Minnesota › Utilities › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan
Sponsored by Allete, Inc., Duluth, 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.
In the plan year ending 31 Dec 2024, Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan covered 2,345 participants and held $606M in net assets. The plan is an ESOP with a 401(k) feature sponsored by Allete, Inc. of Duluth, Minnesota.
Net assets came to $258,282 per participant, well above the $50,295 median for defined contribution plans with 1,000 to 4,999 participants and well above the $137,166 median for defined contribution plans in utilities. 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 $15.8M during the year, or $9,674 per active participant against a same-size median of $2,045; participants contributed $17.6M and $3.2M arrived as rollovers and other contributions. Benefits paid out totalled $48.7M.
Schedule C lists 7 service provider organisations paid $5,000 or more, with reported compensation of $678K: $289 per participant, well above the same-size median of $82.08. Administrative expenses charged to the plan were $554K. 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 $295M in 2009 to $606M in 2024 (up 105%), and participants from 1,861 to 2,345 (up 26%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $258,282 | $50,295 | $137,166 | $53,102 |
| Employer contributions per active participant | $9,674 | $2,045 | $5,334 | $2,175 |
| Schedule C compensation per participant | $289 | $82.08 | $145 | $123 |
| Schedule C compensation, share of net assets | 0.11% | 0.17% | 0.12% | 0.26% |
| Administrative expenses per participant | $236 | $82.20 | $139 | $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), utilities (393) 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 | 2,345 | $606M | $258,282 | $15.8M | $17.6M | $678K |
| 2023 | 2,294 | $546M | $238,086 | $13.7M | $16.2M | $774K |
| 2022 | 2,129 | $484M | $227,381 | $11.9M | $14.6M | $589K |
| 2021 | 2,079 | $565M | $271,805 | $11.6M | $14.0M | $505K |
| 2020 | 2,061 | $505M | $244,929 | $11.2M | $13.3M | $471K |
| 2019 | 2,170 | $493M | $227,066 | $10.8M | $13.9M | $471K |
| 2018 | 2,741 | $485M | $177,038 | $11.4M | $14.9M | $489K |
| 2017 | 2,550 | $491M | $192,536 | $11.1M | $14.1M | $350K |
| 2016 | 2,671 | $430M | $160,836 | $9.2M | $11.9M | $361K |
| 2015 | 2,033 | $377M | $185,636 | $5.3M | $11.5M | $367K |
| 2014 | 2,109 | $416M | $197,059 | $4.4M | $10.9M | $191K |
| 2013 | 2,027 | $405M | $199,721 | $4.7M | $10.3M | $243K |
| 2012 | 2,004 | $351M | $175,379 | $4.6M | $9.7M | $258K |
| 2011 | 1,934 | $339M | $175,077 | $3.2M | $9.2M | $242K |
| 2010 | 1,853 | $338M | $182,289 | $6.3M | $8.9M | $203K |
| 2009 | 1,861 | $295M | $158,505 | $8.5M | $9.0M | $91K |
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$546,169,297
- Employer contributions$15,798,010
- Participant contributions$17,577,019
- Rollovers and other contributions$3,172,753
- Total contributions$36,547,782
- Total income, including investment results$108,836,408
- Benefits paid$48,717,595
- Administrative expenses$554,470
- Total expenses$49,333,348
- Net income$59,503,060
- Net transfers$0
- Net assets, end of year$605,672,357
Participants
- Active participants1,633
- Retired or separated, receiving benefits176
- Retired or separated, entitled to future benefits474
- Participants with account balances2,312
- Total participants, end of year2,345
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Empower Annuity Insurance Company | Recordkeeping and information management; Participant loan processing | $292,277 | $0 |
| Empower Advisory Group, LLC | Investment advisory (participants); Consulting (general) | $205,676 | $0 |
| Geneva Capital Managmeent, LLC | Consulting (pension) | $97,408 | $0 |
| Taft Stettinius & Hollister LLP | Legal | $34,498 | $0 |
| Reilly Penner & Benton LLP | Accounting (including auditing) | $25,050 | $0 |
| Creative Planning LLC | Investment advisory (plan) | $22,000 | $0 |
| Qdro Consultants Company,llc | Consulting (general) | $900 | $0 |
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
- Investment advisory and management fees$589,868
- Total administrative expenses$554,470
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.
- Registered investment companies (mutual funds)$298M · 49.2%
- Common/collective trusts$182M · 30.0%
- Employer securities$90.0M · 14.9%
- Other investments$17.7M · 2.9%
- Pooled separate accounts$8.5M · 1.4%
- Participant loans$5.6M · 0.9%
- Receivables$3.0M · 0.5%
- Cash (interest and non-interest bearing)$949K · 0.2%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmReilly Penner & Benton LLP
- Participant contributions reported as transmitted lateYes, $383
- Covered by a fidelity bondYes, $10,000,000
- 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 plan2FERISA section 404(c) plan2IStock bonus2KCode section 401(m) arrangement2OESOP other than a leveraged ESOP2RParticipant-directed brokerage accounts provided as an investment option under the plan2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3FPlan sponsor(s) received services of leased employees3HPlan sponsor(s) is (are) a member(s) of a controlled group2JCode section 401(k) feature
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 221100: Electric Power Generation, Transmission & Distribution.
Other plans of Allete, Inc.
| Plan | Participants | Net assets |
|---|---|---|
| Allete & Affiliated Companies Retirement Plan C | 1,700 | $422M |
| Allete and Affiliated Companies Retirement Plan B | 525 | $188M |
Similar plans in Minnesota
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Xcel Energy 401(k) Savings Plan | Xcel Energy Inc. | 14,084 | $3.50B | $248,716 |
| New Century Energies, Inc. Employees' Savings and Stock Ownership Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employee | Xcel Energy Inc. | 2,343 | $677M | $288,828 |
| Otter Tail Corporation Employee Stock Ownership Plan | Otter Tail Corporation | 1,194 | $42.9M | $35,921 |
| New Century Energies, Inc. Employee Investment Plan for Bargaining Unit Employees and Former Non-Bargaining Unit Employees | Xcel Energy Inc. | 1,174 | $208M | $177,006 |
| Great River Energy 401(k) Retirement Plan | Great River Energy | 942 | $458M | $486,170 |
| Nuclear Management Company, LLC NMC Savings and Retirement Plan | Xcel Energy Inc. | 511 | $223M | $436,824 |
Defined contribution plans in utilities closest in size.
Questions and answers
How big is Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan?
2,345 participants at the end of the plan year ending 31 Dec 2024, of whom 1,633 were active employees, with net assets of $605,672,357. 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 Allete, Inc. contribute per participant?
The filing reports $15,798,010 in employer contributions for the year, which is $9,674 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 $677,809 in compensation to service provider organisations, $289 per participant or 0.11% 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 $554,470. 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 Allete, Inc.. Recordkeeping or administration: Empower Annuity Insurance Company. Investment advisory or management: Empower Advisory Group, LLC and Creative Planning LLC. The financial statements were audited by Reilly Penner & Benton 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. 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 29 Jul 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 41-0418150, plan 002, received 29 Jul 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.