State · sponsors with a Minnesota filing address
Retirement plans in Minnesota
Form 5500 filings for plan years 2009 to 2025; medians for plan year 2024.
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. A plan is counted in the state of its sponsor's address, not where its participants live.
1,840 retirement plans based in Minnesota with 100 or more participants filed Form 5500 for plan year 2024 (1,716 defined contribution, 124 defined benefit). All Form 5500 pension filers in the group reported 4,646,086 participant records and $448.2B in net assets.
The median defined contribution plan held $63,741 per participant, above the national median of $53,031, and its employer put in $2,202 per active participant (national: $2,174). Among plans reporting Schedule C compensation the median was $138 per participant against $123 nationally.
Employers contributed $9.33B and participants $14.1B during the year, and the plans paid out $42.8B in benefits.
In 2009 the same group numbered 2,012 plans with $142.4B; by 2024 it was 1,840 plans (down 9%) and $448.2B (up 215%). From plan year 2023 the 100-participant line counts participants with account balances, which moved many plans to the short form.
Beyond the full-form filers, 13,993 small plans based in Minnesota filed the short Form 5500-SF for 2024, with 391,290 participants and $28.2B in net assets. Small plans are counted here and nowhere else on this site.
Medians compared with all US plans
| Median plan, plan year 2024 | MN: DC | US: DC | MN: DB | US: DB |
|---|---|---|---|---|
| Net assets per participant | $63,741 | $53,031 | $82,714 | $86,234 |
| Employer contributions per active participant | $2,202 | $2,174 | $8,711 | $10,244 |
| Schedule C compensation per participant | $138 | $123 | $252 | $344 |
| Schedule C compensation, share of net assets | 0.24% | 0.26% | 0.31% | 0.42% |
| Administrative expenses per participant | $124 | $116 | $357 | $527 |
Medians across plans with 100 or more participants (1,663 DC and 124 DB plans with a Schedule H here). Fee medians cover plans reporting an amount. DC: defined contribution, such as 401(k) and 403(b). DB: defined benefit pension.
Distribution of DC plans
| Measure | 25th percentile | Median | 75th percentile | Plans |
|---|---|---|---|---|
| Net assets per participant | $33,289 | $63,741 | $112,083 | 1,663 |
| Employer contributions per active participant | $1,113 | $2,202 | $4,045 | 1,613 |
| Schedule C compensation per participant | $68.08 | $138 | $242 | 1,510 |
| Administrative expenses per participant | $50.90 | $124 | $225 | 1,579 |
Trend by plan year
| Plan year | Plans 100+ | Participants | Net assets | Employer contributions | Participant contributions | Median DC assets / participant | Median DC Sch. C / participant |
|---|---|---|---|---|---|---|---|
| 2025partial | 340 | 1,275,150 | $137.3B | $2.64B | $5.79B | $87,933 | $142 |
| 2024 | 1,840 | 4,646,086 | $448.2B | $9.33B | $14.1B | $63,741 | $138 |
| 2023 | 1,861 | 4,143,931 | $352.2B | $8.14B | $11.8B | $57,182 | $118 |
| 2022 | 2,065 | 4,179,634 | $314.7B | $7.48B | $11.0B | $44,399 | $111 |
| 2021 | 2,040 | 4,018,599 | $373.5B | $6.96B | $10.1B | $54,239 | $112 |
| 2020 | 2,028 | 3,817,423 | $343.4B | $7.97B | $9.15B | $50,560 | $99.42 |
| 2019 | 2,027 | 3,758,165 | $295.1B | $7.16B | $8.57B | $43,570 | $94.38 |
| 2018 | 2,000 | 3,709,058 | $250.9B | $6.31B | $8.07B | $36,696 | $86.13 |
| 2017 | 2,027 | 3,786,182 | $274.3B | $8.85B | $7.51B | $39,058 | $72.81 |
| 2016 | 1,996 | 3,749,764 | $240.3B | $7.28B | $6.97B | $35,496 | $58.80 |
| 2015 | 1,980 | 3,738,457 | $226.5B | $7.00B | $6.49B | $34,570 | $53.23 |
| 2014 | 1,969 | 3,652,885 | $226.3B | $6.05B | $5.87B | $36,607 | $52.08 |
| 2013 | 1,957 | 3,652,475 | $213.8B | $5.69B | $5.52B | $35,369 | $39.76 |
| 2012 | 1,925 | 3,632,682 | $186.0B | $6.19B | $5.20B | $31,618 | $38.57 |
| 2011 | 1,930 | 3,610,537 | $165.0B | $6.83B | $4.91B | $29,137 | $36.03 |
| 2010 | 1,951 | 3,631,187 | $159.5B | $5.21B | $4.82B | $30,135 | $32.47 |
| 2009 | 2,012 | 3,643,137 | $142.4B | $5.09B | $4.46B | $25,884 | $29.04 |
Plan year is the year in which the plan year began. The drop in large plans from 2023 follows a rule change: the 100-participant line now counts participants with account balances, so many plans moved to the short form.
