Progress Residential 401(k) Review & Grade
Progress Residential 401(k) Plan
Scottsdale, AZReal Estate & Rental2,363 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,550Employer $ per active participant
$4,839Employee $ saved per active participant
0.57%Direct admin cost, % of plan assets
$61.4MNet plan assets, end of year
$23,656Average balance per account
Score breakdown
- Employer generosity29.1 / 5058th percentile for employer $ per participant
- Low cost4.8 / 2519th percentile for low admin cost vs. same-size plans
- Employee saving9.8 / 1565th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score51 / 100 · Grade C
This plan vs. peers
Peers: Real Estate & Rental plans with 500–2,499 active participants (291 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 58th |
| Lower admin cost | 19th |
| Employee saving | 65th |
| Peers that auto-enroll | 47% |
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Red flags from the filing
Corrective distributions: the plan refunded $95,510 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Progress Residential put in about $1,550 per active participant, more than the typical peer ($1,279). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- 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.
- Direct plan expenses (0.57% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- 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 | $3,663,568 |
| Participant (employee) contributions | $11,433,804 |
| Other contributions (incl. rollovers in) | $1,045,071 |
| Administrative expenses paid from the plan | $307,053 |
| Investment advisory & management fees | $60,054 |
| Other admin expenses | $14,000 |
| Benefits paid out | $8,136,915 |
| Net assets, start / end of year | $47.1M / $61.4M |
| Active participants, start / end of year | 2,504 / 2,222 |
| Participants with account balances | 2,594 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Mansperger Patterson & Mcmullin,plc |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $239,999 reported compensation |
| Ifam Capital | $60,054 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250917080538NAL0000114099001, received 2025-09-17, EIN 30-0834544, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.