Progressive Services, Inc. DBA Progressive 401(k) Review & Grade
Progressive Services, Inc. 401(k) Salary Reduction Plan
Phoenix, AZConstruction1,048 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$180Employer $ per active participant
$1,438Employee $ saved per active participant
0.43%Direct admin cost, % of plan assets
$13.0MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity3.6 / 507th percentile for employer $ per participant
- Low cost7.0 / 2528th percentile for low admin cost vs. same-size plans
- Employee saving1.9 / 1513th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score13 / 100 · Grade F
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 7th |
| Lower admin cost | 28th |
| Employee saving | 13th |
| Peers that auto-enroll | 44% |
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Red flags from the filing
Corrective distributions: the plan refunded $12,289 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Progressive Services, Inc. DBA Progressive put in about $180 per active participant, below the typical peer ($1,672). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.43% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $188,828 |
| Participant (employee) contributions | $1,507,712 |
| Other contributions (incl. rollovers in) | $14,639 |
| Administrative expenses paid from the plan | $52,352 |
| Contract administrator fees | $52,352 |
| Benefits paid out | $1,075,808 |
| Net assets, start / end of year | $11.3M / $13.0M |
| Active participants, start / end of year | 1,061 / 1,036 |
| Participants with account balances | 399 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Brock,schechter and Polakoff, LLP |
Largest service providers (Schedule C)
| World Investment Advisors | $30,000 reported compensation |
| Benefits2 Administrators LLC | $14,916 reported compensation |
| Empower Annuity Ins Co of America | $12,331 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251013153738NAL0000784627001, received 2025-10-13, EIN 86-0345657, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.