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New White Paper, Resources Help Financial Professionals Get Jump Start on New Fee Disclosure Rule

The Principal Financial Group unveils new resources for DOL compliance

October 12, 2010 (Des Moines, Iowa) - A new Department of Labor (DOL) rule on fee disclosure has big implications for financial professionals who provide services to retirement plan sponsors. As of July 16, 2011, many financial professionals will be required to disclose to their retirement plan fiduciary clients the fees they receive and the services they provide.

To help these busy professionals turn this obligation into an opportunity, the Principal Financial Group® has posted a new white paper on its fee disclosure education website and unveiled a number of other helpful resources.

“Financial professionals provide a tremendous amount of value to retirement plan sponsors,” said Tim Minard, senior vice president—retirement distribution, The Principal®. “The new rule is a good opportunity to showcase that value to their clients. Our education resources can help them do just that.”

The new resources from The Principal include:

  • White paper by noted ERISA attorney Jamey Delaplane, partner, Davis & Harman LLP. New Fee Disclosure Rule for Retirement Plan Service Providers: What Financial Professionals Need to Know helps financial professionals understand the new rule and how it may affect them and their clients.
  • Commitment of Services. Financial professionals can customize this document to outline the services they provide and demonstrate the value they bring to their clients.
  • Checklist for Financial Professionals. This high-level overview of ERISA §408(b)(2) helps financial professionals determine their approach for complying with the new regulation.

The white paper is housed on the fee disclosure education website at www.principal.com/feedisclosure. This dedicated website features up-to-date information on the regulations, including videos and audio files. Financial professionals can access the other resources by logging in to the financial professional section of principal.com.

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. A member of the Fortune 500, the Principal Financial Group has $284.7 billion in assets under management[2] and serves some 18.9 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.

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[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, 2010.

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