Retirement plan
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN
3M COMPANYEIN 41-0417775Plan #333PY 2021
3M CENTER BLDG. 224-2W-15 - ST. PAUL, MN 551441000651-733-10053m.comLinkedIn10001+ employeesmechanical or industrial engineering
Other plans on this EIN
3 filingsProspect flagsLow returnsHigh assets / participant
Filing contacts
From the Form 5500, federal recordPlan administrator signer
DEIDRE REHFELD
Signed 11/30/2022
Summary metrics
Total assets (EOY)
$14274.9M
-6.5% from 2016
Total participants
55,640
-0.4% from 2016
Average account balance
$259,666
-6.6% from 2016
Annual return
12.50%
-13.04 pp from 2016
Benchmarks
Peer group
Industry33 - Manufacturing
Plan typeDefined contribution
Participants>=10,000
Cohort94 peers
Snapshot2021
70
Participant deferral / active EE
$9,920
median $7,803
74
Employer contribution / active EE
$6,219
median $4,368
77
Participation rate
98.2%
median 95.8%
78
Avg account balance
$259,666
median $166,140
11
Admin fee / account holder
$125
median $68
14
Annual return
12.50%
median 15.87%
Overall peer rank
54of 100
54th 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 21 by compensation
| Provider | Service type | Compensation |
|---|---|---|
Service code 15 · EIN 82-1061233 | Recordkeeping | $2,530,436 |
BLACKROCK INSTITUTIONAL TRUST CO7+ years Service code 21 · EIN 94-3112180 | Bank Trustee | $1,746,005 |
Service code 18 · EIN 81-4017137 | Custodial (other than securities); Di... | $541,308 |
JENNISON ASSOCIATES LLC7+ years Service code 28 · EIN 22-2540245 | Investment Management | $469,548 |
Service code 25 · EIN 13-5160382 | Directed Trustee | $404,250 |
3M COMPANY7+ years Service code 14 · EIN 41-0417775 | Plan Administrator | $328,610 |
DOUBLELINE CAPITAL LP5 years Service code 28 · EIN 30-0596331 | Investment Management | $262,133 |
NEWPORT TRUST COMPANY2 years Service code 28 · EIN 27-4411131 | Investment Management | $190,600 |
PACIFIC INVESTMENT MANAGEMENT CO7+ years Service code 28 · EIN 33-0629048 | Investment Management | $162,537 |
AON CONSULTING1 year Service code 16 · EIN 22-2232264 | Consulting | $79,417 |
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
2 tripped
- OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
- InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.
Expense breakdown
Schedule H Part II
Admin total
$6.9M
$185 / participant
- Investment mgmt$3M46.2%
- Contract admin$3M36.8%
- Other / not subdivided$1M17.0%
% of EOY assets
0.048%
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