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Mayo Clinic

Plan Rating
OverviewFinancialsService ProvidersInvestmentsInsurance Information
FORM 5500 DATA

Mayo 403(b) Plan

Form 5500 Year:

Plan Rating
OverviewFinancialsService ProvidersInvestmentsInsurance Information

Overview

Plan Information

  • Plan Year01/01/2019 — 12/31/2019
  • Date of Plan10/01/1971
  • Net Assets as of 12/31/2019 $7,635,331,374
  • Plan Number2
  • 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 ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2019

  • Active (Eligible) Participants75,186
  • Retired or separated participants receiving benefits827
  • Other retired or separated participants entitled to future benefits15,616
  • Subtotal91,629
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits56
  • Total91,685
  • Total number of participants as of 01/01/201986,133
  • Number of participants with account balances82,618
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested1,669

Expenses

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

Sponsor Information

  • Address200 First Street SW
  • CityRochester
  • StateMN
  • Zip55905
  • Telephone(507) 284-0126
  • EIN41-6011702
  • Industry Code621112
  • Named AdministratorWilliam Brown
  • Named Plan SponsorWilliam Brown

Audit Information

  • Audit StatusAudited
  • AuditorErnst & Young
  • Auditor EIN34-6565596
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

Benefits Provided Under the Plan

Code Benefit Description
2L Code section 403(b)(1) arrangement A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers.
2M Code section 403(b)(7) accounts A 403(b)(7) plan is a tax-deferred retirement plan often available to employees of public schools or non-profit organizations.
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)).

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 $10,000,000
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

Financials

Income and Expense Statement
Income $1,894,982,467
Contributions $645,956,346
Cash Contributions $645,956,346
Cash from Employers $109,218,223
Cash from Participants $426,401,474
Others (including rollovers) $110,336,649
Noncash Contributions $0
Total Earnings on Investments $1,234,229,616
Total Interest $34,818,185
Interest-Bearing Cash $966,167
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $0
Participant Loans $1,142
Interest from Other Investments $33,850,876
Total Dividends $253,129,529
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
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 $0
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $946,281,902
Other Income $14,796,505
Expenses $296,852,972
Total Benefit Payments $291,177,228
Directly to participants or beneficiaries, including direct rollovers $291,177,228
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $28,208
Certain deemed distributions of participant loans $0
Interest expense $0
Total Administrative Expenses $5,647,536
Professional Fees $0
Contract Administrator Fees $0
Investment Advisory and management fees $5,647,536
Other Administrative Fees $0
Net Income $1,598,129,495
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2019 12/31/2018 Change YOY
Total Assets $7,635,331,374 $6,037,201,879 26.47%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $255,196 $261,061 -2.25%
Interest-bearing cash $255,196 $261,061 -2.25%
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 $130,230 $171,355 -24.00%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $40,579,324 $6,934,556 485.18%
Value of interest in master trust investment accounts $0 $0 0.0%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $6,250,556,050 $4,907,448,522 27.37%
Value of funds held in insurance co. general account $1,246,777,600 $1,060,602,986 17.55%
Other Investments $97,032,974 $61,783,399 57.05%
Employer-related Investments $0 $0 0.0%
Employer Securities $0 $0 0.0%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $0 0.0%
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 $0 0.0%
Net Assets $7,635,331,374 $6,037,201,879 26.47%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

  • Fidelity Investments Inst Op Co

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
Financial Engines Investment advisory (plan), Direct payment from the plan Advisor $5,495,195 $0 $5,495,195
Fidelity Inv Ins Op Com, Inc Recordkeeping and information management (computing, tabulating, data processing, etc.), Participant loan processing, Direct payment from the plan, Recordkeeping fees, Account maintenance fees, Securities brokerage commissions and fees Recordkeeper $161,322 $1,794,864 $1,956,186
Total $5,656,517 $1,794,864 $7,451,381

