401(k) · DOL Form 5500 · 2023

Allete, Inc. 401(k) Plan

Data updated 2026-08-11

$546M
Total assets: 1,433
Participants: 98th
Percentile by assets: $381,137
Avg per participant

Official DOL plan name: Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan · Sponsored by Allete, Inc. · Minnesota · Utilities

$546M in assets, 1,433 participants

Allete, Inc.'s Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan reported $546M in total assets and 1,433 participants in its 2023 DOL Form 5500 filing, ranking in the 98th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

98th percentile by assets (of 127,072 plans)
#599 in Utilities (721 peers)

Where Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan sits by assets

Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan sits in the top 5% of all filed plans by assets, $546M for 1,433 participants (~$381,137/participant), up 12.8% in 2023.

$546M
total plan assets (2023 EOY): 1,433
covered participants: 98th
percentile by assets (of 127,072 plans): $381,137
avg assets per participant

Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan reported net income rose from -$81M in the plan year 2022 filing to $60M in the plan year 2023 filing.
Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan end-of-year assets rose from $484M in the plan year 2022 filing to $546M in the plan year 2023 filing.
Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan reported participants rose from 1,385 in the plan year 2022 filing to 1,433 in the plan year 2023 filing.

See the national 2022→2023 release diff →

State

Minnesota

Industry

Utilities

Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan vs the 2023 asset distribution

By assets, Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan outranks 98% of the 127,072 plans that filed a Form 5500 for the 2023 plan year, and holds roughly 5.5x the national average plan size of $100M (721 average participants).

Scale-class filing particulars (2023)

Total Assets (Beginning of Year)	$484M
Net Assets (End of Year)	$546M
Net Income	$60M
Employer EIN	410418150
Plan Effective Date	1970-01-01
Filing Status	FILING RECEIVED

Sponsor Plan History (Allete, Inc.)

Total plan assets by year, all Allete, Inc. plans on file

Year	Plans	Participants	Total Assets
2022	3	1,910	$1.1B
2023	3	1,923	$1.1B
2024	3	2,021	$1.2B

Nearby 401(k) Plans in Minnesota

Peer 401(k) plans, same state, same plan type, ranked by total assets.

Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan vs. nearby 401(k) plans in Minnesota, assets vs. participants

Unitedhealth Group 401(k) Savings Plan $22.4B · 198,972
Target Corporation 401(k) Plan $13.0B · 432,617
Medtronic Savings and Investment Plan $12.9B · 44,342
3M Voluntary Investment Plan and Employee Stock Ownership Plan $12.0B · 36,049
U.S. Bank 401(k) Savings Plan $10.3B · 75,272

Compare Allete and Affiliated Companies Retireme… side-by-side with 3 peers →

Similar-Sized 401(k) Plans Nationally

401(k) plans in other states closest to Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan by total assets, not by location.

Consolidated Nuclear Security, LLC 401(k) for Non-Bargaining Pantex Location Employees (TN) $547M · 2,217
Weston Solutions, Inc. Retirement Savings and Employee Stock Ownership Plan (PA) $545M · 1,112
New York Community Bancorp, Inc. Employee Savings Plan (NY) $545M · 2,613
The Quikrete Companies Profit Sharing and Tax (GA) $545M · 12,116

Frequently Asked Questions

How did Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan assets move in 2023? ▼

Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan grew at a solid clip - up 12.8% during 2023, from $484M to $546M. Reported net income was $60M.

How have Allete, Inc. plan assets changed over time? ▼

Across 3 plan years on file (2022-2024), Allete, Inc.'s sponsor-wide assets grew 14.1%, from $1.1B to $1.2B.

Where does Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan rank by assets among Form 5500 filers? ▼

Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan ranks in the 98th percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (in the top 5% of all filed plans by assets).

Which 401(k) plans are similar in size to Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan? ▼

Among 401(k) plans in other states, the closest by assets is Consolidated Nuclear Security, LLC 401(k) for Non-Bargaining Pantex Location Employees in TN ($547M, 2,217 participants).

Next read for Allete and Affiliated Companies Retireme…

Scale reading

Ways to act on Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan's numbers.

By total assets, Allete and Affiliated Companies Retirement Savings and Stock Ownership Plan ranks in the top 5% of all filed plans by assets. See the largest plans
Compare it side-by-side against 3 similar 401(k) plans in Minnesota. Compare plans
Allete, Inc.'s sponsor-wide assets have grown 14.1% since 2022 across 3 plan years on file. More Utilities plans

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 410418150.