Retirement plan

ALLETE AND AFFILIATED COMPANIES RETIREMENT SAVINGS AND STOCK OWNERSHIP PLAN

Name: ALLETE, INC. - ALLETE AND AFFILIATED COMPANIES RETIREMENT SAVINGS AND STOCK OWNERSHIP PLAN (2020) Form 5500
Creator: ALLETE, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, ALLETE AND AFFILIATED COMPANIES RETIREMENT SAVINGS AND STOCK OWNERSHIP PLAN, ALLETE, INC.

ALLETE, INC.EIN 41-0418150Plan #002PY 2020

30 WEST SUPERIOR STREET - DULUTH, MN 55802218-723-7554allete.comLinkedIn1001-5000 employeesutilities

Other plans on this EIN

2 filings

#005Retirement-$589.7M assets #003Retirement-$179.5M assets

Prospect flagsLow returnsCorrective distributions

Top hat statement on fileNQDC

Filed April 29, 2009 (most recent of 2 filings on file)

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

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Total assets (EOY)

$504.8M

-12.1% from 2016

Total participants

2,061

-23.9% from 2016

Average account balance

$246,604

+5.0% from 2016

Annual return

4.59%

-24.18 pp from 2016

Benchmarks

See 66 peers

Peer group

Industry22 - Utilities

Plan typeDefined contribution

Participants1,000-4,999

Cohort66 peers

Snapshot2020

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$605.67M

Not enough data

1 years with asset history on file

Average account balance

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

$262K

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.

2,312

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.

98.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$33.38M

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

+13.70%

Not enough data

1 years with return on file

Admin fee / account holder

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

$240

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

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Service providers

Top 7 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Service code 15 · EIN 84-0467907	Recordkeeping	$236,698
RIDGEWORTH2 years Filed as: GENEVA CAPITAL MANAGEMENT LLC Service code 17 · EIN 39-1567956 100 E. WISCONSIN AVENUE · MILWAUKEE, WI 53202	Pension Consulting	$99,113
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: ADVISED ASSETS GROUP, LLC Service code 16 · EIN 84-1532243	Consulting	$78,337
BRIGGS AND MORGAN3 years Filed as: BRIGGS AND MORGAN PA Service code 29 · EIN 41-0954702 PO BOX 64591 · ST PAUL, MN 551640591	Legal	$16,764
MERCER1 year Filed as: MERCER (US) INC DBA MERCER HEALTH A Service code 17 · EIN 13-2834414	Pension Consulting	$16,500
REILLY, PENNER & BENTON LLP2 years Filed as: REILLY PENNER & BENTON LLP Service code 17 · EIN 39-0747409 1233 N MAYFAIR RD STE 302 · MILWAUKEE, WI 532263255	Pension Consulting	$15,000
TAFT STETTINIUS & HOLLISTER LLP1 year Service code 29 · EIN 13-2834414 425 WALNUT ST STE 1800 · CINCINNATI, OH 452023907	Legal	$8,260

Plan features & details

Pension benefit codes2E2F2I2K2O2R2S2T3F3H2J

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2I
Stock bonus
Stock bonus plan.
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.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2R
Participant-directed brokerage accounts
Participant-directed brokerage accounts provided as an investment option under the plan.
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.
3F
Leased employees
Plan sponsor(s) received services of leased employees as defined in Code section 414(n) during the plan year.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).

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

$374K

$277 / participant

Investment mgmt$81K21.7%
Other / not subdivided$293K78.3%

% of EOY assets

0.074%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: REILLY, PEENER AND BENTON
Auditor EIN: 390747409
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$246,604

$187,277+31.7%

$112,977+118.3%

$90,274+173.2%

Participation rate

99.0%

91.6%+7.4pp

82.6%+16.4pp

73.4%+25.6pp

Annual return

4.59%

26.33%-21.7pp

24.24%-19.7pp

53.97%-49.4pp

Employer contribution / active EE

$8,286

$5,263+57.5%

$4,255+94.8%

$2,523+228.4%

Participant deferral / active EE

$9,798

$8,833+10.9%

$5,836+67.9%

$4,231+131.6%

Admin fee / account holder

$183

$102+80.1%

$6,294-97.1%

$114+60.4%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Service code 15 · EIN 84-0467907

Recordkeeping

$236,698

RIDGEWORTH2 years

Filed as: GENEVA CAPITAL MANAGEMENT LLC

Service code 17 · EIN 39-1567956

100 E. WISCONSIN AVENUE · MILWAUKEE, WI 53202

Pension Consulting

$99,113

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: ADVISED ASSETS GROUP, LLC

Service code 16 · EIN 84-1532243

Consulting

$78,337

BRIGGS AND MORGAN3 years

Filed as: BRIGGS AND MORGAN PA

Service code 29 · EIN 41-0954702

PO BOX 64591 · ST PAUL, MN 551640591

Legal

$16,764

MERCER1 year

Filed as: MERCER (US) INC DBA MERCER HEALTH A

Service code 17 · EIN 13-2834414

Pension Consulting

$16,500

REILLY, PENNER & BENTON LLP2 years

Filed as: REILLY PENNER & BENTON LLP

Service code 17 · EIN 39-0747409

1233 N MAYFAIR RD STE 302 · MILWAUKEE, WI 532263255

Pension Consulting

$15,000

TAFT STETTINIUS & HOLLISTER LLP1 year

Service code 29 · EIN 13-2834414

425 WALNUT ST STE 1800 · CINCINNATI, OH 452023907

Legal

$8,260

ALLETE AND AFFILIATED COMPANIES RETIREMENT SAVINGS AND STOCK OWNERSHIP PLAN

Top hat statement on fileNQDC

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

ALLETE AND AFFILIATED COMPANIES RETIREMENT SAVINGS AND STOCK OWNERSHIP PLAN

Top hat statement on fileNQDC

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