401(k) Tips

Smithfield 401(k)

Learn how the Smithfield 401(k) plan works, including its contributions, employer match, vesting, withdrawals, and 401(k) loans.

4 min read

Smithfield Foods is a food-processing company based in Smithfield, Virginia. It is the largest pork producer in the world, operates over 500 farms in the United States, and has contracts with over 2,000 independent farms in the country. With over 50,000 employees globally, Smithfield Foods Inc. offers its employees a range of competitive benefits, including a company-sponsored 401(k) plan.

You will be eligible to participate in the Smithfield 401(k) plan once you are over 18 years of age, work full-time, and have been with them for 90 days or more. Eligible employees can contribute anywhere from 1% to 50% of their salary to the 401(k) plan. The company also offers a company match of up to 7%, which vests over a 5-year period.

Smithfield 401(k) provider

The Smithfield 401(k) plan is currently with Empower Retirement. If you have an older Smithfield 401(k) plan, you may recognize the name MassMutual. They were acquired by Empower in early 2021, so Empower will still be able to help you with your older 401(k) plans. Empower provides a web portal, where employees can log in to manage their 401(k) money.

Smithfield 401(k) login

You can access your Smithfield 401(k) through the Empower Retirement web portal. On your first login, you will have the option to create an account and set your password. If you have forgotten your username or password, the login page provides recovery options that you can use to recover your username or set up a new password.

Smithfield 401(k) match

Smithfield Foods Inc. offers an attractive company match to eligible employees. Employees can receive a dollar-for-dollar match of up to 7% of eligible pay, depending on their years of employment. Matching only applies to regular contributions, not catch-up contributions.

Smithfield 401(k) customer service

If you need assistance with your Smithfield 401(k) plan, you can call the Empower Retirement help center at 855-756-4738. They operate between 8:30 am and 8 pm ET, Monday to Friday. 

Smithfield 401(k) loan

The Smithfield 401(k) plan gives participants access to plan loans. Participants can borrow a general-purpose 401(k) loan for any purpose or a residential 401(k) loan for buying or building a principal residence. The minimum 401(k) loan amount is $1,000, while the maximum 401(k) loan can go as much as $50,000 or 50% of your vested balance, whichever is less.

Smithfield 401(k) after termination

If you leave the company or are terminated, you will have several options with your 401(k) money, depending on your balance. If your 401(k) balance is $5,000 or higher, you can leave the 401(k) behind to continue growing before you figure out what to do with the money.

However, if your balance is below $1,000, it will be cashed out immediately, and you will receive a mailed disbursement check with your money. For balances ranging from $1,000 to $5,000, you will have 60 days to decide what to do with the money, or it will be rolled over to an IRA chosen by your employer. If you are struggling to afford your day-to-day expenses, you can choose to cash out the entire 401(k) balance. However, this withdrawal will trigger income taxes, and an additional 10% penalty if you are younger than 59 ½.  

Smithfield 401(k) withdrawal

Employees who participate in the Smithfield 401(k) plan can withdraw their rollover contributions at all times. For pre-tax contributions, you must be over age 59 ½ to be allowed to make penalty-free withdrawals.

However, if you are under the age of 59 ½, you will only be allowed to make withdrawals if you have a qualifying hardship. If your financial need does not qualify for a hardship withdrawal, you can request a general-purpose 401(k) loan which can be used for any purpose.

Smithfield 401(k) early withdrawal

Smithfield 401(k) plan does not allow early withdrawals unless you have a qualifying financial hardship. Hardship withdrawals cover unprecedented, unexpected financial situations such as eviction, foreclosure, immediate medical expenses, funeral expenses of immediate family members, and home damages not covered by insurance. Some types of education expenses are also covered. You will need to have exhausted other funds sources, including your rollovers and after-tax contributions before you can qualify for a hardship withdrawal.

Smithfield 401(k) rollover form

If you need a rollover form for your Smithfield 401(k) plan, you can request on online via your Empower Retirement account. You can also call their help center at 855-756-4738 any time between 8:30 am and 8 pm ET, Monday to Friday, for further assistance. You will need to prove that the funds came from a qualified source.

Smithfield 401(k) account number

You can find your Smithfield 401(k) account number by logging into your Empower Retirement account. You can find your 401(k) account information, including your account number, displayed under your profile. If you can’t find it, you can call their help center at 855-756-4738 between 8:30 am and 8 pm ET, Monday to Friday.

Smithfield 401(k) phone number

Need help with your Smithfield 401(k) plan? You can contact the Empower Retirement help center at 855 756-4738. They are available between 8:30 am and 8 pm ET, Monday to Friday. Alternatively, you can contact the plan administrator at Smithfield 401(k) plan at 866-551-9423.

Smithfield 401(k) administrator

The Smithfield 401(k) plan is administered by the Compensation & Benefits Manager. This position is currently held by Hope Reilly. The plan administrator is responsible for the day-to-day operations of the plan. You can contact them at 866-551-9423, or write to them at 200 Commerce St, Smithfield, VA, 23430.

Smithfield 401(k) eligibility

For the Smithfield 401(k) plan, you will be eligible to participate if you are over 18 years of age, classed as a full-time employee, and have worked there for longer than 90 days. In some cases, former employees may be immediately eligible to re-enroll, provided they return to the company within 5 years of leaving.

Smithfield 401(k) vesting

The Smithfield 401(k) plan gives plan participants access to their after-tax savings, rollovers, and matches from previous employers. However, for employer contributions, the company has a 5-year vesting period, after which employees get to own 100% of the company match.

Smithfield 401(k) app

Since the Smithfield 401(k) plan is managed by Empower Retirement, you can download the Empower mobile app to manage your benefits. You can download it on the Apple App Store (for iPhone and Apple devices) and Google Play for Android phones.

Smithfield 401(k) summary plan description

When you enroll in the Smithfield 401(k) plan, you will receive a summary plan description from the plan administrator. If you need a replacement copy of this document, you can call the plan administrator at 866-551-9423. You can also request a copy in writing via the following address: 200 Commerce St, Smithfield, VA, 23430.