Indirect Compensation

Name Source of Indirect Compensation* Nature of Service Description of Indirect Compensation Indirect Compensation Paid by Plan
Fidelity Inv Inst Op Co, Inc Baron Growth-Dst Sub-transfer agency fees Annualized Formula .40% $0
Fidelity Inv Inst Op Co, Inc Baron Growth Inst Sub-transfer agency fees Annualized Formula .15% $0
Fidelity Inv Inst Op Co, Inc Bnym Global Stock I Bnym Trans Inc Sub-transfer agency fees Annualized Formula .35% $0
Fidelity Inv Inst Op Co, Inc Cref Social Choice Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Op Co, Inc Cref Stock Account Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Op Co, Inc Dodge & Cox Balanced Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Op Co, Inc Dodge & Cox Income Sub-transfer agency fees Annualized Formula .08% $0
Fidelity Inv Inst Op Co, Inc Dodge & Cox Intl Stk Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Co, Inc Dodge & Cox Stock Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Op Co, Inc Hartford Cap App Y Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Op Co, Inc Hlic Fixed Account Sub-transfer agency fees Annualized Formula .20% $0
Fidelity Inv Inst Op Co, Inc Hlic Fixed Account Sub-transfer agency fees Annualized Formula .20% $0
Fidelity Inv Inst Op Co, Inc Nb Genesis Inst Cl Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Op Co, Inc Oakmark Eq & Inc Inv - Dst Sub-transfer agency fees Annualized Formula .35% $0
Fidelity Inv Inst Op Co, Inc Oakmark Global Inv - Dst Sub-transfer agency fees Annualized Formula .25% $0
Fidelity Inv Inst Op Co, Inc Oakmark Select Inv - Dst Sub-transfer agency fees Annualized Formula .35% $0
Fidelity Inv Inst Op Co, Inc Tiaa Real Estate Sub-transfer agency fees Annualized Formula .10% $0
Fidelity Inv Inst Op Co, Inc Tiaa Traditional Fa Sub-transfer agency fees Annualized Formula .07% $0
Fidelity Inv Inst Op Co, Inc Tmpl Global Bond A Sub-transfer agency fees Annualized Formula .40% $0
Fidelity Inv Inst Op Co, Inc Tmpl Global Bond Adv Sub-transfer agency fees Annualized Formula .15% $0
Fidelity Inv Inst Op Co, Inc Trp Intl Discovery Sub-transfer agency fees Annualized Formula .15% $0
Fidelity Inv Inst Op Co, Inc Trp New Asia Sub-transfer agency fees Annualized Formula .15% $0
Fidelity Inv Inst Op Co, Inc Trp New Era Sub-transfer agency fees Annualized Formula .15% $0
Fidelity Inv Inst Op Co, Inc Trp New Horizons Sub-transfer agency fees Annualized Formula .15% $0
Fidelity Inv Inst Op Co, Inc Financial Engines Other fees An Annual Fee of 7.5 Basis Points On Aum With Fe and A $ Annual Platform Fee for Each Advice eligible Participant In Plans Where Contract Includes Such Fee $1,794,864
*As outlined by the Form 5500 Instructions for service providers with indirect compensation.

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.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Tiaa Real Estate Teachers Insurance & Annuity Assoc of America DFE: Pooled Separate Account $7,251,015
Total $7,251,015

