Minnesota › Manufacturing › 5,000 to 24,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
General Mills 401(k) Plan
Sponsored by General Mills, Inc., Minneapolis, MN
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.
General Mills 401(k) Plan is an ESOP with a 401(k) feature sponsored by General Mills, Inc. of Minneapolis, Minnesota. For the plan year ending 31 Dec 2024 it reported 24,384 participants, 16,628 of them active, and net assets of $5.04B.
Net assets came to $206,743 per participant, well above the $64,499 median for defined contribution plans with 5,000 to 24,999 participants and well above the $62,303 median for defined contribution plans in manufacturing. 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 $85.8M during the year, or $5,158 per active participant against a same-size median of $2,424; participants contributed $146M and $8.5M arrived as rollovers and other contributions. Benefits paid out totalled $411M.
Schedule C lists 6 service provider organisations paid $5,000 or more, with reported compensation of $3.9M: $159 per participant, well above the same-size median of $53.38. Administrative expenses charged to the plan were $4.6M. 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 $2.28B in 2009 to $5.04B in 2024 (up 121%), and participants from 20,724 to 24,384 (up 18%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $206,743 | $64,499 | $62,303 | $53,102 |
| Employer contributions per active participant | $5,158 | $2,424 | $2,187 | $2,175 |
| Schedule C compensation per participant | $159 | $53.38 | $136 | $123 |
| Schedule C compensation, share of net assets | 0.08% | 0.09% | 0.24% | 0.26% |
| Administrative expenses per participant | $189 | $54.85 | $131 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 5,000 to 24,999 participants (2,605 plans), manufacturing (11,377) 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 | 24,384 | $5.04B | $206,743 | $85.8M | $146M | $3.9M |
| 2023 | 23,875 | $4.60B | $192,827 | $99.8M | $142M | $4.5M |
| 2022 | 23,121 | $4.15B | $179,301 | $84.7M | $129M | $4.1M |
| 2021 | 22,483 | $4.82B | $214,287 | $66.6M | $127M | $3.8M |
| 2020 | 22,736 | $4.40B | $193,550 | $81.8M | $124M | $4.3M |
| 2019 | 22,367 | $3.87B | $172,979 | $56.2M | $111M | $3.9M |
| 2018 | 20,724 | $3.24B | $156,394 | $41.8M | $102M | $3.8M |
| 2017 | 19,894 | $3.73B | $187,484 | $37.9M | $99.8M | $3.8M |
| 2016 | 20,566 | $3.46B | $168,111 | $50.0M | $103M | $3.7M |
| 2015 | 25,569 | $3.31B | $129,406 | $34.6M | $103M | $4.2M |
| 2014 | 21,079 | $3.36B | $159,496 | $34.8M | $107M | $2.9M |
| 2013 | 20,999 | $3.17B | $151,181 | $35.4M | $102M | $3.0M |
| 2012 | 20,804 | $2.72B | $130,582 | $30.9M | $100M | $3.0M |
| 2011 | 21,023 | $2.58B | $122,878 | $30.7M | $99.6M | $2.1M |
| 2010 | 20,986 | $2.51B | $119,612 | $54.1M | $98.7M | $3.1M |
| 2009 | 20,724 | $2.28B | $110,238 | $52.6M | $94.2M | $3.5M |
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$4,603,748,135
- Employer contributions$85,771,995
- Participant contributions$146,114,916
- Rollovers and other contributions$8,490,880
- Total contributions$240,377,791
- Total income, including investment results$847,017,328
- Benefits paid$410,820,230
- Administrative expenses$4,605,791
- Total expenses$415,426,021
- Net income$431,591,307
- Net transfers$5,881,908
- Net assets, end of year$5,041,221,350
Participants
- Active participants16,628
- Retired or separated, receiving benefits112
- Retired or separated, entitled to future benefits7,286
- Participants with account balances23,783
- Total participants, end of year24,384
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Alight Financial Advisors, LLC | Investment management | $1,802,195 | $0 |
| Alight Solutions | Contract Administrator; Recordkeeping and information management; Copying and duplicating; Participant loan processing; Participant communication; Other services | $1,083,554 | $0 |
| The Bank of New York Mellon | Custodial (securities); Trustee (bank, trust company, or similar financial institution); Other services | $431,810 | $0 |
| BlackRock Institutional Trust | Investment management | $205,878 | $0 |
| State Street Bank and Trust | Investment management | $200,000 | $0 |
| KPMG, LLP | Accounting (including auditing) | $155,000 | $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
- Investment advisory and management fees$2,287,261
- Recordkeeping fees$881,286
- Salaries and allowances$599,469
- Trustee and custodial fees$267,962
- Contract administrator fees$202,268
- Other trustee fees and expenses$163,848
- IQPA audit fees$158,447
- Other administrative expenses$45,250
- Total administrative expenses$4,605,791
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$2.81B · 55.7%
- Master trust investment accounts$1.53B · 30.4%
- Employer securities$352M · 7.0%
- Other investments$264M · 5.2%
- Participant loans$31.7M · 0.6%
- Cash (interest and non-interest bearing)$26.7M · 0.5%
- Receivables$25.8M · 0.5%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmKPMG LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $20,000,000
- 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) plan2HPartial participant-directed account plan2IStock bonus2JCode section 401(k) feature2KCode section 401(m) arrangement2PLeveraged ESOP2RParticipant-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 account3FPlan sponsor(s) received services of leased employees3HPlan 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 311900: Other Food Mfg (including coffee, tea, flavorings & seasonings).
Other plans of General Mills, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| General Mills Pension Plan I | 22,179 | $3.71B |
| General Mills Pension Plan | 16,513 | $1.52B |
| Wellston Retirement Plan for Members of UFCW District Union Local 1059 | 455 | $19.5M |
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Ecolab Savings Plan and ESOP | Ecolab Inc. | 25,397 | $4.18B | $164,583 |
| Andersen 401(k) Plan | Andersen Corporation | 19,059 | $1.68B | $88,405 |
| 3M Voluntary Investment Plan and Employee Stock Ownership Plan | 3M Company | 40,574 | $10.6B | $261,153 |
| Solventum Voluntary Investment Plan | Solventum Corporation | 11,816 | $2.56B | $216,439 |
| Medtronic Savings and Investment Plan | Medtronic, Inc. | 55,692 | $13.7B | $246,344 |
| Land O'Lakes, Inc. Employee Savings and Supplemental Retirement Plan | Land O'Lakes, Inc. | 11,406 | $2.04B | $178,937 |
Defined contribution plans in manufacturing closest in size.
Questions and answers
How big is General Mills 401(k) Plan?
24,384 participants at the end of the plan year ending 31 Dec 2024, of whom 16,628 were active employees, with net assets of $5,041,221,350. Among defined contribution plans that places it in the 5,000 to 24,999 participants band, which held 2,605 plans in plan year 2024.
What does General Mills, Inc. contribute per participant?
The filing reports $85,771,995 in employer contributions for the year, which is $5,158 per active participant; the median for plans of the same type and size was $2,424 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 $3,878,437 in compensation to service provider organisations, $159 per participant or 0.08% of net assets. The same-size median among plans reporting any Schedule C compensation was $53.38 per participant. Administrative expenses on Schedule H were $4,605,791. 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 General Mills, Inc.. Recordkeeping or administration: Alight Solutions. Investment advisory or management: Alight Financial Advisors, LLC, BlackRock Institutional Trust and State Street Bank and Trust. Trustee or custodian: The Bank of New York Mellon. The financial statements were audited by KPMG 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. 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 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 Oct 2025. 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 41-0274440, plan 002, received 15 Oct 2025; 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.