Holly Corporation Selects the Principal Financial Group for Defined Contribution Plan
May 7, 2008 (Des Moines, Iowa) —The Principal Financial Group®, one of the nation’s 401(k) leaders1, has been selected by a major petroleum refiner and marketer as its defined contribution plan service provider, effective January 1, 2008.
Dallas-based Holly Corporation is an independent petroleum refiner and marketer producing high-value products such as gasoline, diesel fuel and jet fuel. Through its subsidiaries, Holly Corporation operates an 85,000 barrel per stream day refinery located in New Mexico and a 26,000 barrel per stream day refinery in Utah.
“The Principal® is delighted to help Holly Corporation achieve administrative efficiencies in its defined contribution plan,” said Paul Brown, vice president of retirement and investor services at The Principal. “The company will benefit from our state-of-the-art proprietary technology that expedites processes, simplifies reporting and—most importantly—eases the administrative workload for our clients.”
In addition to the administrative efficiencies gained, “We were impressed by the individual client focus of The Principal,” said Nancy Hartmann, vice president of human resources at Holly Corporation.
Holly Corporation plan participants receive a comprehensive package of services and tools including:
- Online account information and education through the award-winning Web site The Principal Retirement Service Center® (www.principal.com)2;
- 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 access to retirement specialists;
- Rollover assistance; and
- The quarterly magazine Plan Ahead. Get Ahead.®
These tools complement award-winning actuarial support, customer relations3 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 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.
Insurance issued by Principal Life Insurance Company. Securities offered through Princor Financial Services Corporation, member SIPC and/or independent broker dealers. Securities sold by a Princor Registered Representative are offered through Princor®. Bank Products offered through Principal Bank®, member FDIC, Equal Housing Lender. Principal Life, Princor and Principal Bank are members of the Principal Financial Group, Des Moines IA 50392.
Insurance and securities are not insured by the FDIC; are not obligations or deposits of Principal Bank nor guaranteed by Principal Bank; and are subject to investment risks, including possible loss of the principal invested.
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1) 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)
2)Awarded Dalbar Communication Seal of Excellence, October 2007
3) Received Chatham Partners 2007 Best in Class Awards for Relationship Managers, Actuaries and Client Service Managers
4) “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group
5) As of March 31, 2008
