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 (2022) 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 2022

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

Other plans on this EIN

2 filings

#005Retirement-$426.7M assets #003Retirement-$154.3M assets

Prospect flagsCorrective 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)

$484.1M

-14.3% from 2021

Total participants

2,129

+2.4% from 2021

Average account balance

$228,994

-16.4% from 2021

Annual return

-12.19%

-26.12 pp from 2021

Benchmarks

See 73 peers

Peer group

Industry22 - Utilities

Plan typeDefined contribution

Participants1,000-4,999

Cohort73 peers

Snapshot2022

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

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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

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

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Service providers

Top 9 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ANNUITY INSURANCE COMPANY O Service code 15 · EIN 84-0467907	Recordkeeping	$262,687
GREAT-WEST LIFE & ANNUITY INSURANCE1 year Filed as: EMPOWER ADVISORY GROUP, LLC Service code 16 · EIN 84-1532243	Consulting	$159,302
RIDGEWORTH5 years Filed as: GENEVA CAPITAL MANAGEMENT Service code 17 · EIN 39-1567956	Pension Consulting	$104,859
REILLY, PENNER & BENTON LLP4 years Filed as: REILLY PENNER & BENTON LLP Service code 17 · EIN 39-0747409	Pension Consulting	$20,873
TAFT STETTINIUS & HOLLISTER LLP3 years Service code 29 · EIN 13-2834414	Legal	$13,974
CREATIVE PLANNING LLC1 year Filed as: CREATIVE PLANNING HOLDCO LLC DBA CR Service code 27 5454 110TH ST · OVERLAND PARK, KS 66211	Advisory (Plan)	$11,000
MERCER2 years Filed as: MERCER (US) INC Service code 17 · EIN 13-2834414	Pension Consulting	$9,167
CREATIVE PLANNING LLC1 year Service code 27 5440 W 110TH ST STE 102 · OVERLAND PARK, KS 66211	Advisory (Plan)	$5,500
QDRO CONSULTANTS COMPANY, LLC1 year Filed as: QDRO CONSULTANTS Service code 16 · EIN 34-1820650	Consulting	$900

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

1 tripped

ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$485K

$339 / participant

Investment mgmt$796K164.1%

% of EOY assets

0.100%

all-in expense ratio

Categories reported

1 / 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: REILLY PENNER & BENTON LLP
Auditor EIN: 390747409
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$228,994

$153,281+49.4%

$93,789+144.2%

$77,904+193.9%

Participation rate

99.0%

92.2%+6.7pp

81.0%+18.0pp

73.7%+25.3pp

Annual return

-12.19%

-5.55%-6.6pp

-11.33%-0.9pp

12.21%-24.4pp

Employer contribution / active EE

$8,331

$5,690+46.4%

$4,323+92.7%

$2,848+192.6%

Participant deferral / active EE

$10,197

$9,364+8.9%

$6,094+67.3%

$4,806+112.2%

Admin fee / account holder

$229

$114+101.0%

$7,195-96.8%

$133+73.1%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ANNUITY INSURANCE COMPANY O

Service code 15 · EIN 84-0467907

Recordkeeping

$262,687

GREAT-WEST LIFE & ANNUITY INSURANCE1 year

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 16 · EIN 84-1532243

Consulting

$159,302

RIDGEWORTH5 years

Filed as: GENEVA CAPITAL MANAGEMENT

Service code 17 · EIN 39-1567956

Pension Consulting

$104,859

REILLY, PENNER & BENTON LLP4 years

Filed as: REILLY PENNER & BENTON LLP

Service code 17 · EIN 39-0747409

Pension Consulting

$20,873

TAFT STETTINIUS & HOLLISTER LLP3 years

Service code 29 · EIN 13-2834414

Legal

$13,974

CREATIVE PLANNING LLC1 year

Filed as: CREATIVE PLANNING HOLDCO LLC DBA CR

Service code 27

5454 110TH ST · OVERLAND PARK, KS 66211

Advisory (Plan)

$11,000

MERCER2 years

Filed as: MERCER (US) INC

Service code 17 · EIN 13-2834414

Pension Consulting

$9,167

CREATIVE PLANNING LLC1 year

Service code 27

5440 W 110TH ST STE 102 · OVERLAND PARK, KS 66211

Advisory (Plan)

$5,500

QDRO CONSULTANTS COMPANY, LLC1 year

Filed as: QDRO CONSULTANTS

Service code 16 · EIN 34-1820650

Consulting

$900

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