Monroe Clinic Selects the Principal Financial Group for Defined Contribution and Nonqualified Plans
February 11, 2008 (Des Moines, Iowa) — Monroe Clinic, Inc., has chosen the Principal Financial Group®, one the nation's retirement leaders*, as its defined contribution and nonqualified plan service provider, effective November 1, 2007. The plan serves 1,400 participants and has nearly $55 million in total assets, with estimated annual deposits of $6.3 million.
Monroe Clinic is a not-for-profit health system in Monroe, Wisc., that features a multi-specialty clinic and hospital, offering comprehensive health care through more than 80 providers, a 24-hour emergency room, and home care and hospice services. The system includes eight branch clinics in southern Wisconsin and northern Illinois.
Monroe Clinic was assisted in its service provider selection process by Alpha Investment Consulting Group, LLC of Milwaukee.
"We chose The Principal® based on the education and support offered to plan participants, especially the individual planning sessions, to help them take action toward a secure retirement," said Julie Allemagne, chief human resources officer, Monroe Clinic. "We were also impressed by the state-of-the-art technology that offers our participants a variety of retirement-planning tools while easing our administrative workload."
Through the Principal Retire SecureSM (Retire Secure) program, Monroe Clinic plan participants receive personalized, one-on-one education delivered by salaried education specialists. The Retire Secure program offers over 100 staff members nationally who are exclusively dedicated to the participant education program.
"Our 40 years of experience serving the not-for-profit retirement industry makes us a great fit for Monroe Clinic," said Paul Brown, VP-institutional market segment, Retirement and Investor Services at The Principal. "By integrating their defined contribution and nonqualified plans, Monroe Clinic staff will experience increased efficiencies and cost savings, allowing them to focus on making a difference in their community and doing what they do best."
Monroe Clinic plan participants will benefit from a comprehensive package of services and tools including online account information and education through the award-winning The Principal Retirement Service Center® (www.principal.com)1 Web site, interactive educational and asset allocation tools, Morningstar investment information, easy-to-understand total retirement statements that feature a consolidated view of all retirement plans through The Principal, on-site investment education and retirement planning seminars, toll-free counseling, rollover assistance and the award-winning quarterly magazine Plan Ahead. Get Ahead.®2 These tools complement award-winning actuarial support, customer relations and leading technology services. For the past 10 years The Principal has appeared on the Information Week Top 500 Most Innovative Users of Information Technology list, coming in at No. 22 in 2007.
About Monroe Clinic
Monroe Clinic is a not-for-profit, single hospital health system serving communities in southern Wisconsin and northern Illinois. Sponsored by the Congregation of Sisters of St. Agnes, the system includes a multi-specialty physician practice with 80 employed providers, a 24-hour emergency room, a home care and hospice agency, and primary care sites offering preventive, acute and rehabilitative care. Monroe Clinic is a 2006 Solucient 100 Top Hospitals® National Benchmarks for Success recipient. For more information, go to www.monroeclinic.org.
*The Principal ranks number one in total plans for all asset sizes among fully bundled 401(k) providers - 2006 Spectrem Group analysis of fully-bundled 401(k) providers (companies that provide both administrative and investment services).
About the Principal Financial Group
The Principal Financial Group® (The Principal®)4 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. A member of the Fortune 500, the Principal Financial Group has $311.1 billion in assets under management5 and serves some 18.6 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) Awarded Dalbar Communication Seal of Excellence, January 2005.
2) Insurance and Financial Communicators Awards (IFCA) Competition 2005.
3) Received Chatham Partners 2006 Best in Class Awards for Relationship Managers, Actuaries and Client Service Managers.
4) "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
5) As of December 31, 2007.
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