Retirement plan
3M SAVINGS PLAN
3M COMPANYEIN 41-0417775Plan #013PY 2022
3M CENTER, 223-6N-11 - ST. PAUL, MN 551441000651-733-10053m.comLinkedIn10001+ employeesmechanical or industrial engineering
Other plans on this EIN
3 filingsProspect flagsLow returnsCorrective distributions
Filing contacts
From the Form 5500, federal recordPlan administrator signer
DEIDRE REHFELD
Signed 10/11/2023
Summary metrics
Total assets (EOY)
$247M
-5.9% from 2016
Total participants
2,536
+2.6% from 2016
Average account balance
$98,656
-8.4% from 2016
Annual return
-17.44%
-12.52 pp from 2016
Benchmarks
Peer group
Industry33 - Manufacturing
Plan typeDefined contribution
Participants1,000-4,999
Cohort811 peers
Snapshot2022
71
Participant deferral / active EE
$7,342
median $5,154
53
Employer contribution / active EE
$2,768
median $2,578
83
Participation rate
98.1%
median 94.1%
67
Avg account balance
$98,656
median $73,505
64
Admin fee / account holder
$72
median $90
19
Annual return
-17.44%
median -15.46%
Overall peer rank
59of 100
59th 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 10 by compensation
| Provider | Service type | Compensation |
|---|---|---|
BLACKROCK INSTITUTIONAL TRUST CO8+ years Service code 21 · EIN 94-3112180 | Bank Trustee | $38,722 |
Service code 15 · EIN 84-1455663 | Recordkeeping | $29,061 |
DOUBLELINE CAPITAL LP5 years Service code 28 · EIN 30-0596331 | Investment Management | $22,391 |
PGIM, INC1 year Service code 28 · EIN 22-2540245 | Investment Management | $18,661 |
PACIFIC INVESTMENT MANAGEMENT CO8+ years Service code 27 · EIN 33-0629048 | Advisory (Plan) | $13,912 |
Service code 15 · EIN 82-1061233 | Recordkeeping | $13,838 |
Service code 18 · EIN 04-1867445 | Direct payment from the plan; Custodi... | $11,113 |
THE BANK OF NEW YORK MELLON2 years Service code 25 · EIN 13-5160382 | Directed Trustee | $9,848 |
3M COMPANY8+ years Service code 14 · EIN 41-0417775 | Plan Administrator | $6,175 |
Service code 33 · EIN 94-1737782 | Securities brokerage commissions and ... | $585 |
Plan features & details
Pension benefit codes2E2H2J2K2S2T3H3I2R
Plan features
- 2EProfit-sharingProfit-sharing plan.
- 2HPartial participant-directed account planParticipants 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.
- 2JCode section 401(k) featureCash 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.
- 2KCode section 401(m) arrangementEmployee 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.
- 2RParticipant-directed brokerage accountsParticipant-directed brokerage accounts provided as an investment option under the plan.
- 2SAutomatic enrollmentPlan provides for automatic enrollment in plan that has elective contributions deducted from payroll.
- 2TDefault investment accountTotal or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
- 3HControlled group memberPlan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
- 3IEmployer securities investment requiredPlan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.
Opportunity flags
2 tripped
- OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
- ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).
Expense breakdown
Schedule H Part II
Admin total
$180K
$105 / participant
- Investment mgmt$109K60.7%
- Contract admin$43K23.9%
- Other / not subdivided$28K15.4%
% of EOY assets
0.073%
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