Provider share
Service provider organisations named most often on the Schedule C of the 1,842 plans on this page's list, by number of plans. A plan usually names several providers.
Largest plans
The 60 largest by participants of 1,842 plans with a page on this site.
| Plan | Sponsor | Type | Participants | Net assets | Per participant | Employer / active | Sch. C / participant |
|---|---|---|---|---|---|---|---|
| Target Corporation 401(k) Plan | Target Corporation | DC | 495,482 | $14.4B | $29,085 | $894 | — |
| Unitedhealth Group 401(k) Savings Plan | Unitedhealth Group Incorporated | DC | 262,812 | $30.3B | $115,375 | $3,650 | $16.21 |
| Wells Fargo & Company 401(k) Plan | Wells Fargo & Company | DC | 255,580 | $57.9B | $226,493 | $6,154 | $41.08 |
| Wells Fargo & Company Cash Balance Plan | Wells Fargo & Company | DB | 165,927 | $8.25B | $49,704 | — | $140 |
| Mayo 403(b) Plan | Mayo Clinic | DC | 112,693 | $15.1B | $133,937 | $1,955 | $138 |
| Best Buy Retirement Savings Plan | Best Buy Enterprise Services, Inc. | DC | 109,038 | $3.54B | $32,478 | $749 | $53.79 |
| Mayo Pension Plan | Mayo Clinic | DB | 93,747 | $11.7B | $124,646 | $3,595 | $156 |
| U.S. Bank 401(k) Savings Plan | U.S. Bancorp | DC | 85,667 | $13.0B | $151,521 | $3,803 | $60.31 |
| Target Corporation Pension Plan | Target Corporation | DB | 75,775 | $3.29B | $43,474 | — | $138 |
| U.S. Bank Pension Plan | U.S. Bancorp | DB | 73,390 | $4.38B | $59,708 | — | $56.71 |
| Optumcare 401(k) Retirement Plan | Prohealth Physicians, P.C. | DC | 62,142 | $5.99B | $96,357 | $2,366 | $11.98 |
| Medtronic Savings and Investment Plan | Medtronic, Inc. | DC | 55,692 | $13.7B | $246,344 | $9,093 | $63.54 |
| The Travelers Pension Plan | Travelers Companies, Inc. | DB | 45,786 | $4.23B | $92,478 | — | $283 |
| U.S. Bank Legacy Pension Plan | U.S. Bancorp | DB | 45,327 | $3.48B | $76,713 | — | $56.12 |
| Life Time and Its Affiliates 401(k) Plan | Life Time, Inc. | DC | 43,612 | $332M | $7,614 | $125 | $18.59 |
| The Cargill Partnership Plan | Cargill, Incorporated | DC | 43,508 | $8.92B | $205,035 | $3,337 | $83.49 |
| The Travelers 401(k) Savings Plan | Travelers Companies, Inc. | DC | 42,215 | $10.4B | $245,929 | $4,857 | $85.36 |
| Sevita 401(k) Plan | National Mentor Holdings, LLC | DC | 41,694 | $347M | $8,328 | $201 | $26.89 |
| 3M Voluntary Investment Plan and Employee Stock Ownership Plan | 3M Company | DC | 40,574 | $10.6B | $261,153 | $7,680 | $102 |
| Allina 401(k) Retirement Savings Plan | Allina Health System | DC | 37,565 | $4.11B | $109,535 | $3,362 | $78.89 |
| Fairview Health Services 403(b) Plan | Fairview Health Services | DC | 37,036 | $3.85B | $103,834 | $2,557 | $56.91 |
| Twin City Hospitals - Minnesota Nurses Association Pension Plan | Pension Committee Under Twin City Hospitals - Minnesota Nurses | DB | 33,805 | $2.38B | $70,363 | $6,746 | $209 |
| National Roofing Industry Pension Fund | National Roofing Industry Pension Fund Wilson-McShane Corporation | DB | 33,418 | $2.39B | $71,477 | $4,563 | $175 |
| Ecolab Pension Plan | Ecolab Inc. | DB | 33,278 | $1.67B | $50,154 | $1,434 | $247 |
