Progyny, Inc. 401(k) Review & Grade
Progyny, Inc. 401(k) Plan
New York, NYFinance & Insurance615 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$2,931Employer $ per active participant
$8,517Employee $ saved per active participant
0.43%Direct admin cost, % of plan assets
$30.9MNet plan assets, end of year
$41,234Average balance per account
Score breakdown
- Employer generosity19.1 / 5038th percentile for employer $ per participant
- Low cost6.9 / 2528th percentile for low admin cost vs. same-size plans
- Employee saving9.9 / 1566th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
Total score46 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 38th |
| Lower admin cost | 28th |
| Employee saving | 66th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
No red flags were reported on this filing's compliance questions.
What to do if you're in this plan
- Progyny put in about $2,931 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.
- Direct plan expenses (0.43% 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 | $1,802,602 |
| Participant (employee) contributions | $5,237,937 |
| Other contributions (incl. rollovers in) | $956,192 |
| Administrative expenses paid from the plan | $114,765 |
| Investment advisory & management fees | $92,841 |
| Other admin expenses | $21,924 |
| Benefits paid out | $2,800,749 |
| Net assets, start / end of year | $22.2M / $30.9M |
| Active participants, start / end of year | 566 / 664 |
| Participants with account balances | 749 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Fiondella, Milone & Lasaracina |
Largest service providers (Schedule C)
| Raymond James | $72,427 reported compensation |
| Empower Advisory Group, LLC | $20,414 reported compensation |
| Empower Life & Annuity Insurance Co | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015134110NAL0002506115001, received 2025-10-15, EIN 27-2220139, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.