Retirement plan
GENERAL MILLS 401(K) PLAN
GENERAL MILLS, INC.EIN 41-0274440Plan #002PY 2023
NUMBER 1 GENERAL MILLS BLVD BT02-C - MINNEAPOLIS, MN 55426763-764-7600generalmills.comLinkedIn10001+ employeesconsumer goods
Other plans on this EIN
3 filingsProspect flagsLow returns
Filing contacts
From the Form 5500, federal recordPlan administrator signer
KATE BEHRING
Signed 10/15/2024
Summary metrics
Total assets (EOY)
$4603.7M
-4.3% from 2016
Total participants
23,875
+24.3% from 2016
Average account balance
$196,842
-4.0% from 2016
Annual return
13.32%
-5.39 pp from 2016
Benchmarks
Peer group
Industryany (size+type match)
Plan typeDefined contribution
Participants>=10,000
Cohort1,196 peers
Snapshot2023
74
Participant deferral / active EE
$8,860
median $4,454
81
Employer contribution / active EE
$6,243
median $2,149
77
Participation rate
97.0%
median 86.8%
88
Avg account balance
$196,842
median $66,781
4
Admin fee / account holder
$218
median $57
10
Annual return
13.32%
median 18.48%
Overall peer rank
56of 100
56th percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$5.04B
Average account balance
Total assets / participants with a balance (line 6g)
$212K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
23,783
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
96.4%
Contributions (total)
Employer and participant dollars contributed each year
$231.89M
Contributions per participant
Average employer and participant contribution per enrolled participant
$14K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+13.39%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$194
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
- Mutual / pooled
- Stocks
- Bonds
- Cash
- Real estate
- Loans
Service providers
Top 8 by compensation
| Provider | Service type | Compensation |
|---|---|---|
Service code 28 · EIN 82-1061233 | Investment Management | $1,982,758 |
ALIGHT SOLUTIONS2 years Service code 13 · EIN 86-1849232 | Contract Administrator | $1,214,273 |
THE BANK OF NEW YORK MELLON9+ years Service code 19 · EIN 13-5160382 | Securities Custodian | $719,760 |
GENERAL MILLS, INC.9+ years Service code 14 · EIN 41-0274440 | Plan Administrator | $530,502 |
BLACKROCK INSTITUTIONAL TRUST9+ years Service code 28 · EIN 94-3112180 | Investment Management | $228,644 |
STATE STREET BANK AND TRUST9+ years Service code 28 · EIN 04-1867445 | Investment Management | $200,000 |
KPMG, LLP9+ years Service code 10 · EIN 13-5565207 | Accounting | $146,500 |
REFINITIV EIKON2 years Service code 49 · EIN 20-4530702 | Other Services | $37,905 |
Top hat statement on fileNQDC
Filed June 26, 2018 (most recent of 3 filings on file)
Plan administrator
Plan administrator name— Sign in and upgrade to view
Number One General Mills Boulevard, M04-B
Minneapolis State: MN Zip Code: 55426
Plans declared (2)
- Supplemental Retirement Plan I of General Mills, Inc.378 emp
- Supplemental Retirement Plan I of General Mills, Inc. (Grandfathered)874 emp
Total covered: 1,252 employees
Plan features & details
Pension benefit codes2E2F2H2I2J2K2P2R2S2T3F3H
Plan features
- 2EProfit-sharingProfit-sharing plan.
- 2FERISA section 404(c) planThis plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
- 2HPartial participant-directed account planParticipants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
- 2IStock bonusStock bonus plan.
- 2JCode section 401(k) featureCash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
- 2KCode section 401(m) arrangementEmployee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
- 2PLeveraged ESOPEmployee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
- 2RParticipant-directed brokerage accountsParticipant-directed brokerage accounts provided as an investment option under the plan.
- 2SAutomatic enrollmentPlan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
- 2TDefault investment accountTotal or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
- 3FLeased employeesPlan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
Opportunity flags
1 tripped
- OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
Expense breakdown
Schedule H Part II
Admin total
$5.1M
$318 / participant
- Recordkeeping$1M20.3%
- Trustee / custodial$547K10.7%
- Investment mgmt$2M47.8%
- Salaries / allowances$531K10.4%
- Other trustee fees$173K3.4%
- Other / not subdivided$373K7.3%
% of EOY assets
0.111%
all-in expense ratio
Categories reported
5 / 9
subdivided buckets used
Audit opinion
Schedule H Part III
Unqualified opinion
Auditor signed off without reservation - the cleanest possible opinion.
- Auditor firm
- KPMG LLP
- Auditor EIN
- 135565207
- Audit fees
- $146,500
- Opinion code
- Unqualified