Retirement plan
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN
3M COMPANYEIN 41-0417775Plan #333PY 2018
3M CENTER 224-2W-15 - ST PAUL, MN 551441000651-737-46113m.comLinkedIn10001+ employeesmechanical or industrial engineering
Other plans on this EIN
3 filingsProspect flagsLow returns
Filing contacts
From the Form 5500, federal recordPlan administrator signer
MICHAEL ANDERSON
Signed 10/15/2019
Summary metrics
Total assets (EOY)
$10934.8M
-6.5% from 2016
Total participants
54,399
-0.4% from 2016
Average account balance
$212,467
-6.6% from 2016
Annual return
-8.31%
-13.04 pp from 2016
Benchmarks
Peer group
Industry33 - Manufacturing
Plan typeDefined contribution
Participants>=10,000
Cohort87 peers
Snapshot2018
65
Participant deferral / active EE
$8,436
median $6,700
64
Employer contribution / active EE
$4,390
median $3,820
41
Participation rate
92.3%
median 95.0%
86
Avg account balance
$212,467
median $118,768
5
Admin fee / account holder
$221
median $52
12
Annual return
-8.31%
median -4.94%
Overall peer rank
45of 100
45th percentileavg across 6 metrics
Analytics
2015 - 2024
Total assets (EOY)
Plan-year ending balance
$10.60B
Average account balance
Total assets / participants with a balance (line 6g)
$263K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
40,357
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
99.0%
Contributions (total)
Employer and participant dollars contributed each year
$443.81M
Contributions per participant
Average employer and participant contribution per enrolled participant
$20K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
-5.29%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$105
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
- Mutual / pooled
- Stocks
- Bonds
- Cash
- Real estate
- Loans
Service providers
Top 10 of 12 by compensation
| Provider | Service type | Compensation |
|---|---|---|
BLACKROCK INSTITUTIONAL TRUST CO4+ years Service code 21 · EIN 94-3112180 | Bank Trustee | $3,577,586 |
ALIGHT SOLUTIONS LLC1 year Service code 15 · EIN 82-1061233 | Recordkeeping | $2,934,384 |
STATE STREET GLOBAL ADVISORS4+ years Service code 18 · EIN 81-4017137 | Direct payment from the plan; Custodi... | $1,882,614 |
JENNISON ASSOCIATES LLC4+ years Service code 28 · EIN 22-2540245 | Investment Management | $1,052,892 |
DOUBLELINE CAPITAL LP2 years Service code 28 · EIN 30-0596331 | Investment Management | $759,649 |
PACIFIC INVESTMENT MANAGEMENT CO4+ years Service code 28 · EIN 33-0629048 | Investment Management | $681,667 |
3M COMPANY4+ years Service code 14 · EIN 41-0417775 | Plan Administrator | $281,856 |
CLIFTONLARSONALLEN LLP4+ years Service code 10 · EIN 41-0746749 | Accounting | $106,107 |
HERRON PALMER1 year Service code 50 · EIN 46-5438594 | Direct Payment | $49,222 |
Service code 10 · EIN 13-4008324 | Accounting | $28,893 |
Plan features & details
Pension benefit codes2E2H2J2K2P2R3H3I
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.
- 2PLeveraged ESOPEmployee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
- 2RParticipant-directed brokerage accountsParticipant-directed brokerage accounts provided as an investment option under the plan.
- 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
1 tripped
- OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
Expense breakdown
Schedule H Part II
Admin total
$11.4M
$298 / participant
- Investment mgmt$7M59.0%
- Contract admin$4M34.1%
- Other / not subdivided$787K6.9%
% of EOY assets
0.104%
all-in expense ratio
Categories reported
2 / 9
subdivided buckets used
Audit opinion
Schedule H Part III
Disclaimer opinion
Auditor declined to express an opinion - usually a 103(a)(3)(C) limited-scope election.
- Auditor firm
- CLIFTONLARSONALLEN LLP
- Auditor EIN
- 410746749
- Audit fees
- (not subdivided)
- Opinion code
- Disclaimer