Minnesota › Manufacturing › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
3M Savings Plan
Sponsored by 3M Company, St. Paul, MN
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. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
3M Savings Plan is a 401(k) plan sponsored by 3M Company of St. Paul, Minnesota. For the plan year ending 31 Dec 2024 it reported 2,330 participants, 1,539 of them active, and net assets of $285M.
Net assets came to $122,370 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well above the $62,303 median for defined contribution plans in manufacturing. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $4.8M during the year, or $3,087 per active participant against a same-size median of $2,045; participants contributed $11.9M and $870K arrived as rollovers and other contributions. Benefits paid out totalled $34.1M.
Schedule C lists 6 service provider organisations paid $5,000 or more, with reported compensation of $111K: $47.75 per participant, well below the same-size median of $82.08. Administrative expenses charged to the plan were $126K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $204M in 2009 to $285M in 2024 (up 40%), and participants from 2,866 to 2,330 (down 19%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $122,370 | $50,295 | $62,303 | $53,102 |
| Employer contributions per active participant | $3,087 | $2,045 | $2,187 | $2,175 |
| Schedule C compensation per participant | $47.75 | $82.08 | $136 | $123 |
| Schedule C compensation, share of net assets | 0.04% | 0.17% | 0.24% | 0.26% |
| Administrative expenses per participant | $54.18 | $82.20 | $131 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 1,000 to 4,999 participants (10,207 plans), manufacturing (11,377) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 2,330 | $285M | $122,370 | $4.8M | $11.9M | $111K |
| 2023 | 2,476 | $271M | $109,296 | $4.7M | $11.6M | $148K |
| 2022 | 2,536 | $247M | $97,411 | $4.7M | $12.6M | $164K |
| 2021 | 2,617 | $325M | $124,334 | $4.4M | $12.8M | $150K |
| 2020 | 2,455 | $310M | $126,407 | $3.8M | $11.7M | $262K |
| 2019 | 2,602 | $303M | $116,267 | $3.7M | $11.4M | $286K |
| 2018 | 2,649 | $280M | $105,777 | $3.6M | $11.5M | $360K |
| 2017 | 2,710 | $319M | $117,707 | $3.5M | $11.5M | $318K |
| 2016 | 2,886 | $287M | $99,475 | $3.8M | $11.3M | $311K |
| 2015 | 2,962 | $270M | $91,166 | $3.6M | $11.3M | $336K |
| 2014 | 2,918 | $282M | $96,800 | $3.2M | $9.9M | $366K |
| 2013 | 2,921 | $262M | $89,842 | $2.7M | $8.9M | $456K |
| 2012 | 2,934 | $248M | $84,589 | $2.6M | $9.0M | $414K |
| 2011 | 2,939 | $224M | $76,375 | $2.4M | $8.7M | $388K |
| 2010 | 2,965 | $222M | $74,951 | $2.6M | $7.9M | $418K |
| 2009 | 2,866 | $204M | $71,217 | $1.9M | $7.4M | $351K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$270,617,604
- Employer contributions$4,751,410
- Participant contributions$11,916,129
- Rollovers and other contributions$870,227
- Total contributions$17,537,766
- Total income, including investment results$55,683,252
- Benefits paid$34,138,102
- Administrative expenses$126,229
- Total expenses$34,366,392
- Net income$21,316,860
- Net transfers−$6,812,319
- Net assets, end of year$285,122,145
Participants
- Active participants1,539
- Retired or separated, receiving benefits341
- Retired or separated, entitled to future benefits368
- Participants with account balances2,300
- Total participants, end of year2,330
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| BlackRock Institutional Trust Co. | Trustee (bank, trust company, or similar financial institution); Trustee (discretionary); Investment management | $66,227 | $0 |
| Empower Annuity Insurance Company O | Recordkeeping and information management; Participant loan processing | $25,890 | $0 |
| 3M Company | Plan Administrator | $7,003 | $880 |
| Newport Trust Company | Investment management | $6,049 | $0 |
| CliftonLarsonAllen | Accounting (including auditing) | $4,124 | $0 |
| Wellington Trust Company, NA | Investment management fees paid indirectly by plan | $0 | $1,079 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Other trustee fees and expenses$82,144
- Recordkeeping fees$25,890
- Contract administrator fees$7,003
- Other administrative expenses$5,811
- IQPA audit fees$4,124
- Legal fees$1,257
- Total administrative expenses$126,229
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Master trust investment accounts$267M · 93.8%
- Other investments$9.6M · 3.4%
- Participant loans$7.9M · 2.8%
- Receivables$221K · 0.1%
- Common/collective trusts$107K · 0.0%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCliftonLarsonAllen LLP
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $25,000,000
- Blackout period during the yearYes
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2HPartial participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3HPlan sponsor(s) is (are) a member(s) of a controlled group3IPlan requiring that all or part of employer contributions be invested and held in employer securities2RParticipant-directed brokerage accounts provided as an investment option under the plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 339900: Other Miscellaneous Mfg.
Other plans of 3M Company
| Plan | Participants | Net assets |
|---|---|---|
| 3M Voluntary Investment Plan and Employee Stock Ownership Plan | 40,574 | $10.6B |
| 3M Employee Retirement Income Plan | 25,001 | $8.23B |
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Red Wing Shoe Company, Inc. 401(k) Profit Sharing Plan | Red Wing Shoe Company, Inc. | 2,683 | $191M | $71,123 |
| Liberty Diversified International, Inc. Retirement Plan | Liberty Diversified Internationl, Inc. | 2,294 | $205M | $89,572 |
| Wells Concrete Products Company Profit Sharing 401(k) and Laborers Union Supplemental Retirement Plan | The Wells Companies | 2,831 | $108M | $38,146 |
| Smart Care Solutions 401(k) Plan | Eec Acquisitions, LLC DBA Smart Care Equipment Solutions | 2,288 | $61.1M | $26,696 |
| Jostens 401(k) Retirement Plan | Jostens, Inc. | 2,902 | $136M | $46,958 |
| Cambria Holdings 401(k) Profit Sharing Plan | Cambria Company LLC | 2,209 | $145M | $65,589 |
Defined contribution plans in manufacturing closest in size.
Questions and answers
How big is 3M Savings Plan?
2,330 participants at the end of the plan year ending 31 Dec 2024, of whom 1,539 were active employees, with net assets of $285,122,145. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 10,207 plans in plan year 2024.
What does 3M Company contribute per participant?
The filing reports $4,751,410 in employer contributions for the year, which is $3,087 per active participant; the median for plans of the same type and size was $2,045 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $111,252 in compensation to service provider organisations, $47.75 per participant or 0.04% of net assets. The same-size median among plans reporting any Schedule C compensation was $82.08 per participant. Administrative expenses on Schedule H were $126,229. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is 3M Company. Recordkeeping or administration: Empower Annuity Insurance Company O and 3M Company. Investment advisory or management: BlackRock Institutional Trust Co. and Newport Trust Company. Trustee or custodian: BlackRock Institutional Trust Co.. The financial statements were audited by CliftonLarsonAllen LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 Oct 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 41-0417775, plan 013, received 15 Oct 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.