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Principal Bank Safe Harbor & Plan Term IRA Product Details

What is a Safe Harbor or Plan Term IRA?

The Principal Bank Safe Harbor or Plan Term IRA is a qualified savings account that pays a competitive interest rate and provides access to the funds at any time. IRAs are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor. For more detail, see the Principal Bank Frequently Asked Questions.

For a Safe Harbor IRA:

The law requires that retirement plan mandatory distributions from $1,000 - $5,000 be automatically rolled into an IRA instead of being paid in cash, unless the participant elects otherwise.

For a Plan Term IRA:

The law requires that retirement plan mandatory distributions of $1,000 or more be automatically rolled into an IRA instead of being paid in cash, unless the participant elects otherwise.

The automatic rollover requirement for either a Safe Habor or Plan Term IRA helps former employees save for retirement.

When a Principal Bank Safe Harbor or Plan Term IRA is Established

You will receive a welcome kit from Principal Bank containing additional information, including the Traditional IRA Custodial Agreement, disclosures and postage-paid envelopes for additional contributions.

Principal Bank personal bankers are available Monday through Friday, excluding holidays to answer questions or assist customers at 1.877.884.7236.

Principal Bank Safe Harbor & Plan Term IRA
Deposits

Automatic rollover of retirement plan mandatory small amount distributions.
You may make additional contributions to this IRA.

Withdrawals[1]
and
Transfers
As needed by accessing the IRA distribution form on the Principal Bank web site, or by calling a personal banker at 1.877.884.7236.
Account Fee $15 Annual Fee - No transaction fees. No plan sponsor fees.
Interest Rate Current Safe Harbor & Plan Term IRA rates.
Interest Payments Interest is accrued daily and paid to the IRA at the end of each calendar quarter.
Other Fees Safe Harbor & Plan Term IRAs may be subject to the following Bank Fees:
Outgoing wire transfers $20 Domestic
$40 Foreign
Account Research[2] $25 per hour, one hour minimum
Duplicate Statement copies[2] $5
Additional fees may apply, see Schedule of Fees (PDF: 221 MB) for more information.
[1]
An IRS penalty may be imposed if withdrawals are made prior to age 59½.
[2]
Subject to State of Iowa and Polk County 6% sales tax.
Related Links

Frequently Asked Questions
Get the answers to all of your questions about Safe Harbor IRAs from Principal Bank.

Go to Safe Harbor IRA Frequently Asked Questions

Contact Principal Bank
For questions or comments, please feel free to contact Principal Bank by online, by mail or by phone.

Go to Contact Principal Bank

Have a question?
Contact a bank customer service representative at 1.800.672.3343 or via e-mail.

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