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.
Progressive spokesman Jeff E. Sibel could not be immediately reached for further information.