| Cargill Employee Retirement Account Plan | Cargill, Incorporated | DC | 32,006 | $613M | $19,144 | $2,963 | $10.57 |
| Ecolab Savings Plan and ESOP | Ecolab Inc. | DC | 25,397 | $4.18B | $164,583 | $4,650 | $43.79 |
| 3M Employee Retirement Income Plan | 3M Company | DB | 25,001 | $8.23B | $329,179 | — | $1,956 |
| Amedisys Holding, LLC 401(k) Plan | Amedisys Holding, L.L.C. | DC | 24,456 | $1.12B | $45,999 | $1,288 | $51.60 |
| General Mills 401(k) Plan | General Mills, Inc. | DC | 24,384 | $5.04B | $206,743 | $5,158 | $159 |
| Carpenters & Joiners Defined Contribution Plan | Board of Trustees of the Carpenters & Joiners Defined Contribution Pla | DC | 23,909 | $811M | $33,931 | $2,101 | $63.20 |
| Supervalu Inc. Retirement Plan | Supervalu Inc. | DB | 23,581 | $1.51B | $63,833 | — | — |
| General Mills Pension Plan I | General Mills, Inc. | DB | 22,179 | $3.71B | $167,122 | — | $91.21 |
| Fastenal Company & Subsidiaries 401(k) and Employee Stock Ownership Plan | Fastenal Company & Subsidiaries | DC | 21,772 | $1.23B | $56,442 | $1,211 | $40.93 |
| Minnesota Laborers Pension Fund | Board of Trustees of Minnesota Laborers Pension Fund | DB | 21,655 | $3.19B | $147,506 | $15,907 | $256 |
| Essentia Health Retirement Plan | Essentia Health | DC | 20,507 | $2.19B | $106,727 | $3,603 | $65.25 |
| Thomson Reuters 401(k) Savings Plan | Thomson Reuters Holdings Inc. | DC | 20,290 | $4.47B | $220,448 | $5,955 | $123 |
| Surgical Care Affiliates, LLC Retirement Investment Plan | Surgical Care Affiliates, LLC | DC | 19,109 | $713M | $37,301 | $2,363 | $16.46 |
| Andersen 401(k) Plan | Andersen Corporation | DC | 19,059 | $1.68B | $88,405 | $4,234 | $132 |
| Twin City Carpenters and Joiners Pension Fund | Board of Trustees of the Twin City Carpenters and Joiners Pension Fund | DB | 18,016 | $2.01B | $111,431 | $19,818 | $308 |
| Cargill, Inc. and Associated Companies Salaried Employees Pension Plan | Cargill, Incorporated | DB | 16,751 | $2.00B | $119,254 | $4,568 | $340 |
| General Mills Pension Plan | General Mills, Inc. | DB | 16,513 | $1.52B | $91,894 | — | $104 |
| Rbc- U.S.A. Retirement and Savings Plan | RBC USA Holdco Corporation | DC | 15,272 | $5.02B | $328,875 | $7,141 | $15.73 |
| Centracare Health System Retirement Plan | Centracare Health System | DC | 15,141 | $1.47B | $97,059 | $4,822 | $81.41 |
| Xcel Energy 401(k) Savings Plan | Xcel Energy Inc. | DC | 14,084 | $3.50B | $248,716 | $3,828 | $125 |
| Robinson Companies Retirement Plan | C.H. Robinson Company, Inc. | DC | 13,876 | $2.05B | $147,499 | $5,951 | $52.15 |
| Minneapolis Retail Meat Cutters and Food Handlers Pension Fund | Board of Trustees, Minneapolis Retail Meat Cutters | DB | 13,679 | $605M | $44,220 | $8,834 | $200 |
| Cargill Investment Plan | Cargill, Incorporated | DC | 13,535 | $574M | $42,434 | $1,571 | $48.28 |
| Cargill, Inc. and Assoc. Co's Pension Plan for Production Employees | Cargill, Incorporated | DB | 13,465 | $598M | $44,381 | — | $28.85 |
| CHS Inc. 401(k) Plan | CHS, Inc. | DC | 13,421 | $1.78B | $132,855 | $5,055 | $74.42 |
