Community Health Systems Selects The Principal for Defined Contribution and Nonqualified Plans
Plans total $1.4 billion in assets and serve 80,000 participants
(Des Moines, Iowa) — A world-class health care system has chosen the Principal Financial Group®, one of the nation's retirement leaders, as its defined contribution and nonqualified plan service provider.
The plans for Community Health Systems (CHS) serve nearly 80,000 participants and assets in the first year will total more than $1.4 billion. The financial professional advising the CHS retirement program is Brian Ward of Ward Financial Advisory. The contract with The Principal® became effective January 1, 2009.
Franklin, Tenn.-based CHS is one of the nation's leading operators of general acute care hospitals. The organization's affiliates own, operate or lease more than 118 hospitals in 29 states, with an aggregate of more than 17,000 licensed beds. In more than 65 percent of the markets served, CHS-affiliated hospitals are the sole provider of healthcare services.
"We are excited to begin this relationship with The Principal to offer an outstanding suite of services to our diverse employee population," said Roy Sellers, director of human resources at CHS. "We selected The Principal because they have the flexibility and expertise to match their retirement plan services with our dynamic environment."
"We are honored to provide services for CHS, a highly respected and well-established leader in the health care industry," said Dan Houston, president of retirement and investor services at The Principal. "Our dedicated team of nearly 500 service professionals has a solid track record in providing personalized services to clients of similar size and needs. Our consulting expertise with clients who are active in mergers and acquisitions also makes CHS a good fit for us."
Through its national footprint of offices, The Principal provides CHS plan participants a comprehensive package of services and tools including:
- Toll-free access to retirement specialists
- On-site investment education and retirement planning seminars
- Online account information and education through the award-winning participant Web site www.principal.com
- Interactive educational and asset allocation tools
- Morningstar investment information
- Rollover assistance
- The quarterly magazine Plan Ahead. Get Ahead.®
These tools complement leading technology services at The Principal. For the past 11 years The Principal has appeared on the Information Week Top 500 Most Innovative Users of Information Technology list, coming in at No. 9 in 2008.
About Community Health Systems
Located in the Nashville, Tenn., suburb of Franklin, Community Health Systems is the largest publicly traded hospital company in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the company currently owns, leases or operates 118 hospitals in 29 states. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its QHR subsidiary, the company provides management and consulting services to independent general acute care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol "CYH."
About the Principal Financial Group
The Principal Financial Group® (The Principal®) 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 $287.4 billion in assets under management and serves some 19.0 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.
- The Principal ranks No. 1 in total plans for all asset sizes among fully bundled 401(k) providers (2008 Spectrem Group analysis of fully bundled 401(k) providers; companies that provide both administrative and investment services)
- Awarded Dalbar Communication Seal of Excellence, October 2007
- "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- As of September 30, 2008