As of December 31, 2022:
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Fair Value |
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Unfunded Commitments |
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Redemption Frequency |
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Redemption Notice Period |
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Putnam Stable Value Fund |
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$ |
66,072,369 |
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N/A |
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Daily |
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30 days |
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Geneva Small Cap Growth Collective Fund C |
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14,945,694 |
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N/A |
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Daily |
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30 days |
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Harbor Capital Appreciation CIT 4 |
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58,904,774 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2020 Trust II |
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18,923,232 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2025 Trust II |
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42,426,263 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2030 Trust II |
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55,492,261 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2035 Trust II |
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39,033,434 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2040 Trust II |
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28,754,457 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2045 Trust II |
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24,160,627 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2050 Trust II |
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23,859,640 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2055 Trust II |
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20,701,171 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2060 Trust II |
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8,745,330 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retire 2065 Trust II |
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1,611,999 |
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N/A |
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Daily |
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30 days |
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Vanguard Target Retirement Trust II |
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4,192,642 |
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N/A |
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Daily |
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30 days |
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Vanguard Instl Target Retire 2070 Trust II |
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51,953 |
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N/A |
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Daily |
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30 days |
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$ |
407,875,846 |
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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, 2023 and 2022, the Plan held 1,807,780 units and 1,877,075 units of Flowers Foods, Inc. Common Stock Fund with a market value of $41,235,454 and $54,547,807, respectively. The fair value of the Flowers common
stock in the Flowers Foods, Inc. Common Stock Fund was $40,867,063 and $54,169,526 as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, there were purchases and sales of units in the Flowers Foods, Inc.
Common Stock Fund of $3,524,362 and $7,116,699, 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. Income from
the Flowers Foods, Inc. Common Stock Fund was $1,661,946 during 2023.
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 $806,936 for the year ended December 31, 2023.
During the year ended December 31, 2023, there were purchases and sales of the Putnam Stable Value Fund of $13,561,987 and $18,428,297, respectively. 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. In addition, notes receivable from participants qualifies 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, 2023 and 2022, forfeited nonvested accounts totaled $601,409 and $571,466, respectively. In addition, forfeitures accounts
are used to reduce future Company contributions including basic and match. During 2023 and 2022, Company contributions were reduced by $1,817,126 and $1,408,598, respectively, from forfeited nonvested accounts, of which $0 was from the terminated
retirement plan assets.
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