New ESOP Website for Plan SponsorsResource from The Principal gives ESOP sponsors one-stop access to information and tools they need
April 30, 2013 (Des Moines) — Nearly 11,000 employers who offer employee stock ownership plans (ESOPs) have a new resource. The new ESOP Edge® website from the Principal Financial Group®, offers a wealth of tools and information to help make managing an ESOP easier than ever.
The online resource offers anytime access to the information that's most important to ESOP sponsors at a single portal, including:
- Relevant thought capital
- Valuable plan design tips
- Links to videos, audio tips and printable materials
- RSS Feed capabilities for easy updates when new content is posted
- Links to The Principal Blog ESOP posts and tweets
Demand for ESOPs is predicted to grow in the coming years, largely due to the wave of retiring baby boomers who own businesses. The dilemma is that nearly 80 percent of business owner net worth is tied up in their businesses.
"ESOPs can help these business owners convert their business assets into investable assets, which can be used to fund their retirement," said Jerry Ripperger, director of ESOP consulting at The Principal®. "The new website is designed to help make managing an ESOP as easy as possible."
ESOPs are qualified defined-contribution retirement plans that are primarily invested in company stock. They transform the illiquid asset of company ownership into cash. That cash can then be invested in other vehicles such as mutual funds, insurance, stocks, bonds and other options.
"As the number one record-keeper of ESOPs we understand the challenges and rewards of setting up and managing an ESOP," said Ripperger. "This comprehensive new site builds on our decade-long legacy of providing the latest in industry information and consulting expertise — now in an up-to-date format."
Business owners and their financial professionals can learn more at principal.com/esopedge.
For more news and insights from The Principal, connect with us on Twitter at http://twitter.com/ThePrincipal.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®) is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $456.1 billion in assets under management and serves some 19.1 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.
- ESOP Facts, National Center for Employee Ownership, 2013 www.ESOP.org
- Excludes value of primary residence, Survey of Consumer Finances, 2007
- Based on the number of recordkeeping plans, PLANSPONSOR Recordkeeping Survey, "Tying it all together, picking the best provider," June 2011.
- "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 March 31, 2013