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Tiaa-Cref 20,944
EIN 13-1624203
Industry Code 69345
Contract Number 151553
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $754,037,605
Value in Separate Accounts at Year End $7,251,015
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract Guaranteed Investment, GROUP VARIBLE ANNUITY
Balance at the end of the previous year $562,372,953
Additions $273,001,469
Contributions Deposited during the year $56,815,414
Dividends and credits $0
Interest credited during the year $0
Transferred from separate account $0
Other $216,186,055
Total of Balance and Additions $835,374,422
Deductions $81,336,817
Disbursed from fund to pay benefits or purchase annuities during the year $34,165,645
Administration charge made by carrier $144,056
Transferred to Separate Account $0
Other $47,027,116
Balance at the end of the current year $754,037,605
The Hartford Life Insurance Company 3,410
EIN 06-0974148
Industry Code 88072
Contract Number 150151
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $378,008,077
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract GROUP VARIBLE ANNUITY
Balance at the end of the previous year $359,538,552
Additions $54,703,190
Contributions Deposited during the year $0
Dividends and credits $9,810,347
Interest credited during the year $0
Transferred from separate account $0
Other $44,892,843
Total of Balance and Additions $414,241,742
Deductions $36,233,665
Disbursed from fund to pay benefits or purchase annuities during the year $20,453,617
Administration charge made by carrier $1,282
Transferred to Separate Account $0
Other $15,778,766
Balance at the end of the current year $378,008,077
Lincoln Financial Group 968
EIN 35-0472300
Industry Code 65676
Contract Number 891728+009
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $80,629,973
Value in Separate Accounts at Year End $0
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract GROUP VARIABLE ANNUITY
Balance at the end of the previous year $79,271,186
Additions $4,393,767
Contributions Deposited during the year $208,221
Dividends and credits $0
Interest credited during the year $3,917,742
Transferred from separate account $233,890
Other $33,914
Total of Balance and Additions $83,664,953
Deductions $3,034,980
Disbursed from fund to pay benefits or purchase annuities during the year $2,993,778
Administration charge made by carrier $0
Transferred to Separate Account $4,000
Other $37,202
Balance at the end of the current year $80,629,973
The Prudential Insurance Company of America 335
EIN 22-1211670
Industry Code 68241
Contract Number 004966
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $21,428,541
Value in Separate Accounts at Year End $10,328,168
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract Unspecified
Balance at the end of the previous year $24,152,664
Additions $737,681
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $685,148
Transferred from separate account $37,160
Other $15,373
Total of Balance and Additions $24,890,345
Deductions $3,461,804
Disbursed from fund to pay benefits or purchase annuities during the year $3,456,981
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $4,823
Balance at the end of the current year $21,428,541
Valic 317
EIN 74-1625348
Industry Code 70238
Contract Number 55107
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $2,074,250
Value in Separate Accounts at Year End $5,299,344
Insurance Fees and Commissions $1,149
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Harley N. Sturgill 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $522 $0
Bascom P. Kurtz 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $317 $0
Christina A. Charbonneau 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $68 $0
Mary R. Mccollum 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $63 $0
James C. Bishop 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $54 $0
Joshua D. Nokes 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $33 $0
Elaine M Roberts 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $31 $0
Steve Boeckmann 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $28 $0
Mark A. Taylor 2929 Allen Parkway Houston, TN 77019 Insurance Agent or Broker $21 $0
Regina Davis 2929 Allen Parkway Houston, TX 77019 Insurance Agent or Broker $12 $0
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract Unspecified
Balance at the end of the previous year $2,109,632
Additions $180,890
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $60,228
Transferred from separate account $120,662
Other $0
Total of Balance and Additions $2,290,522
Deductions $216,272
Disbursed from fund to pay benefits or purchase annuities during the year $203,135
Administration charge made by carrier $0
Transferred to Separate Account $12,753
Other $384
Balance at the end of the current year $2,074,250
The Hartford Life Insurance Company 288
EIN 06-0974148
Industry Code 88072
Contract Number 0610001
Contract Year 01/01/2019 — 12/31/2019
Value in General Account at Year End $10,599,154
Value in Separate Accounts at Year End $17,700,797
Insurance Fees and Commissions $0
Persons Receiving Commissions and Fees There are no brokers listed for this plan.
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract Unspecified
Balance at the end of the previous year $11,518,284
Additions $728,528
Contributions Deposited during the year $0
Dividends and credits $0
Interest credited during the year $426,457
Transferred from separate account $302,071
Other $0
Total of Balance and Additions $12,246,812
Deductions $1,647,658
Disbursed from fund to pay benefits or purchase annuities during the year $1,647,658
Administration charge made by carrier $0
Transferred to Separate Account $0
Other $0
Balance at the end of the current year $10,599,154