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Retirement plan

GENERAL MILLS PENSION PLAN I

GENERAL MILLS, INC.EIN 41-0274440Plan #006PY 2022
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NUMBER 1 GENERAL MILLS BLVD BT02-C - MINNEAPOLIS, MN 55426763-764-7600generalmills.comLinkedIn10001+ employeesconsumer goods
Other plans on this EIN
3 filings
#002Retirement-$4.15B assets#001Retirement-$2.85B assets#054Retirement-$19.1M assets
Prospect flagsHigh retiree %Low returnsWind-down / frozen

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(763) 764-7600
Plan administrator signer
KATE BEHRING
Signed 10/15/2023
How to read this page

Summary metrics

Total assets (EOY)
$2723.7M
-13.3% from 2019
Total participants
17,926
+0.3% from 2019
Average account balance
$0
No prior year
Annual return
-22.26%
-20.08 pp from 2019

Benchmarks

See 62 peers
Peer group
Industry31 - Manufacturing
Plan typeDefined benefit
Participants250-999
Cohort62 peers
Snapshot2022
Participant deferral / active EE
$0
median $41
Employer contribution / active EE
$0
median $4,513
Participation rate
0.0%
median 0.0%
Avg account balance
$0
median $164,233
Admin fee / account holder
$0
median $1,015
Annual return
-22.26%
median -16.35%
Overall peer rank
10th percentileavg across 6 metrics

Analytics

2018 - 2024
Total assets (EOY)
Plan-year ending balance
$3.71B
Average account balance
Total assets / participants with a balance (line 6g)
$167K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
20,291
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
0.0%
Contributions (total)
Employer and participant dollars contributed each year
Not enough data
0 years with contributions on file
Contributions per participant
Average employer and participant contribution per enrolled participant
Not enough data
0 years with per-participant contribution data
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
-2.32%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$0
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
ProviderService typeCompensation
ALIGHT SOLUTIONS1 year
Service code 12 · EIN 86-1849232
Copying and duplicating; Recordkeepin...
$647,190
GENERAL MILLS, INC.5+ years
Service code 14 · EIN 41-0274440
Plan Administrator
$545,738
THE BANK OF NEW YORK MELLON5+ years
Service code 19 · EIN 13-5160382
Securities Custodian
$379,555
AON CONSULTING, INC.5+ years
Service code 11 · EIN 22-2232264
Actuarial
$126,440
KPMG, LLP5+ years
Service code 10 · EIN 13-5565207
Accounting
$83,647
REFINITIV EIKON1 year
Service code 49 · EIN 20-4530702
Other Services
$23,694
CBIZ1 year
Service code 10 · EIN 20-1128317
Accounting
$21,750
XEROX CORPORATION5+ years
Service code 36 · EIN 16-0468020
Direct payment from the plan; Copying...
$21,627

Enrolled actuary

1 attachment
SB

BRETT M. SWENSON

AON CONSULTING INC.
Enrollment #2305948
5600 WEST 83RD STREET
SUITE 1100, 8200 TOWER
MINNEAPOLIS, MN 554371024
(952) 886-8000
Signed 2023-08-29

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
Email— Sign in and upgrade to viewPhone— Sign in and upgrade to view

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

Open the filing PDF

Plan features & details

Pension benefit codes1A3H
Plan features
  • 1A
    Benefits are primarily pay related
    Benefits under the plan are primarily determined with reference to a participant's pay (e.g. final-average-pay formula).
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

Opportunity flags

3 tripped
  • OpportunityLow returns

    Annual investment return is in the bottom quintile of the peer cohort.

  • InformationalHigh retiree %

    Retirees and beneficiaries make up 25% or more of total participants - indicates an ageing workforce or a frozen plan.

  • InformationalWind-down / frozen

    Plan appears closed to new enrollment or frozen - balance-holders far exceed active participants, or the plan reports active distributions with no inflows. Exclude from peer benchmarks.

Expense breakdown

Schedule H Part II
Admin total
$3.5M
$9010 / participant
  • Contract admin$647K18.8%
  • Other / not subdivided$3M81.2%
% of EOY assets
0.127%
all-in expense ratio
Categories reported
1 / 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
(not subdivided)
Opinion code
Unqualified