State retirement profile · Form 5500

Retirement Plans in Minnesota

According to DOL Form 5500 filings (plan year 2024), employer-sponsored 401(k), pension, and other retirement plans headquartered in Minnesota report the totals below.

Data updated 2026-08-25

2,865
Plans
$452.4B
Total assets
#10
By assets

$452.4B across 2,865 plans

According to DOL Form 5500 filings (plan year 2024), Minnesota has 2,865 employer-sponsored retirement plans holding $452.4B in total assets for 3,225,564 participants, ranking 10th nationally by plan assets, with 74% structured as 401(k)s and an average of $158M per plan.

  • 10th nationally by plan assets
  • 74% 401(k) plans

The state in one line

Minnesota hosts 2,865 employer-sponsored retirement plans holding $452.4B for 3,225,564 participants, the 10th-largest state by plan assets.

$452.4B
total plan assets
2,865
employer plans
$140,253
avg assets per participant
74%
of plans are 401(k)s
401(k) Plans
2,131
Participants
3,225,564

What the Form 5500 Data Shows for Minnesota

Minnesota: 2,865 employer-sponsored plans (2,131 401(k)), $452.4B aggregate assets, 3,225,564 participants. Average plan: $158M; largest is Wells Fargo & Company 401(k) Plan at $57.9B. Leading sector by assets: Manufacturing (22%). These figures aggregate the 2,865 Form 5500 filings Minnesota sponsors submitted for plan year 2024, counted by sponsor headquarters rather than participant residence; a plan administered in Minnesota can cover workers across several states, and the methodology page details that HQ-vs-residence distinction. DOL Form 5500 methodology + HQ-vs-residence caveats →

Manufacturing leads Minnesota plan assets (22%)

Among plans headquartered here, Manufacturing accounts for $97.3B across 529 filings, ahead of Healthcare & Social Assistance at $71.5B. Sector mix is a Form 5500-derived signal: it reflects where sponsors file from, not where every participant lives.

DOL Form 5500 plan year 2024

Minnesota hosts 203 ESOP filings

Employee Stock Ownership Plans here hold $9.4B. ESOP density is uneven across states; when the count clears a meaningful floor, the ESOP ranking and industry pages are the better drill-downs than a 401(k)-only read.

DOL Form 5500 plan year 2024

Where Minnesota sits in the Form 5500 corpus

Minnesota sits in the top decile of U.S. states by Form 5500 plan assets (#10 of 56), so national rankings and peer comparisons are the useful next read.

DOL Form 5500 plan year 2024

Minnesota's place in the national asset distribution

All states with reported Form 5500 plan assets · plan year 2024

$452,394,325,192 Top 16% higher than 84% of 56 states with reported plan assets

Minnesota $0 $1,324,371,844,360 state retirement-plan assets, bucketed by value

Dashed line + filled bar = this entry, among states with reported plan assets.

Source U.S. Department of Labor, EBSA Form 5500 public disclosure dataset · plan year 2024

Minnesota's retirement-plan mix

1. 401(k)2,1312. Profit Sharing2603. ESOP2034. Defined Benefit (Pension)1385. Other106
The five most common Form 5500 plan types among sponsors headquartered in Minnesota. This count describes filings, not participants or assets.

Source: U.S. Department of Labor, EBSA Form 5500 public disclosure dataset · plan year 2024.

Industry mix in Minnesota

Top sectors by Form 5500 plan assets for sponsors headquartered here (plan year 2024).

