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Retirement plan

3M SAVINGS PLAN

3M COMPANYEIN 41-0417775Plan #013PY 2021
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3M CENTER BLDG. 224-2W-15 - ST. PAUL, MN 551441000651-733-10053m.comLinkedIn10001+ employeesmechanical or industrial engineering
Other plans on this EIN
3 filings
#002Retirement-$18.56B assets#333Retirement-$14.27B assets#006Retirement--
Prospect flagsLow returns

Filing contacts

From the Form 5500, federal record
Plan sponsor signer
(name not on filing)
(651) 733-1005
Plan administrator signer
DEIDRE REHFELD
Signed 11/30/2022
How to read this page

Summary metrics

Total assets (EOY)
$325.4M
-5.9% from 2016
Total participants
2,617
+2.6% from 2016
Average account balance
$127,501
-8.4% from 2016
Annual return
10.83%
-12.52 pp from 2016

Benchmarks

See 773 peers
Peer group
Industry33 - Manufacturing
Plan typeDefined contribution
Participants1,000-4,999
Cohort773 peers
Snapshot2021
Participant deferral / active EE
$7,040
median $4,995
Employer contribution / active EE
$2,391
median $2,479
Participation rate
96.4%
median 93.7%
Avg account balance
$127,501
median $93,206
Admin fee / account holder
$62
median $89
Annual return
10.83%
median 15.05%
Overall peer rank
53rd percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$285.12M
Average account balance
Total assets / participants with a balance (line 6g)
$124K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
2,300
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
98.1%
Contributions (total)
Employer and participant dollars contributed each year
$16.67M
Contributions per participant
Average employer and participant contribution per enrolled participant
$11K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+11.81%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$55
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 9 by compensation
ProviderService typeCompensation
TEMPO HOLDING COMPANY, LLC (ALIGHT)1 year
Service code 15 · EIN 82-1061233
Recordkeeping
$58,409
BLACKROCK INSTITUTIONAL TRUST CO7+ years
Service code 21 · EIN 94-3112180
Bank Trustee
$40,302
STATE STREET GLOBAL ADVISORS TRUST1 year
Service code 18 · EIN 81-4017137
Investment management fees paid indir...
$12,495
JENNISON ASSOCIATES LLC7+ years
Service code 28 · EIN 22-2540245
Investment Management
$10,838
THE BANK OF NEW YORK MELLON1 year
Service code 25 · EIN 13-5160382
Directed Trustee
$9,331
3M COMPANY7+ years
Service code 14 · EIN 41-0417775
Plan Administrator
$7,585
DOUBLELINE CAPITAL LP4 years
Service code 28 · EIN 30-0596331
Investment Management
$6,051
PACIFIC INVESTMENT MANAGEMENT CO7+ years
Service code 28 · EIN 33-0629048
Investment Management
$3,752
CHARLES SCHWAB & CO., INC. & AFFILI1 year
Service code 33 · EIN 94-1737782
Shareholder servicing fees; Direct pa...
$1,195

Plan features & details

Pension benefit codes2E2H2J2K2S2T3H3I
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 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.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect 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 to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2S
    Automatic enrollment
    Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
  • 2T
    Default investment account
    Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
  • 3H
    Controlled group member
    Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
  • 3I
    Employer securities investment required
    Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

1 tripped
  • OpportunityLow returns

    Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II
Admin total
$159K
$87 / participant
  • Investment mgmt$73K46.2%
  • Contract admin$58K36.8%
  • Other / not subdivided$27K17.0%
% of EOY assets
0.049%
all-in expense ratio
Categories reported
2 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
CLIFTONLARSONALLEN LLP
Auditor EIN
410746749
Audit fees
(not subdivided)
Opinion code
Unqualified