The Progressive Corporation & Its Participating Subsidiaries 401(k) Review & Grade
The Progressive 401(k) Plan
Mayfield Village, OHFinance & Insurance64,939 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$3,585Employer $ per active participant
$6,096Employee $ saved per active participant
0.01%Direct admin cost, % of plan assets
$11.5BNet plan assets, end of year
$163,836Average balance per account
Score breakdown
- Employer generosity12.0 / 5024th percentile for employer $ per participant
- Low cost24.4 / 2598th percentile for low admin cost vs. same-size plans
- Employee saving0.6 / 154th percentile for employee $ per participant
- Plan features7 / 10Auto-enrollment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score41 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 24th |
| Lower admin cost | 98th |
| Employee saving | 4th |
| Peers that auto-enroll | 74% |
Red flags from the filing
Corrective distributions: the plan refunded $10,615 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Progressive Corporation & Its Participating Subsidiaries put in about $3,585 per active participant, below the typical peer ($5,179). 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.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $232,817,733 |
| Participant (employee) contributions | $395,845,803 |
| Other contributions (incl. rollovers in) | $57,107,407 |
| Administrative expenses paid from the plan | $632,960 |
| Benefits paid out | $787,277,075 |
| Net assets, start / end of year | $9.2B / $11.5B |
| Active participants, start / end of year | 62,521 / 67,357 |
| Participants with account balances | 70,397 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Meaden & Moore |
| Employer stock held by plan | $3,966,515,404 |
Largest service providers (Schedule C)
| Fidelity Inv Inst Oper Co Inc | $589,892 reported compensation |
| Baker & Hostetler LLP | $93,040 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250520131349NAL0001242561001, received 2025-05-20, EIN 34-0963169, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.
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