Industry Plans Assets
Manufacturing 529 $97.3B
Healthcare & Social Assistance 420 $71.5B
Management of Enterprises 32 $69.9B
Finance & Insurance 176 $61.9B
Professional & Technical Services 357 $43.2B

Largest Plans in Minnesota

# Plan Name Type Participants Total Assets
1 Wells Fargo & Company 401(k) Plan 401(k) 179,076 $57.9B
2 Unitedhealth Group 401(k) Savings Plan 401(k) 205,460 $26.6B
3 Target Corporation 401(k) Plan 401(k) 409,649 $14.4B
4 Medtronic Savings and Investment Plan 401(k) 38,480 $13.7B
5 Mayo 403(b) Plan Other 85,933 $12.8B
6 Mayo Pension Plan Defined Benefit (Pension) 71,743 $11.8B
7 U.S. Bank 401(k) Savings Plan 401(k) 73,109 $11.4B
8 3M Voluntary Investment Plan and Employee Stock Ownership Plan 401(k) 32,964 $10.6B
9 The Travelers 401(k) Savings Plan 401(k) 30,233 $10.4B
10 The Cargill Partnership Plan 401(k) 29,292 $8.9B
11 3M Employee Retirement Income Plan Defined Benefit (Pension) 9,132 $8.9B
12 Wells Fargo & Company Cash Balance Plan Defined Benefit (Pension) 46,875 $8.3B
13 General Mills 401(k) Plan 401(k) 15,321 $5.0B
14 Optumcare 401(k) Retirement Plan 401(k) 34,492 $4.6B
15 Thomson Reuters 401(k) Savings Plan 401(k) 8,868 $4.5B
16 U.S. Bank Pension Plan Defined Benefit (Pension) 62,822 $4.4B
17 Rbc- U.S.a. Retirement and Savings Plan 401(k) 10,926 $4.3B
18 The Travelers Pension Plan Defined Benefit (Pension) 27,237 $4.2B
19 Ecolab Savings Plan and ESOP 401(k) 19,691 $4.2B
20 General Mills Pension Plan I Defined Benefit (Pension) 2,007 $3.7B
21 Ameriprise Financial 401(k) Plan 401(k) 9,295 $3.6B
22 Allina 401(k) Retirement Savings Plan 401(k) 29,592 $3.5B
23 U.S. Bank Legacy Pension Plan Defined Benefit (Pension) 4,950 $3.5B
24 Target Corporation Pension Plan Defined Benefit (Pension) 41,726 $3.3B
25 Fairview Health Services 403b Plan 401(k) 24,432 $3.3B

Nearby States by Retirement Plan Footprint

States ranked adjacent to Minnesota by total retirement plan assets.

Compare Minnesota side-by-side with 3 peer states →

Nationwide states with similar retirement plan scale

Two DOL Form 5500-derived peer sets for Minnesota, each a different nationwide metric so the neighborhoods are not geographic containment (the asset-ranked nearby list above stays regional).

Similar plan count

Nearest other states by reported employer plan filings (2,865 here).

Wisconsin 2,940 plans Colorado 2,719 plans Washington 2,612 plans Maryland 2,484 plans

Similar total assets

Nearest other states by aggregate plan assets ($452.4B here).

Virginia $466.2B Ohio $472.1B Massachusetts $432.5B Michigan $419.4B

Frequently Asked Questions

What is the largest retirement plan headquartered in Minnesota? ▼
The largest Form 5500 filing by assets with a headquarters address in Minnesota is Wells Fargo & Company 401(k) Plan ($57.9B, 179,076 participants).
Which industry leads Minnesota retirement plan assets? ▼
Manufacturing leads with $97.3B across 529 plans headquartered here (22% of state plan assets).
How does Minnesota compare to other states for retirement plans? ▼
Minnesota sits in the top decile of U.S. states by Form 5500 plan assets (#10 of 56), so national rankings and peer comparisons are the useful next read.

Next read for Minnesota

Industry-mix reading

Ways to act on Minnesota's numbers.

Source: U.S. Department of Labor, EBSA Form 5500 public disclosure dataset. Shows the top 25 plans by total assets headquartered in Minnesota, out of 130,145 ERISA-covered plans nationally. Plan year 2024.

Source: DOL EFAST2 filing system (efast.dol.gov) - state is the plan sponsor's headquarters state as recorded on the Form 5500 filing.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.