Retirement plan

MEDTRONIC SAVINGS AND INVESTMENT PLAN (ALSO KNOWN AS THE MEDTRONIC 401(K) PLAN)

Name: MEDTRONIC, INC. - MEDTRONIC SAVINGS AND INVESTMENT PLAN (ALSO KNOWN AS THE MEDTRONIC 401(K) PLAN) (2020) Form 5500
Creator: MEDTRONIC, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MEDTRONIC SAVINGS AND INVESTMENT PLAN (ALSO KNOWN AS THE MEDTRONIC 401(K) PLAN), MEDTRONIC, INC.

MEDTRONIC, INC.EIN 41-0793183Plan #005PY 2020

710 MEDTRONIC PARKWAY NE, MS LC245 - MINNEAPOLIS, MN 55432763-514-4000medtronic.comLinkedIn10001+ employeesmedical devices

Other plans on this EIN

2 filings

#002Retirement-$1.72B assets #007Retirement-$1.58B assets

Prospect flagsLow returnsFailed to provide benefit

How to read this page

Total assets (EOY)

$10011.6M

-3.0% from 2019

Total participants

53,577

-6.5% from 2019

Average account balance

$189,048

-3.3% from 2019

Annual return

-0.80%

-7.59 pp from 2019

Benchmarks

See 86 peers

Peer group

Industry33 - Manufacturing

Plan typeDefined contribution

Participants>=10,000

Cohort86 peers

Snapshot2020

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

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Analytics

Total assets (EOY)

Plan-year ending balance

$13.72B

Not enough data

1 years with asset history on file

Average account balance

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

$249K

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.

55,071

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.

98.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$854.59M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$22K

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

+9.46%

Not enough data

1 years with return on file

Admin fee / account holder

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

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 6 by compensation

Provider	Service type	Compensation
STRATEGIC ADVISORS, INC.1 year Service code 27 · EIN 04-2654524	Advisory (Plan)	$1,383,265
ALIGHT SOLUTIONS LLC1 year Filed as: ALIGHT FINANCIAL ADVISORS Service code 14 · EIN 82-1061233	Plan Administrator	$750,161
FIDELITY INVESTMENTS INSTITUTIONAL1 year Service code 37 · EIN 04-2647786	Loan Processing	$397,831
THE BANK OF NEW YORK MELLON1 year Filed as: BNY MELLON Service code 21 · EIN 13-5190382	Bank Trustee	$91,017
AON CONSULTING1 year Filed as: AON HEWITT INVESTMENT CONSULTING, Service code 27 · EIN 22-2232264	Advisory (Plan)	$84,672
RSM US LLP1 year Service code 10 · EIN 42-0714325	Accounting	$43,050

Plan features & details

Pension benefit codes2S2T3H2E2F2G2J2K2O2R

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).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all 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.
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.
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.
ComplianceFailed to provide benefit
Form 5500 reported that benefits due were not provided when due.

Expense breakdown

Schedule H Part II

Plan-level admin expenses are zero - fees are likely paid at the master-trust level rather than the individual plan.

Audit opinion

Schedule H Part III

Unqualified opinion

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

Auditor firm: BAKER TILLY US, LLP
Auditor EIN: 390859910
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$189,048

$164,350+15.0%

$95,952+97.0%

$106,222+78.0%

Participation rate

98.4%

90.5%+7.9pp

77.1%+21.3pp

70.8%+27.6pp

Annual return

-0.80%

14.56%-15.4pp

91.61%-92.4pp

21.69%-22.5pp

Employer contribution / active EE

$7,362

$4,292+71.5%

$2,541+189.7%

$2,723+170.3%

Participant deferral / active EE

$10,701

$7,854+36.2%

$4,167+156.8%

$4,600+132.6%

Admin fee / account holder

$65-100.0%

$6,795-100.0%

$78-100.0%

Provider

Service type

Compensation

STRATEGIC ADVISORS, INC.1 year

Service code 27 · EIN 04-2654524

Advisory (Plan)

$1,383,265

ALIGHT SOLUTIONS LLC1 year

Filed as: ALIGHT FINANCIAL ADVISORS

Service code 14 · EIN 82-1061233

Plan Administrator

$750,161

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Service code 37 · EIN 04-2647786

Loan Processing

$397,831

THE BANK OF NEW YORK MELLON1 year

Filed as: BNY MELLON

Service code 21 · EIN 13-5190382

Bank Trustee

$91,017

AON CONSULTING1 year

Filed as: AON HEWITT INVESTMENT CONSULTING,

Service code 27 · EIN 22-2232264

Advisory (Plan)

$84,672

RSM US LLP1 year

Service code 10 · EIN 42-0714325

Accounting

$43,050

MEDTRONIC SAVINGS AND INVESTMENT PLAN (ALSO KNOWN AS THE MEDTRONIC 401(K) PLAN)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MEDTRONIC SAVINGS AND INVESTMENT PLAN (ALSO KNOWN AS THE MEDTRONIC 401(K) 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