3M Company has said in a Securities and Exchange Commission (SEC) Form 10-Q filing that the Department of Labor (DOL) is investigating its pension plan.
On page 39 of the filing, the company says the DOL notified it in April 2015 that it had commenced an investigation of its pension plan pursuant to the Employee Retirement Income Security Act (ERISA). The DOL stated its investigation relates to certain private equity investments, plan expenses, securities lending, and distributions of plan benefits.
“In response to certain DOL requests, 3M produced documents and made employees available for interviews. In December 2016, the DOL issued certain subpoenas to 3M and 3M Investment Management Corp. relating to this investigation. 3M has produced additional responsive documents and is cooperating with the DOL in its investigation,” the filing says.The DOL has not provided a timeline for the completion of its investigation.
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