Retirement plan

PROGRESSIVE FINANCIAL SERVICES 401(K) PROFIT SHARING PLAN

Name: PROGRESSIVE FINANCIAL SERVICES, INC. - PROGRESSIVE FINANCIAL SERVICES 401(K) PROFIT SHARING PLAN (2020) Form 5500
Creator: PROGRESSIVE FINANCIAL SERVICES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PROGRESSIVE FINANCIAL SERVICES 401(K) PROFIT SHARING PLAN, PROGRESSIVE FINANCIAL SERVICES, INC.

PROGRESSIVE FINANCIAL SERVICES, INC.EIN 38-3069576Plan #001PY 2020

306 S. WASHINGTON - ROYAL OAK, MI 48067248-539-5955LinkedIn1-10 employeesgovernment administration

Prospect flagsHigh assets / participantLow fidelity bond

How to read this page

Total assets (EOY)

$842K

+27.3% from 2019

Total participants

0.0% from 2019

Average account balance

$280,545

+27.3% from 2019

Annual return

13.20%

+2.46 pp from 2019

Benchmarks

See 32,151 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants<25

Cohort32,151 peers

Snapshot2020

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$773K

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$258K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

100.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$64K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$21K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+16.56%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$3776

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

0 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2E2F2G2J2T3D

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.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

2 tripped

ComplianceLow fidelity bond
Fidelity bond coverage is below the ERISA section 412 10%-of-assets minimum (capped at $500,000).
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$280,545

$197,625+42.0%

$177,840+57.8%

$158,966+76.5%

Participation rate

100.0%

88.5%+11.5pp

87.7%+12.3pp

82.0%+18.0pp

Annual return

13.20%

58.76%-45.6pp

48.32%-35.1pp

302.95%-289.7pp

Employer contribution / active EE

$14,723

$6,698+119.8%

$5,919+148.8%

$4,762+209.1%

Participant deferral / active EE

$16,352

$8,405+94.6%

$7,714+112.0%

$5,983+173.3%

Admin fee / account holder

$15,405-100.0%

$12,431-100.0%

$11,250-100.0%

PROGRESSIVE FINANCIAL SERVICES 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

PROGRESSIVE FINANCIAL SERVICES 401(K) PROFIT SHARING PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Audit opinion

Benchmarks

Service providers

Opportunity flags

Audit opinion