Department of Labor Names The Principal a Certified Form 5500 Vendor
DOL approval gives retirement plan sponsors access to easy reporting system
March 11, 2010 (Des Moines, IA) - The Department of Labor (DOL) has named the Principal Financial Group® a certified vendor for the creation and electronic submission of Form 5500.
The Principal® developed the convenient reporting system to help retirement plan sponsors meet a new requirement that all annual Form 5500s be filed electronically starting this year. Being named a certified vendor by the DOL means plan sponsors can submit data directly to the DOL's EFAST2 system.
"Being a DOL certified vendor means plan sponsors will experience a simpler, more seamless process for Form 5500 filing," says Jacque Mohs, vice president-Retirement and Investment Services, The Principal®. "Our e-filing system is built into our Principal Sponsor Service CenterSM-an award-winning Web site that can help plan sponsors save time and effort when managing their retirement plans."
The e-filing system is integrated with two other Form 5500 tools from The Principal:
- The new Consolidated Disclosure Tool helps large-plan filers (those with 100 or more participants) meet the eligible indirect compensation requirement mandated by the DOL.
- The Data Collection Tool has been updated and improved to help plan sponsors comply with the new requirement to file forms electronically. Plan sponsors can also now include outside assets electronically instead of adding them manually.
The Principal has been a DOL-approved software vendor and transmitter for more than 15 years. "We're proud of our long history as a DOL certified vendor," says Mohs, "and we'll continue to focus on tools that make it easier for plan sponsors to do business with The Principal."
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 $284.7 billion in assets under management 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. For more information, visit www.principal.com.
Insurance products and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group® (The Principal®), Des Moines, IA 50392.
Copyright © 2010 Principal Financial Services, Inc. All rights reserved.