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Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan01/01/1969
  • Net Assets as of 12/31/2019 $3,869,032,493
  • Plan Number2
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program?Yes
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2019

  • Active (Eligible) Participants15,107
  • Retired or separated participants receiving benefits116
  • Other retired or separated participants entitled to future benefits6,905
  • Subtotal22,128
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits239
  • Total22,367
  • Total number of participants as of 01/01/201920,137
  • Number of participants with account balances21,103
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested243

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • AddressNumber 1 General Mills Blvd Bt02-C
  • CityMinneapolis
  • StateMN
  • Zip55426
  • Telephone(763) 764-7600
  • EIN41-0274440
  • Industry Code311900
  • Named AdministratorKate Behring

Audit Information

  • Audit StatusAudited
  • AuditorKPMG LLP
  • Auditor EIN13-5565207
  • Audit OpinionUnqualified
  • Audit Type Full Audit

Benefits Provided Under the Plan

Code Benefit Description
2E Profit-sharing A defined contribution plan that allows employer discretionary contributions. These plans often contain a 401(k) feature.
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
2H Partial participant-directed account plan Participants 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.
2I Stock bonus A stock bonus plan is a type of profit-sharing by which a corporation uses its own stock to make contributions and distributions.
2J Code section 401(k) feature A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
2K Code section 401(m) arrangement Employee 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 if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
2P Leveraged ESOP An Employee Stock Ownership Plan (ESOP) that acquires employer securities with borrowed money or other debt-financing techniques.
2R Brokerage Window Participant-directed brokerage accounts provided as an investment option under the plan.
2S Automatic Enrollment Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.
3F Leased Employees Plan sponsor(s) received services of leased employees, as defined in Code section 414(n), during the plan year.

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? No
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? Yes $20,000,000
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? Yes $1,094,652
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan have assets held for investment? Yes
Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? No
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No
Has the plan failed to provide any benefit when due under the plan? No
If this is an individual account plan, was there a blackout period? No
If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR 2520.101-3? No

Financials

Income and Expense Statement

Income $929,012,880
Contributions $177,380,131
Cash Contributions $177,380,131
Cash from Employers $56,235,833
Cash from Participants $111,337,066
Others (including rollovers) $9,807,232
Noncash Contributions $0
Total Earnings on Investments $745,769,428
Total Interest $1,753,855
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $1,557,199
Interest from Other Investments $196,656
Total Dividends $0
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $24,003,268
Real Estate $0
Other $24,003,268
Net investment gain (loss) from common/collective trusts $409,661,361
Net investment gain (loss) from pooled separate accounts $0
Net investment gain (loss) from master trust investment accounts $310,350,944
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $0
Other Income $5,863,321
Expenses $305,179,101
Total Benefit Payments $301,584,899
Directly to participants or beneficiaries, including direct rollovers $301,584,899
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $3,594,202
Professional Fees $541,494
Contract Administrator Fees $1,090,603
Investment Advisory and management fees $1,544,519
Other Administrative Fees $417,586
Net Income $623,833,779
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $3,869,032,493 $3,243,327,312 19.29%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $12,427,456 $10,290,191 20.77%
Employer Contributions $11,968,457 $7,679,713 55.85%
Participant Contributions $458,999 $0 0.0%
Other Contributions $0 $2,610,478 -100.00%
General Investments $7,866,573 $4,384,673 79.41%
Interest-bearing cash $7,866,573 $4,384,673 79.41%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $0 $0 0.0%
Preferred $0 $0 0.0%
All Other $0 $0 0.0%
Corporate Stocks $0 $0 0.0%
Preferred $0 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $26,057,311 $28,396,217 -8.24%
Value of interest in common/collective trusts $1,849,523,884 $1,447,402,250 27.78%
Value of interest in pooled separate accounts $0 $0 0.0%
Value of interest in master trust investment accounts $1,410,760,144 $1,294,971,465 8.94%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $0 $0 0.0%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $146,067,318 $122,174,857 19.56%
Employer-related Investments $416,329,807 $335,707,659 24.02%
Employer Securities $416,329,807 $335,707,659 24.02%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $2,225,027 -100.00%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $2,225,027 -100.00%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $3,869,032,493 $3,241,102,285 19.37%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • The Bank of New York Mellon
  • Charles Schwab & Co., Inc.
  • Galliard Capital Management, Inc

Other Service Providers Receiving Direct or Indirect Compensation

Name Nature of Service Relationship to Plan Sponsor Direct Compensation Paid by Plan Indirect Compensation Paid by Plan Total Compensation
Aon Consulting, Inc. Investment management, Legal, Other services, Direct payment from the plan, Investment management fees paid directly by plan, Recordkeeping fees, Other fees NONE $2,486,951 $0 $2,486,951
The Bank of New York Mellon Custodial (other than securities), Other services, Direct payment from the plan, Account maintenance fees, Other investment fees and expenses NONE $563,440 $0 $563,440
General Mills, Inc. Direct payment from the plan, Account maintenance fees Plan Administrator $380,983 $0 $380,983
State Street Global Advisors Investment management, Investment management fees paid directly by plan NONE $300,000 $0 $300,000
Kpmg, LLP Accounting (including auditing), Direct payment from the plan NONE $112,629 $0 $112,629
Blackrock Institutional Trst Co, Na Trustee (bank, trust company, or similar financial institution), Trustee (discretionary), Investment management, Direct payment from the plan, Investment management fees paid directly by plan NONE $50,595 $0 $50,595
Refinitiv Us LLC Consulting (general), Direct payment from the plan NONE $24,288 $0 $24,288
Onecbiz, Inc. Accounting (including auditing), Direct payment from the plan, Other fees NONE $11,585 $0 $11,585
Total $3,930,471 $0 $3,930,471

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

Service Providers Who Fail or Refuse to Provide Information

There are no service providers who failed or refused to provide information.

Termination Information on Accountants and Enrolled Actuaries

There is no termination information for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Gmi Investment Trust-Pooled Equity General Mills, Inc. DFE: Master Trust Investment Account $789,604,730
Gmi Pooled Savings Fixed Fund General Mills, Inc. DFE: Master Trust Investment Account $377,482,902
Russell 3000 Index Nl Fund M Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $338,960,418
Target Retirement 2040 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $229,598,200
Gmi Investment Trust-Pooled Intl. General Mills, Inc. DFE: Master Trust Investment Account $221,286,991
Target Retirement 2035 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $187,694,550
Us Debt Index Non-Lendable Fund F Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $187,373,799
Target Retirement 2025 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $153,154,544
Target Retirement 2030 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $152,740,049
Target Retirement 2045 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $116,699,228
Target Retirement 2020 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $111,664,668
Target Retirement 2050 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $102,766,558
Blackrock Msci Acwi Ex-Us Imi Index Blackrock Institutional Trust Company, N.A. DFE: Common/Collective Trust $81,915,222
Target Retirement 2055 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $68,795,698
Target Ret Date Income Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $39,803,369
Target Retirement 2060 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $32,791,493
Target Retirement 2015 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $30,130,907
Target Retirement 2065 Trust Plus Vanguard Fiduciary Trust Company DFE: Common/Collective Trust $15,435,181
General Mills Group Trust-Praf General Mills, Inc. DFE: Master Trust Investment Account $13,445,641
General Mills Group Trust-Ppef General Mills, Inc. DFE: Master Trust Investment Account $8,939,880
Total $3,260,284,028

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.