3M Company 401(k) Review & Grade
3M Savings Plan
ST. Paul, MNManufacturing1,601 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,968Employer $ per active participant
$7,443Employee $ saved per active participant
0.05%Direct admin cost, % of plan assets
$285.1MNet plan assets, end of year
$123,966Average balance per account
Score breakdown
- Employer generosity31.3 / 5063th percentile for employer $ per participant
- Low cost22.2 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving11.5 / 1576th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score72 / 100 · Grade B
This plan vs. peers
Peers: Manufacturing plans with 500–2,499 active participants (2,376 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 63th |
| Lower admin cost | 89th |
| Employee saving | 76th |
| Peers that auto-enroll | 59% |
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Red flags from the filing
Corrective distributions: the plan refunded $524 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- 3M put in about $2,968 per active participant, more than the typical peer ($2,320). 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.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $4,751,410 |
| Participant (employee) contributions | $11,916,129 |
| Other contributions (incl. rollovers in) | $870,227 |
| Administrative expenses paid from the plan | $126,229 |
| Contract administrator fees | $7,003 |
| Other admin expenses | $5,811 |
| Benefits paid out | $34,138,102 |
| Net assets, start / end of year | $270.6M / $285.1M |
| Active participants, start / end of year | 1,663 / 1,539 |
| Participants with account balances | 2,300 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Cliftonlarsonallen LLP |
Largest service providers (Schedule C)
| Blackrock Institutional Trust Co. | $66,227 reported compensation |
| Empower Annuity Insurance Company O | $25,890 reported compensation |
| 3M Company | $7,883 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015112627NAL0002323379001, received 2025-10-15, EIN 41-0417775, plan #013, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.