GENERAL MILLS 401(K) PLAN Contribution & Employer Match

GENERAL MILLS 401(K) PLAN Contribution & Employer Match

GENERAL MILLS, INC. provides the following retirement savings benefits to its employees:

GENERAL MILLS 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for GENERAL MILLS 401(K) PLAN is $202,300.00

GENERAL MILLS 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for GENERAL MILLS 401(K) PLAN is $6,271.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
401,400.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,271.00 in GENERAL MILLS 401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in GENERAL MILLS 401(K) PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

GENERAL MILLS 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, GENERAL MILLS 401(K) PLAN allocates $99,824,881.00 to match its employees' contributions, providing an employer match rate of 70.46% of their contributions

GENERAL MILLS 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in GENERAL MILLS 401(K) PLAN is approximately $4,386.00
Investing in this additonal $4,386.00 for 20 years would give you extra $280,739.00, assuming a 10% annual return.

GENERAL MILLS 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute up to 50% of their compensation for non-union non-highly compensated employees, up to 15% for non-union highly compensated employees, and up to 30% for union non-highly compensated employees.

2. Employer Match/Contribution Conditions: The employer will match 50% of every dollar contributed up to 6% of earnable compensation for certain non-union employees hired by specific dates, or 100% of every dollar contributed up to 4% for other non-union employees, plus an additional 50% for the next 4%.

3. Vesting Schedule/Eligibility: The vesting schedule for employer contributions is 20% after 1 year, 40% after 2 years, 60% after 3 years, 80% after 4 years, and 100% after 5 years or more. Participants become 100% vested in employer contributions if they retire, die, become disabled, or are involuntarily terminated.

4. Roth 401(k) Contributions: The plan allows Roth 401(k) contributions.

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