3M's main U.S. pension isn't frozen yet. It closed to new participants in 2009, and 3M has committed to freezing it for non-union U.S. employees effective December 31, 2028. Until then, people already in the plan keep earning benefits.
Where the 3M pension stands
3M's primary U.S. defined benefit pension plan closed to new participants effective January 1, 2009. Benefits are generally based on years of service, compensation and age at retirement or termination. In December 2023 3M committed to freezing U.S. pension benefits for non-union employees effective December 31, 2028, so those employees keep earning benefits until then.
Lump sums and insurer transfers
3M's FY2025 10-K doesn't report a U.S. lump sum window or insurer transfer, and we found no primary source for one.
What a lump sum is worth in 2026
When a private plan pays a lump sum, it can't be smaller than the IRS 417(e) present value. Plans that use November rates for 2026 apply the November 2025 segment rates: 4.07% for payments in years 1 to 5, 5.15% for years 6 to 20 and 6.01% after that, with the IRS 2026 mortality table from Notice 2025-40. On those inputs, a $3,000 monthly benefit starting at 65 has a minimum lump sum of about $442,500. Your plan's lookback month can differ, so check your Summary Plan Description, and run your own benefit through the lump sum calculator.
PBGC coverage
Benefits still in a private single-employer plan are insured by the PBGC. For a plan that terminates in 2026, PBGC guarantees up to $7,789.77 a month for a straight-life annuity starting at 65, less for earlier starts or survivor forms. Benefits moved to an insurer leave the PBGC system and rely on the insurer and state guaranty associations instead.
Social Security
3M jobs paid into Social Security, so the Windfall Elimination Provision never applied to these pensions, and WEP was repealed anyway for benefits payable after December 2023. If the pension covers your basic expenses, delaying Social Security toward 70 raises the one income source that adjusts for inflation. Model it with the Social Security calculator.
The 3M employer page lists the filings behind every date and dollar figure here.