General Mills 401(k) match, vesting and fees
What General Mills' 401(k) plan says about matching contributions
The Plan provides for matching contributions and/or allocations by the Company, as defined by the Plan. For non-union nonproduction employees hired on or before May 31, 2013 and for non-union production employees hired on or before December 31, 2017, the Company will match 50% of every dollar contributed up to 6% of eligible compensation. In addition, the Company may add up to another 50% of every dollar contributed up to 6% of eligible compensation after the close of each fiscal year, as an annual variable match. The amount of the variable match is based on the Company’s achievement of certain performance goals. For non-union nonproduction employees hired on or after June 1, 2013, and for non-union production employees hired on and after January 1, 2018, the Company will match 100% of every dollar contributed up to 4% of eligible compensation and 50% of every dollar contributed for the next 4% of eligible compensation. In addition, each calendar year the Company will make a contribution based on an employee’s age, years of service, and prior year’s eligible compensation. For union employees, the Plan may provide for auto-enrollment, automatic increase, matching contributions and/or allocations by the Company based on the collective bargaining agreement.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 32 ↗ |
| Automatic enrollment | The Plan includes an auto-enrollment provision, whereby all newly eligible non-union employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled non-union participants have their deferral rate set at 8% of eligible compensation and their contributions invested in a designated target date fund until changed by the participant. The Plan also includes an automatic annual increase, where the contribution rate will automatically increase by 1% each year until it reaches 10%. | Audit report, p. 31 ↗ |
| Roth contributions | Under the Plan, non-union non-highly compensated employees of General Mills may elect to contribute up to 50% of their eligible compensation on a before-tax and Roth basis. The combined total of before-tax and Roth contributions in no event can be more than 50% of compensation. For those employees eligible to make catch-up contributions, the maximum combined rate for before-tax, Roth, and catch-up contributions cannot exceed 80%. | Audit report, p. 32 ↗ |
| Loans | Participants who have a vested account balance of at least $2,000 in the Plan may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000, minus the highest outstanding loan balance during the last 12 months; or half of the vested balance, minus the highest outstanding loan balance during the last 12 months, at the time the loan is requested. Effective October 1, 2017, participants may have only one outstanding loan. Loan terms range up to 54 months for a general-purpose loan and up to 120 months for a primary residence loan. Interest is paid at a constant rate equal to 2% over the prime rate as of the last business day of the prior month that the loan originated. Loan repayments are made directly through payroll deductions and then applied to interest and principal according to the payment schedule. In addition, a one-time loan origination fee of $75 is deducted from the account for each loan. | Audit report, p. 33 ↗ |
| Recordkeeper | Alight Solutions | Schedule C ↗ |
| Independent auditor | KPMG LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 203 defined-contribution plans in manufacturing with 10,000 to 49,999 participants.
| General Mills: employer contribution per participant | $3,606 | |
| Peer median | $3,733 |
| General Mills: average balance | $211,967 | |
| Peer median | $157,962 |
| General Mills: admin expenses ÷ assets | 0.10% | |
| Peer median | 0.05% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $4.6B at the end of plan year 2023 to $5B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 24,384 | $5B | $85.8M | $3,606 | 0.10% | Quoted in the audit report, p. 32 ↗ | Form 5500 ↗ |
| 2023 | 23,875 | $4.6B | $99.8M | $4,268 | 0.12% | Not published | Form 5500 ↗ |
Other General Mills plans (3)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Wellston Retirement Plan for Members of Ufcw District Union Local 1059
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Independent auditor | KPMG LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Retirement · Active | Form 5500 ↗ |
General Mills Pension Plan I
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Alight Solutions | Schedule C ↗ |
| Independent auditor | KPMG LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
General Mills Pension Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Alight Solutions | Schedule C ↗ |
| Independent auditor | KPMG LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does General Mills match 401(k) contributions?
The audit report attached to the General Mills 401(k) Plan's plan year 2024 Form 5500, page 32 says: “The Plan provides for matching contributions and/or allocations by the Company, as defined by the Plan. For non-union nonproduction employees hired on or before May 31, 2013 and for non-union production employees hired on or before December 31, 2017, the Company will match 50% of every dollar contributed up to 6% of eligible compensation. In addition, the Company may add up to another 50% of every dollar contributed up to 6% of eligible compensation after the close of each fiscal year, as an annual variable match. The amount of the variable match is based on the Company’s achievement of certain performance goals. For non-union nonproduction employees hired on or after June 1, 2013, and for non-union production employees hired on and after January 1, 2018, the Company will match 100% of every dollar contributed up to 4% of eligible compensation and 50% of every dollar contributed for the next 4% of eligible compensation. In addition, each calendar year the Company will make a contribution based on an employee’s age, years of service, and prior year’s eligible compensation. For union employees, the Plan may provide for auto-enrollment, automatic increase, matching contributions and/or allocations by the Company based on the collective bargaining agreement.” Plan terms may have changed; check your current Summary Plan Description.
When is the General Mills 401(k) match vested?
The vesting schedule for the General Mills 401(k) Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the General Mills 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Alight Solutions. The plan administrator is General Mills, Inc..
I left General Mills. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (General Mills, Inc., (763) 764-7600) or the recordkeeper, Alight Solutions. The General Mills old 401(k) page lists the contacts from every plan filing. Find an old General Mills 401(k)
Data from the public Form 5500 annual reports General Mills filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with General Mills. Not financial advice. Report a correction · Methodology