Progressive adopts auto enrollment for new hires
Progressive adopts auto enrollment for new hires
Progressive Corp., Mayfield Village, Ohio, has added auto enrollment to its 401(k) plan.
Effective in 2021, Progressive added the feature in which new hires are automatically enrolled at a 6% pretax contribution rate, it disclosed Monday in an 11-K filing with the SEC.
The enrollment is effective 30 days after notification from record keeper Fidelity Investments unless participants opt out or enroll at a different contribution rate.
Contributions are matched 100% by Progressive up to 6% of participants eligible compensation, according to the 11-K filing.
As of Dec. 31, the Progressive 401(k) Plan had $6.9 billion in assets, according to the 11-K filing.