PlanOptica
Retirement plan

THE PROGRESSIVE 401(K) PLAN

THE PROGRESSIVE CORPORATION & ITS PARTICIPATING SUBSIDIARIESEIN 34-0963169Plan #003PY 2023
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6300 WILSON MILLS ROAD, BOX W12 - MAYFIELD VILLAGE, OH 44143440-395-4222
Prospect flagsLow participant contributionCorrective distributions

Filing contacts

From the Form 5500, federal record
Plan sponsor & administrator signer
MATTHEW DOWNING
Signed 05/21/2024 (sponsor) / 05/21/2024 (admin)
(440) 395-4222
Plan administrator entity
THE PROGRESSIVE CORPORATION & ITS PARTICIPATING SUBSIDIARIES
EIN 340963169
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Summary metrics

Total assets (EOY)
$9225.6M
-10.9% from 2016
Total participants
69,645
-9.9% from 2016
Average account balance
$139,885
-4.8% from 2016
Annual return
20.84%
-5.41 pp from 2016

Benchmarks

See 90 peers
Peer group
Industry52 - Finance and Insurance
Plan typeDefined contribution
Participants>=10,000
Cohort90 peers
Snapshot2023
Participant deferral / active EE
$5,515
median $8,090
Employer contribution / active EE
$3,283
median $4,596
Participation rate
94.1%
median 96.7%
Avg account balance
$139,885
median $125,798
Admin fee / account holder
$8
median $54
Annual return
20.84%
median 18.72%
Overall peer rank
51st percentileavg across 6 metrics

Analytics

2015 - 2024
Total assets (EOY)
Plan-year ending balance
$11.53B
Average account balance
Total assets / participants with a balance (line 6g)
$164K
Participants with account balance
Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.
70,397
Eligible Participants and Participation
Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.
94.5%
Contributions (total)
Employer and participant dollars contributed each year
$628.66M
Contributions per participant
Average employer and participant contribution per enrolled participant
$9K
Asset flow
BOY + contributions + return - distributions = EOY
Year
Annual return
Diverging bars; negative years highlighted
+26.74%
Admin fee / account holder
Total admin expenses / participants with a balance (line 6g)
$9
Asset composition
Cash / stocks / bonds / mutual funds / real estate / loans over time
  • Mutual / pooled
  • Stocks
  • Bonds
  • Cash
  • Real estate
  • Loans

Service providers

Top 2 by compensation
ProviderService typeCompensation
FIDELITY INV INST OPER CO INC9+ years
Service code 37 · EIN 04-2647786
Loan Processing
$535,995
BAKER & HOSTETLER LLP4 years
Service code 29 · EIN 34-0082025
Legal
$33,637

Top hat statement on fileNQDC

Filed November 2, 1995

This is a legacy paper filing. Plan administrator and contact details are recorded in the original filing, which has not been digitised into structured fields.

Open the filing PDF

Plan features & details

Pension benefit codes2E2F2G2J2K2O2R2S
Plan features
  • 2E
    Profit-sharing
    Profit-sharing plan.
  • 2F
    ERISA section 404(c) plan
    This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
  • 2G
    Total participant-directed account plan
    Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • 2J
    Code section 401(k) feature
    Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
  • 2K
    Code section 401(m) arrangement
    Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
  • 2O
    ESOP other than a leveraged ESOP
    Employee stock ownership plan that is not leveraged.
  • 2R
    Participant-directed brokerage accounts
    Participant-directed brokerage accounts provided as an investment option under the plan.
  • 2S
    Automatic enrollment
    Plan provides for automatic enrollment in plan that has elective contributions deducted from payroll.

Opportunity flags

2 tripped
  • OpportunityLow participant contribution

    Participant contribution per participant is in the bottom quintile of the peer cohort.

  • ComplianceCorrective distributions

    Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II
Admin total
$541K
$9 / participant
  • Recordkeeping$541K100.0%
% of EOY assets
0.006%
all-in expense ratio
Categories reported
1 / 9
subdivided buckets used

Audit opinion

Schedule H Part III
Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm
MEADEN & MOORE
Auditor EIN
341818258
Audit fees
(not subdivided)
Opinion code
Unqualified