Retirement plan

3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN

Name: 3M COMPANY - 3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN (2022) Form 5500
Creator: 3M COMPANY
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, 3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN, 3M COMPANY

3M COMPANYEIN 41-0417775Plan #333PY 2022

3M CENTER, 223-6N-11 - ST. PAUL, MN 551441000651-733-10053m.comLinkedIn10001+ employeesmechanical or industrial engineering

Other plans on this EIN

3 filings

#002Retirement-$14.05B assets #013Retirement-$247.0M assets #006Retirement--

Prospect flagsLow returnsCorrective distributions

How to read this page

Total assets (EOY)

$11138.5M

-22.0% from 2021

Total participants

55,591

-0.1% from 2021

Average account balance

$201,584

-22.4% from 2021

Annual return

-17.61%

-30.11 pp from 2021

Benchmarks

See 101 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants>=10,000

Cohort101 peers

Snapshot2022

See peer percentile detail. $4.99 for your first month.

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Analytics

Total assets (EOY)

Plan-year ending balance

$10.60B

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$263K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

40,357

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

99.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$443.81M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$20K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

-5.29%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$105

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

See the 10-year trajectory. $4.99 for your first month.

Solo adds 10-year history, peer benchmarks, provider and welfare analytics, saves, and exports. Then $34.99 a month.

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Service providers

Top 10 of 19 by compensation

Provider	Service type	Compensation
BLACKROCK8+ years Filed as: BLACKROCK INSTITUTIONAL TRUST CO Service code 21 · EIN 94-3112180	Bank Trustee	$1,703,469
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: GREAT WEST TRUST COMPANY (EMPOWER) Service code 15 · EIN 84-1455663	Recordkeeping	$1,278,451
DOUBLELINE CAPITAL LP6 years Service code 28 · EIN 30-0596331	Investment Management	$985,017
PGIM INVESTMENTS1 year Filed as: PGIM, INC. Service code 28 · EIN 22-2540245	Investment Management	$820,945
PIMCO FUNDS8+ years Filed as: PACIFIC INVESTMENT MANAGEMENT CO Service code 27 · EIN 33-0629048	Advisory (Plan)	$612,039
ALIGHT SOLUTIONS LLC2 years Filed as: TEMPO HOLDING COMPANY, LLC (ALIGHT) Service code 15 · EIN 82-1061233	Recordkeeping	$608,779
STATE STREET GLOBAL ADVISORS1 year Filed as: STATE STREET BANK AND TRUST Service code 18 · EIN 04-1867445	Custodial (other than securities); Cu...	$488,871
THE BANK OF NEW YORK MELLON2 years Service code 25 · EIN 13-5160382	Directed Trustee	$433,237
3M COMPANY8+ years Service code 14 · EIN 41-0417775	Plan Administrator	$271,646
CLIFTONLARSONALLEN LLP8+ years Service code 10 · EIN 41-0746749	Accounting	$192,246

Plan features & details

Pension benefit codes2E2H2J2K2P2R3H3I

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.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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

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

$7.9M

$219 / participant

Investment mgmt$5M60.7%
Contract admin$2M23.9%
Other / not subdivided$1M15.4%

% of EOY assets

0.071%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

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

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$201,584

$138,331+45.7%

$86,677+132.6%

$89,394+125.5%

Participation rate

99.1%

88.9%+10.2pp

76.6%+22.5pp

71.3%+27.8pp

Annual return

-17.61%

-11.72%-5.9pp

35.91%-53.5pp

-11.89%-5.7pp

Employer contribution / active EE

$6,517

$4,812+35.4%

$2,836+129.8%

$3,022+115.7%

Participant deferral / active EE

$10,679

$8,027+33.0%

$4,656+129.4%

$5,123+108.4%

Admin fee / account holder

$143

$64+123.2%

$7,493-98.1%

$79+80.1%

Provider

Service type

Compensation

BLACKROCK8+ years

Filed as: BLACKROCK INSTITUTIONAL TRUST CO

Service code 21 · EIN 94-3112180

Bank Trustee

$1,703,469

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: GREAT WEST TRUST COMPANY (EMPOWER)

Service code 15 · EIN 84-1455663

Recordkeeping

$1,278,451

DOUBLELINE CAPITAL LP6 years

Service code 28 · EIN 30-0596331

Investment Management

$985,017

PGIM INVESTMENTS1 year

Filed as: PGIM, INC.

Service code 28 · EIN 22-2540245

Investment Management

$820,945

PIMCO FUNDS8+ years

Filed as: PACIFIC INVESTMENT MANAGEMENT CO

Service code 27 · EIN 33-0629048

Advisory (Plan)

$612,039

ALIGHT SOLUTIONS LLC2 years

Filed as: TEMPO HOLDING COMPANY, LLC (ALIGHT)

Service code 15 · EIN 82-1061233

Recordkeeping

$608,779

STATE STREET GLOBAL ADVISORS1 year

Filed as: STATE STREET BANK AND TRUST

Service code 18 · EIN 04-1867445

Custodial (other than securities); Cu...

$488,871

THE BANK OF NEW YORK MELLON2 years

Service code 25 · EIN 13-5160382

Directed Trustee

$433,237

3M COMPANY8+ years

Service code 14 · EIN 41-0417775

Plan Administrator

$271,646

CLIFTONLARSONALLEN LLP8+ years

Service code 10 · EIN 41-0746749

Accounting

$192,246

3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion