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3M Voluntary Investment Plan and Employee Stock Ownership Plan


Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan03/31/1982
  • Net Assets as of 12/31/2019 $12,071,327,154
  • Plan Number333
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program?Yes
  • Plan Funding Arrangement Trust
  • Plan Benefit Arrangement Trust

Participant Information as of 12/31/2019

  • Active (Eligible) Participants37,936
  • Retired or separated participants receiving benefits1,342
  • Other retired or separated participants entitled to future benefits14,819
  • Subtotal54,097
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits505
  • Total54,602
  • Total number of participants as of 01/01/201953,483
  • Number of participants with account balances51,234
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested1,108


  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address3M Center 224-2W-15
  • CitySt Paul
  • StateMN
  • Zip55144-1000
  • Telephone(651) 737-4611
  • EIN41-0417775
  • Industry Code339900
  • Named AdministratorDeidre Rehfeld

Audit Information

  • Audit StatusAudited
  • AuditorCliftonlarsonallen LLP
  • Auditor EIN41-0746749
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
2E Profit-sharing A defined contribution plan that allows employer discretionary contributions. These plans often contain a 401(k) feature.
2H Partial participant-directed account plan Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J Code section 401(k) feature A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
2K Code section 401(m) arrangement Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
2P Leveraged ESOP An Employee Stock Ownership Plan (ESOP) that acquires employer securities with borrowed money or other debt-financing techniques.
2R Brokerage Window Participant-directed brokerage accounts provided as an investment option under the plan.
3H Controlled Group Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).
3I Employer Securities Limitations Plan requiring that all or part of employer contributions be invested and held, at least for a limited period, in employer securities.

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? No
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? Yes $25,000,000
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan have assets held for investment? Yes
Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? No
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No
Has the plan failed to provide any benefit when due under the plan? No
If this is an individual account plan, was there a blackout period? No
If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR 2520.101-3? No


Income and Expense Statement

Income $2,210,725,831
Contributions $532,285,843
Cash Contributions $532,285,843
Cash from Employers $175,519,780
Cash from Participants $327,309,860
Others (including rollovers) $29,456,203
Noncash Contributions $0
Total Earnings on Investments $1,678,439,988
Total Interest $10,196,239
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $10,196,239
Interest from Other Investments $0
Total Dividends $67,965,846
Preferred Stock $0
Common Stock $67,965,846
Rents $0
Net gain (loss) on sale of assets $130,196,704
Aggregate Proceeds $217,370,805
Aggregate Carrying Amount $87,174,101
Total Unrealized Appreciation (depreciation) of assets $-301,434,657
Real Estate $0
Other $-301,434,657
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $0
Net investment gain (loss) from master trust investment accounts $1,771,515,856
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $0
Other Income $0
Expenses $1,078,701,251
Total Benefit Payments $1,069,430,366
Directly to participants or beneficiaries, including direct rollovers $1,069,430,366
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $251,915
Interest expense $0
Total Administrative Expenses $9,018,970
Professional Fees $488,429
Contract Administrator Fees $3,085,158
Investment Advisory and management fees $5,255,263
Other Administrative Fees $190,120
Net Income $1,132,024,580
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $174,639

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $12,071,327,154 $10,934,847,048 10.39%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $14,091,648 $14,268,495 -1.24%
Employer Contributions $12,736,362 $14,258,918 -10.68%
Participant Contributions $0 $0 0.0%
Other Contributions $1,355,286 $9,577 14051.47%
General Investments $14,205,300 $11,798,868 20.40%
Interest-bearing cash $14,205,300 $11,798,868 20.40%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $0 $0 0.0%
Preferred $0 $0 0.0%
All Other $0 $0 0.0%
Corporate Stocks $0 $0 0.0%
Preferred $0 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $144,454,154 $142,140,399 1.63%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $0 $0 0.0%
Value of interest in master trust investment accounts $9,909,474,601 $8,406,276,258 17.88%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $0 $0 0.0%
Value of funds held in insurance co. general account $0 $0 0.0%
Other Investments $0 $0 0.0%
Employer-related Investments $1,989,101,451 $2,360,363,028 -15.73%
Employer Securities $1,989,101,451 $2,360,363,028 -15.73%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $1,230,442 -100.00%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $1,230,442 -100.00%
Net Assets $12,071,327,154 $10,933,616,606 10.41%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Charles Schwab & Co., Inc.
  • Rmb Capital Management LLC

Other Service Providers Receiving Direct or Indirect Compensation

Name Nature of Service Relationship to Plan Sponsor Direct Compensation Paid by Plan Indirect Compensation Paid by Plan Total Compensation
Blackrock Institutional Trust Co Trustee (bank, trust company, or similar financial institution), Trustee (discretionary), Investment management, Investment management fees paid directly by plan, Direct payment from the plan NONE $2,519,507 $0 $2,519,507
Alight Solutions LLC Recordkeeping and information management (computing, tabulating, data processing, etc.), Direct payment from the plan NONE $2,126,301 $0 $2,126,301
State Street Global Advisors Custodial (other than securities), Custodial (securities), Direct payment from the plan, Investment management fees paid directly by plan, Investment management fees paid indirectly by plan NONE $1,625,408 $0 $1,625,408
Jennison Associates LLC Investment management, Investment management fees paid directly by plan NONE $852,194 $0 $852,194
Doubleline Capital Lp Investment management, Investment management fees paid directly by plan NONE $779,757 $0 $779,757
Pacific Investment Management Co Investment management, Investment management fees paid directly by plan NONE $627,374 $0 $627,374
3M Company Plan Administrator, Direct payment from the plan Plan Sponsor $352,062 $1,179 $353,241
Cliftonlarsonallen LLP Accounting (including auditing), Direct payment from the plan NONE $108,081 $0 $108,081
Milliman Direct payment from the plan, Other fees NONE $15,597 $0 $15,597
Deloitte Consulting LLP Accounting (including auditing), Direct payment from the plan NONE $8,815 $0 $8,815
Total $9,015,096 $1,179 $9,016,275

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

Service Providers Who Fail or Refuse to Provide Information

There are no service providers who failed or refused to provide information.

Termination Information on Accountants and Enrolled Actuaries

There is no termination information for this plan.



Name of Investment Investment Manager Type of Investment Dollar Value
3M Voluntary Investment Plan & Savi 3M Company DFE: Master Trust Investment Account $9,909,474,601
Total $9,909,474,601

Insurance Information

Insurance Information

There are no insurance carriers listed for this plan.