Progressive 401(k) match, vesting and fees
What Progressive's 401(k) plan says about matching contributions
Participant contributions are matched 100% by the Company dollar-for-dollar up to 6% of participants' eligible compensation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 27 ↗ |
| Match vesting | The portion of the participant's account in the Plan attributable to the participant's own contributions, including earnings thereon, vests immediately. Company matching contributions made on or after January 1, 2009, and before January 1, 2021, vested immediately. Company matching contributions made on or after January 1, 2021, will vest according to a two-year cliff vesting schedule. | Audit report, p. 27 ↗ |
| Automatic enrollment | The Plan includes an automatic enrollment feature, in which new hires are auto-enrolled effective 30 days after receiving notification from Fidelity, with the option to opt-out. New hires who do not opt-out are automatically enrolled in a Vanguard Institutional Target Retirement fund at a 6% pre-tax contribution rate unless they select a different contribution rate and/or investment option(s). | Audit report, p. 27 ↗ |
| Loans | Participants may borrow up to 50% of their total vested account balance from a minimum of $1,000 up to a maximum of $50,000. Two loans may be outstanding at one time. The highest outstanding balance for prior loans plus any new loans may not exceed $50,000 in a 12-month period. Loan repayment periods range from one to four years, except for certain loan balances from prior Plan mergers (which do not exceed Code §72(p) maximum repayment periods). Loans are secured by participant account balances and bear interest at the same rate throughout the life of the loan. At the beginning of each calendar quarter, the interest rate applied to new loans during that quarter is set at 1% above the prime rate. Principal and interest are paid through bi-weekly payroll deductions. A $35 loan initiation fee and a quarterly maintenance fee of $3.75 are deducted from the participant’s account for each new loan. Loan repayments may be suspended for up to one year in case of an approved leave of absence. Loans to participants on a leave of absence due to a Qualified Military Leave will be automatically suspended for the period of the Qualified Military Leave. Participants who terminate employment at the time a loan is outstanding may arrange with the Administrator to continue to repay the loan through automatic or electronic withdrawals or debits from a financial institution known as "ACH" debits. Loans are valued at unpaid principal plus accrued but unpaid interest. Defaulted participant loans are recorded as distributions on the basis of the terms of the Plan. | Audit report, p. 28 ↗ |
| Recordkeeper | Fidelity Inv Inst Oper Co Inc | Schedule C ↗ |
| Independent auditor | Meaden & Moore (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 19 defined-contribution plans in finance and insurance with 50,000 or more participants.
| Progressive: employer contribution per participant | $3,307 | |
| Peer median | $3,368 |
| Progressive: average balance | $163,836 | |
| Peer median | $160,346 |
| Progressive: admin expenses ÷ assets | <0.01% | |
| Peer median | 0.05% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $9.2B at the end of plan year 2023 to $11.5B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 74,118 | $11.5B | $233M | $3,307 | <0.01% | Quoted in the audit report, p. 27 ↗ | Form 5500 ↗ |
| 2023 | 69,645 | $9.2B | $205M | $3,112 | <0.01% | Not published | Form 5500 ↗ |
Common questions
Does Progressive match 401(k) contributions?
The audit report attached to the The Progressive 401(k) Plan's plan year 2024 Form 5500, page 27 says: “Participant contributions are matched 100% by the Company dollar-for-dollar up to 6% of participants' eligible compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Progressive 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 27 says: “The portion of the participant's account in the Plan attributable to the participant's own contributions, including earnings thereon, vests immediately. Company matching contributions made on or after January 1, 2009, and before January 1, 2021, vested immediately. Company matching contributions made on or after January 1, 2021, will vest according to a two-year cliff vesting schedule.”
Who manages the Progressive 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Fidelity Inv Inst Oper Co Inc. The plan administrator is The Progressive Corporation & Its Participating Subsidiaries.
I left Progressive. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (The Progressive Corporation & Its Participating Subsidiaries, (440) 395-4222) or the recordkeeper, Fidelity Inv Inst Oper Co Inc. The Progressive old 401(k) page lists the contacts from every plan filing. Find an old Progressive 401(k)
Data from the public Form 5500 annual reports Progressive filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Progressive. Not financial advice. Report a correction · Methodology