Prog Holdings, Inc. 401(k) Review & Grade
Prog Holdings Employee Retirement Plan
Draper, UTFinance & Insurance1,510 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$2,161Employer $ per active participant
$4,413Employee $ saved per active participant
0.15%Direct admin cost, % of plan assets
$69.6MNet plan assets, end of year
$67,313Average balance per account
Score breakdown
- Employer generosity11.6 / 5023th percentile for employer $ per participant
- Low cost16.0 / 2564th percentile for low admin cost vs. same-size plans
- Employee saving2.5 / 1517th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score30 / 100 · Grade D
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 23th |
| Lower admin cost | 64th |
| Employee saving | 17th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $5,058 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Prog Holdings put in about $2,161 per active participant, below the typical peer ($3,606). 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.
- 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 | $3,263,161 |
| Participant (employee) contributions | $6,663,213 |
| Other contributions (incl. rollovers in) | $1,447,975 |
| Administrative expenses paid from the plan | $94,365 |
| Investment advisory & management fees | $224 |
| Benefits paid out | $10,319,220 |
| Net assets, start / end of year | $60.0M / $69.6M |
| Active participants, start / end of year | 1,604 / 1,416 |
| Participants with account balances | 1,034 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Carr, Riggs and Ingram L.L.C. |
| Employer stock held by plan | $800,029 |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $12,122 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250729124710NAL0002770049001, received 2025-07-29, EIN 85-2484385, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.