State by plan year
Minnesota retirement plan filings, 2020
Plan years beginning in 2020, as filed with the Department of Labor.
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.
For plan years beginning in 2020, 3,239 pension plans based in Minnesota filed the full Form 5500, 2,028 of them with 100 or more participants (1,883 defined contribution, 145 defined benefit).
Those filings reported 3,817,423 participant records and $343.4B in net assets, 3.2% of the national total. Employers contributed $7.97B, participants $9.15B, and $25.0B was paid in benefits.
78 filings were marked as a plan's first return and 120 as its final return. A further 11,835 small plans filed the short Form 5500-SF, with 306,730 participants and $24.6B in net assets.
Against 2019: large plans unchanged, participant records up 2%, net assets up 16%.
Minnesota and the United States, 2020
| Measure | Minnesota | United States | Minnesota share |
|---|---|---|---|
| Pension plans on Form 5500 | 3,239 | 147,203 | 2.2% |
| Plans with 100+ participants | 2,028 | 81,107 | 2.5% |
| Participant records | 3,817,423 | 129,893,383 | 2.9% |
| Net assets | $343.4B | $10.71T | 3.2% |
| Employer contributions | $7.97B | $258.6B | 3.1% |
| Participant contributions | $9.15B | $284.6B | 3.2% |
| Benefits paid | $25.0B | $858.4B | 2.9% |
| First returns | 78 | 4,555 | 1.7% |
| Final returns | 120 | 5,609 | 2.1% |
| Small plans on Form 5500-SF | 11,835 | 602,576 | 2.0% |
Median plan, 2020
| Plans with 100+ participants | MN: DC | US: DC | MN: DB | US: DB |
|---|---|---|---|---|
| Net assets per participant | $50,560 | $40,411 | $93,761 | $82,896 |
| Employer contributions per active participant | $1,491 | $1,407 | $8,049 | $9,607 |
| Schedule C compensation per participant | $99.42 | $92.15 | $295 | $285 |
| Administrative expenses per participant | $90.57 | $80.12 | $374 | $472 |
Change from 2019
| Measure | 2019 | 2020 | Change |
|---|---|---|---|
| Plans with 100+ participants | 2,027 | 2,028 | unchanged |
| Participant records | 3,758,165 | 3,817,423 | up 2% |
| Net assets | $295.1B | $343.4B | up 16% |
| Employer contributions | $7.16B | $7.97B | up 11% |
| Median DC assets per participant | $43,570 | $50,560 | up 16% |
All Minnesota plans, providers and the largest plans
Questions and answers
How many retirement plans filed in Minnesota for 2020?
3,239 pension plans on the full Form 5500 (2,028 with 100 or more participants) and 11,835 small plans on Form 5500-SF.
How many new and terminated plans were there?
78 full-form filings were marked as a first return and 120 as a final return. A final return is filed when a plan terminates or merges into another plan.
What was the median plan like?
The median defined contribution plan with 100 or more participants held $50,560 per participant, and the median employer contribution was $1,491 per active participant.
Why is the state the sponsor's state?
Form 5500 records the plan sponsor's address, not where participants live. A national employer's plan is counted once, in the state of its headquarters filing address.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 and Form 5500-SF research files for 2020, public domain, with filings received through 24 Aug 2026. First and final returns are the filer's own check-boxes on the form. See the methodology.