What are 3M retirement benefits?


Quick Answer

A 401(k) plan, retirement income accounts, and a Retiree Medical Savings Account, or RMSA, are among the retirement benefits available to those working at 3M, states the company in its description of benefits. The company matches employee contributions to the 401(k) plan and also contributes to an employee's retirement income account.

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Full Answer

For 3M employees who started with the company before Jan. 1, 2009, the retirement program included a defined-benefits retirement plan, a 401(k), the 3M Retiree Medical Plan, the 3M Retiree Dental Plan, and the 3M Retiree life insurance plan, according to the Retirement Program Changes FAQs page on the 3M website.

In early 2008, 3M publicly announced its plan to offer new hires the 401(k) plan only instead of its traditional defined-benefit pension plan beginning in 2009, the StarTribune reported in March 2008. In its 2015 Web update, 3M indicates that the 3M Retiree Medical Plan is no longer available to Medicare-eligible employees nor to any of their Medicare-eligible dependents. As of 2015, 3M is offering lump-sum payments to employees who are ready to retire after January 1 or later, informs Pensions & Investments. The same article asserts that 3M's U.S. defined benefit pension plan was fully funded as of Dec. 31, 2014.

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