inc.. The financial statements were audited by RSM US LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 30 Sep 2024 to 28 Sep 2025, received by the Department of Labor on 11 Feb 2026. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 42-0325638, plan 002, received 11 Feb 2026; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.