Employer · plans filed under one EIN
Allete, Inc.
Duluth, MN · Utilities
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances.
Allete, Inc., based in Duluth, Minnesota, sponsors 3 retirement plans with 100 or more participants: 1 defined contribution and 2 defined benefit. Together they reported 4,570 participant records and $1.22B in net assets.
The largest is Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan, an ESOP with a 401(k) feature with 2,345 participants. A person can be counted in more than one plan, so the participant total is a count of records rather than of people.
Employer contributions across the plans were $33.8M and participant contributions $17.6M in the latest plan years; benefits paid were $107M. Schedule C compensation reported to service provider organisations totalled $2.1M.
Combined net assets moved from $443M in 2009 to $1.22B in 2024 (up 174%). Plan mergers and spin-offs show up here as steps in the series.
Plans
| Plan | Kind | Plan year | Participants | Net assets | Per participant | Employer / active | Sch. C compensation |
|---|---|---|---|---|---|---|---|
| Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan | ESOP with a 401(k) feature | 2024 | 2,345 | $606M | $258,282 | $9,674 | $678K |
| Allete & Affiliated Companies Retirement Plan C | defined benefit pension plan | 2024 | 1,700 | $422M | $248,033 | $46,249 | $1.0M |
| Allete and Affiliated Companies Retirement Plan B | defined benefit pension plan | 2024 | 525 | $188M | $358,010 | $41,203 | $445K |
| US median, plan year 2024: DC plans $53,102 per participant, $2,175 employer contribution per active participant; DB plans $86,221 and $10,244. | |||||||
Trend by plan year
| Plan year | Plans | Participant records | Net assets | Employer contributions | Participant contributions |
|---|---|---|---|---|---|
| 2024 | 3 | 4,570 | $1.22B | $33.8M | $17.6M |
| 2023 | 3 | 4,566 | $1.15B | $31.5M | $16.2M |
| 2022 | 3 | 4,430 | $1.06B | $24.3M | $14.6M |
| 2021 | 3 | 4,463 | $1.31B | $11.6M | $14.0M |
| 2020 | 3 | 4,436 | $1.27B | $21.6M | $13.3M |
| 2019 | 3 | 4,586 | $1.20B | $31.1M | $13.9M |
| 2018 | 3 | 5,197 | $1.08B | $11.4M | $14.9M |
| 2017 | 3 | 4,704 | $1.09B | $24.6M | $14.1M |
| 2016 | 3 | 4,957 | $971M | $20.0M | $11.9M |
| 2015 | 2 | 3,223 | $637M | $9.9M | $11.5M |
| 2014 | 2 | 3,294 | $686M | $4.4M | $10.9M |
| 2013 | 2 | 3,223 | $664M | $18.1M | $10.3M |
| 2012 | 2 | 3,210 | $575M | $11.2M | $9.7M |
| 2011 | 2 | 3,170 | $546M | $17.0M | $9.2M |
| 2010 | 2 | 3,093 | $524M | $29.9M | $8.9M |
| 2009 | 2 | 3,104 | $443M | $8.5M | $9.0M |
History of the plans listed above, in the years each filed the full Form 5500 with 100 or more participants. Plans that have since terminated are not included.
Service providers
| Organisation | Services reported | Plans | Compensation reported |
|---|---|---|---|
| Pimco | Investment management | 2 | $924,335 |
| Empower Annuity Insurance Company | Recordkeeping and information management; Participant loan processing | 1 | $292,277 |
| Empower Advisory Group, LLC | Investment advisory (participants); Consulting (general) | 1 | $205,676 |
| US Bank | Trustee (bank, trust company, or similar financial institution) | 2 | $165,949 |
| Allete Inc. | Contract Administrator | 2 | $111,283 |
| Geneva Capital Managmeent, LLC | Consulting (pension) | 1 | $97,408 |
| Lockton Retirement Services | Investment management | 2 | $95,344 |
| Willis Towers Watson US LLC | Actuarial; Consulting (general) | 2 | $89,014 |
| Reilly Penner & Benton LLP | Accounting (including auditing) | 3 | $59,100 |
| Tellus Health | Recordkeeping and information management | 2 | $39,228 |
| Taft Stettinius & Hollister LLP | Legal | 1 | $34,498 |
| Creative Planning LLC | Investment advisory (plan) | 1 | $22,000 |
| Qdro Consultants Company,llc | Consulting (general) | 1 | $900 |
Organisations paid $5,000 or more by any of these plans, from Schedule C. Individuals are not shown.
Questions and answers
How many retirement plans does Allete, Inc. have?
3 plans with 100 or more participants filed Form 5500 under its employer identification number for the latest plan years: Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan, Allete & Affiliated Companies Retirement Plan C and Allete and Affiliated Companies Retirement Plan B. Smaller plans and plans filed under a subsidiary's number are not grouped here.
How much does Allete, Inc. contribute to its plans?
$33,783,565 in employer contributions across these plans in their latest plan years, about $16,464 per active participant record. Form 5500 reports totals and not the match or accrual formula.
Who provides services to these plans?
Schedule C filings name Pimco, Empower Annuity Insurance Company, Empower Advisory Group, LLC and US Bank and others. Only organisations paid $5,000 or more by a plan are listed on Schedule C.
Where does this come from?
Form 5500 annual reports filed with the Department of Labor's EFAST2 system, from the EBSA research files, with filings received through 24 Aug 2026. Figures are as filed and may be amended.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files, public domain, with filings received through 24 Aug 2026. Plans are grouped by the sponsor's employer identification number exactly as filed; a company that files under several EINs appears as several employers. See the methodology and corrections.