3M Company 401(k) Review & Grade
3M Voluntary Investment Plan and Employee Stock Ownership Plan
ST. Paul, MNManufacturing27,372 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$6,111Employer $ per active participant
$10,103Employee $ saved per active participant
0.04%Direct admin cost, % of plan assets
$10.6BNet plan assets, end of year
$262,557Average balance per account
Score breakdown
- Employer generosity28.7 / 5057th percentile for employer $ per participant
- Low cost19.8 / 2579th percentile for low admin cost vs. same-size plans
- Employee saving9.3 / 1562th percentile for employee $ per participant
- Plan features0 / 10No auto-enrollment or default investment reported
- Red-flag deductions-3 pts1 issue reported on the filing
Total score55 / 100 · Grade C
This plan vs. peers
Peers: Manufacturing plans with 10,000+ active participants (151 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 57th |
| Lower admin cost | 79th |
| Employee saving | 62th |
| Peers that auto-enroll | 69% |
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Red flags from the filing
Corrective distributions: the plan refunded $80,698 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- 3M put in about $6,111 per active participant, more than the typical peer ($5,480). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $167,267,770 |
| Participant (employee) contributions | $276,538,491 |
| Other contributions (incl. rollovers in) | $23,047,496 |
| Administrative expenses paid from the plan | $4,244,496 |
| Contract administrator fees | $257,814 |
| Other admin expenses | $254,046 |
| Benefits paid out | $1,257,419,441 |
| Net assets, start / end of year | $12.0B / $10.6B |
| Active participants, start / end of year | 32,964 / 21,780 |
| Participants with account balances | 40,357 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Blackrock Institutional Trust Co. | $2,438,116 reported compensation |
| Empower Annuity Insurance Company O | $509,815 reported compensation |
| Nepc, LLC | $295,460 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015112126NAL0009307266001, received 2025-10-15, EIN 41-0417775, plan #333, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.