| Twin City Hospital Workers Pension Plan | Board of Trustees of Twin City Hospital Workers Pension Plan | DB | 13,288 | $287M | $21,590 | $1,312 | $53.28 |
| Operating Engineers Local #49 Defined Contribution Plan | Trustees of Operating Engineers Local #49 Defined Contribution Plan | DC | 12,571 | $71.0M | $5,649 | $2,087 | $37.87 |
| Ameriprise Financial 401(k) Plan | Ameriprise Financial, Inc. | DC | 11,885 | $3.89B | $327,503 | $8,068 | $188 |
| Solventum Voluntary Investment Plan | Solventum Corporation | DC | 11,816 | $2.56B | $216,439 | $6,297 | $10.87 |
| Thomson Reuters Group Pension Plan | Thomson Reuters Holdings Inc. | DB | 11,810 | $1.40B | $118,583 | $0 | $292 |
| CHS Inc. Pension Plan | CHS Inc. | DB | 11,793 | $714M | $60,516 | $3,862 | — |
| Hormel Foods Corporation Pension Plan | Hormel Foods Corporation | DB | 11,782 | $1.04B | $87,954 | — | $112 |
| Xcel Energy Pension Plan and Xcel Energy Pension Plan for Bargaining Employees | Xcel Energy Inc. | DB | 11,750 | $1.24B | $105,647 | $15,743 | $416 |
| Land O'Lakes, Inc. Employee Savings and Supplemental Retirement Plan | Land O'Lakes, Inc. | DC | 11,406 | $2.04B | $178,937 | $7,056 | $10.41 |
| Park Nicollet Health Services 401(k) Retirement Savings Plan | Park Nicollet Health Services | DC | 11,344 | $2.23B | $196,521 | $6,156 | $52.59 |
| Schwan's Company Retirement Savings Plan | Schwans Shared Services, LLC | DC | 11,319 | $632M | $55,829 | $1,524 | $96.01 |
By plan size
By industry
By plan year
Questions and answers
How many retirement plans are there in Minnesota?
1,840 plans with 100 or more participants filed Form 5500 for plan year 2024, out of 2,835 pension plans on the full form. Smaller plans file Form 5500-SF and are counted separately where shown.
What is the typical 401(k) balance in Minnesota?
The median defined contribution plan reported $63,741 in net assets per participant (middle half of plans: $33,289 to $112,083); nationally it was $53,031. This is a plan-level average that includes former employees, not a typical person's balance.
What do employers contribute in Minnesota?
The median defined contribution plan received $2,202 in employer contributions per active participant, against $2,174 nationally. Plans with no employer contribution are included at zero.
What are average 401(k) fees in Minnesota?
Among defined contribution plans that report any Schedule C compensation, the median was $138 per participant and 0.24% of net assets (nationally $123 and 0.26%). Schedule C leaves out fund expense ratios and fees the employer pays, so it understates total cost.
Where does this come from?
Form 5500 annual reports in the EBSA research files, with filings received through 24 Aug 2026. Medians are computed by this site across plans with 100 or more participants.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 and Form 5500-SF research files, public domain, with filings received through 24 Aug 2026. Totals count every pension plan on the full form; medians and the plan list cover plans with 100 or more participants. See the methodology.