General Mills, Inc. 401(k) Review & Grade
General Mills 401(k) Plan
Minneapolis, MNManufacturing15,974 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,369Employer $ per active participant
$9,147Employee $ saved per active participant
0.10%Direct admin cost, % of plan assets
$5.0BNet plan assets, end of year
$211,967Average balance per account
Score breakdown
- Employer generosity24.7 / 5049th percentile for employer $ per participant
- Low cost11.4 / 2546th percentile for low admin cost vs. same-size plans
- Employee saving8.2 / 1555th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score54 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 49th |
| Lower admin cost | 46th |
| Employee saving | 55th |
| Peers that auto-enroll | 69% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- General Mills put in about $5,369 per active participant, below the typical peer ($5,480). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $85,771,995 |
| Participant (employee) contributions | $146,114,916 |
| Other contributions (incl. rollovers in) | $8,490,880 |
| Administrative expenses paid from the plan | $4,605,791 |
| Contract administrator fees | $202,268 |
| Investment advisory & management fees | $2,287,261 |
| Other admin expenses | $45,250 |
| Benefits paid out | $410,820,230 |
| Net assets, start / end of year | $4.6B / $5.0B |
| Active participants, start / end of year | 15,321 / 16,628 |
| Participants with account balances | 23,783 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | KPMG LLP |
| Employer stock held by plan | $352,374,335 |
Largest service providers (Schedule C)
| Alight Financial Advisors, LLC | $1,802,195 reported compensation |
| Alight Solutions | $1,083,554 reported compensation |
| General Mills, Inc. | $599,469 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015095522NAL0002108211001, received 2025-10-15, EIN 41-0274440, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.