As of December 31, 2021:
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|
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|
|
|
|
|
|
|
Name |
|
Fair Value |
|
|
Unfunded Commitments |
|
Redemption Frequency |
|
Redemption Notice Period |
Putnam Stable Value Fund |
|
$ |
61,957,286 |
|
|
N/A |
|
Daily |
|
30 days |
Geneva Small Cap Growth Collective Fd C |
|
|
22,484,496 |
|
|
N/A |
|
Daily |
|
30 days |
Harbor Capital Appreciation CIT 4 |
|
|
108,412,952 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2015 Trust II |
|
|
2,975,574 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2020 Trust II |
|
|
27,378,696 |
|
|
N/A |
|
Daily |
|
30 days |
The Vanguard Target Retire 2025 Trust II |
|
|
55,564,318 |
|
|
N/A |
|
Daily |
|
30 days |
The Vanguard Target Retire 2030 Trust II |
|
|
63,247,173 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2035 Trust II |
|
|
45,647,676 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2040 Trust II |
|
|
32,490,793 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2045 Trust II |
|
|
27,818,689 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2050 Trust II |
|
|
26,598,956 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2055 Trust II |
|
|
23,682,258 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire 2060 Trust II |
|
|
8,939,109 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retirement 2065 Trust II |
|
|
1,647,899 |
|
|
N/A |
|
Daily |
|
30 days |
Vanguard Target Retire Inc Trust II |
|
|
2,542,392 |
|
|
N/A |
|
Daily |
|
30 days |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$511,388,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
7. |
Related Party Transactions |
Certain Plan investments are shares of a collective investment trust and mutual funds managed by Empower, and shares of Flowers Foods, Inc.
Common Stock Fund. At December 31, 2022 and 2021, the Plan held 1,877,075 units and 1,973,722 units of Flowers Foods, Inc. Common Stock Fund with a market value of $54,547,807 and $54,770,780, respectively. The fair value of the Flowers common stock
in the Flowers Foods, Inc. Common Stock Fund was $54,169,526 and $54,442,079 as of December 31, 2022 and 2021, respectively. During the year ended December 31, 2022, there were purchases and sales of units in the Flowers Foods, Inc. Common Stock
Fund of $2,902,105 and $7,139,490, respectively. During the year ended December 31, 2021, there were purchases and sales of units in the Flowers Foods, Inc. Common Stock Fund of $3,285,915 and $5,843,862, respectively. Income from the Flowers Foods,
Inc. Common Stock Fund was $1,660,242 during 2022.
Empower is the trustee as defined by the Plan, and Flowers Foods, Inc. is the Plan
Sponsor. Therefore, certain transactions such as contributions from the Plan Sponsor and dividends, purchases, and sales involving funds managed by Empower qualify as
party-in-interest transactions, which are exempt from the prohibited transaction rules. Fees paid to the trustee were $701,643 for the year ended December 31, 2022.
During the year ended December 31, 2022, there were purchases and sales of the Putnam Stable Value Fund of $21,149,608 and $18,709,881, respectively. During the year ended December 31, 2021, there were purchases and sales of the Putnam Stable Value
Fund of $15,750,813 and $20,932,797, respectively. In addition, notes receivable from participants qualify as party-in-interest transactions, which are exempt from the
prohibited transaction rules.
Although it has expressed no intent to do so, the Company reserves the right to change or terminate the Plan at any time subject to the
provisions of ERISA. In the event of termination of the Plan, the value of each participants account as of the date of termination shall immediately become nonforfeitable and fully vested.
At December 31, 2022 and 2021, forfeited nonvested accounts totaled $571,466 and $462,349, respectively. The Plan included $1,025,082 of assets
transferred from the terminated Flowers Foods, Inc. Retirement Plan No. 1 provided by the first amendment to the January 1, 2019 Plan restatement during 2020. These contributions were used to reduce the Companys basic contributions in
2021 and 2020. In addition, forfeitures accounts are used to reduce future Company contributions including basic and match. During 2022 and 2021, Company contributions were reduced by $1,408,598 and $2,017,715, respectively, from forfeited nonvested
accounts, of which $0 and $434,581, respectively, was from the terminated retirement plan assets.
11