3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN · ST. PAUL, MN · plan year 2023
Reported admin expense ratio · 2023
0.05%
Peer grade: B· admin costs + employer contributions vs same-size plans · how grading works
3M Company reported $6,208,603 in plan administrative expenses for 2023: 0.05% of average plan assets, above the peer median. Employer contributions averaged $6,674 per active participant. This ratio covers administrative expenses reported on the plan's Schedule H only; fund-level expense ratios are not included in public structured data — see methodology.
Across the 2 years on file its reported administrative ratio fell from 0.06% to 0.04%. The plan sits in the over $1B size bracket, benchmarked here against 1,075 comparable plans and shown alongside other manufacturing employers. By assets it is the 6th-largest of 1,918 plans among Minnesota employers on file, and the 30th of 13,661 in manufacturing. In 2023, employees put in $1.60 for every $1.00 the employer contributed.
Plan summary
Net assets, end of year$12,044,161,291
Participants with balances52,623
Active participants32,964
Employer contributions$220,001,972
Employee contributions$352,321,538
Employer contribution per active participant$6,674
Employer contribution per active participant$6,674
Median for plans this size$5,237
2024$7,680 per active participant
2023$6,674 per active participant
2022$6,517 per active participant
3M Company's 2023 employer contribution ran above the $5,237 median for plans its size. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.
What these fees cost you
Annual cost at the plan's reported 2023 administrative ratio, against the median plan its size; fund expense ratios are extra. Compare any plan.
Compensation shown is direct payments from plan assets reported on Schedule C. Providers paid through fund revenue-sharing appear as indirect.
Recordkeeper by year2
2024Empower
2023Empower, TEMPO HOLDING COMPANY, LLC
This plan has changed recordkeepers within these filings. If you left 3M Company before a switch, your account may sit at the earlier firm or in a rollover IRA. Looking for an account from a past job here? How to find an old 401(k).
Administrative cost history3
2024$4,244,496 · 0.04%
2023$6,208,603 · 0.05%
2022$7,903,933 · 0.06%
All plans at this employer2
3M SAVINGS PLAN401(k)
3M VOLUNTARY INVESTMENT PLAN AND EMPLOYEE STOCK OWNERSHIP PLAN401(k) + ESOP (KSOP)
Source: U.S. Department of Labor, Form 5500 series, EIN 410417775 ·
Verify on EFAST2 ·
Amounts are as reported by the plan sponsor for the plan year shown.