The Principal Financial Group Deepens Commitment to TPA Market with Principal TPA Edge
Sept. 14, 2006 (Des Moines, Iowa) — The Principal Financial Group®, a retirement innovator and 401(k) leader, has intensified its commitment to the third-party administrator (TPA) market by enhancing its full-service, unbundled TPA program. Principal TPA EdgeSM leverages 60 years of retirement expertise from The Principal® and opens new and broader sales opportunities for TPAs and financial professionals.
"Principal TPA Edge provides unprecedented support in an unbundled model that recognizes the valuable role TPAs provide to plan sponsors at the local level," says Jeff Schreiber, vice president of business development - TPA at The Principal. "TPAs together with The Principal can offer clients the full range of total retirement solutions from the Principal Total Retirement SuiteSM, instead of the standard one-size-fits-all 401(k) plan available from many service providers. With comprehensive offerings including defined contribution, defined benefit, Employee Stock Ownership Plan and non-qualified deferred compensation plans, TPAs are better equipped to meet clients varying needs."
Working with TPAs is not new at The Principal. The company introduced Principal Professional LinkSM to TPAs in 2001. Today, the program has been renamed to reflect the expanded services the program provides, helping TPAs build their businesses, according to Schreiber. Enhancements include:
- A new director of business development role for TPAs -- a dedicated relationship resource for TPAs and financial professionals who prefer a local service model;
- Dedicated service team after the sale;
- New features that help ensure clients' contributions are timely, including Contribution Monitoring and Eligibility Determination; and
- Technology enhancements including web-based access to data, making it easier to complete compliance testing.
In addition, The Principal supports TPAs with industry-leading services for plan sponsors and participants including recordkeeping services, access to top-tier technology, enrollment materials, premier investment management expertise, and a competitive pricing structure taking into account the TPA role.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $206 billion in assets under management2 and serves some 16.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of June 30, 2006.
