Financial Security
We offer a wide range of benefits and company services to meet your financial goals and to protect your family's financial future. To help you prepare for your financial future we offer:
Pay
Competitive base salaries-Of course, your pay and incentives are a major part of your total compensation. We offer a base pay that's competitive in your location based on market research. Once you join the company, you can receive pay increases each year as a reward for strong performance. But that's not all. You also may be eligible for other incentive programs.
Incentive pay- PrinPay, short for The Principal® Incentive Pay Plan, is a financial incentive plan to encourage high performance. The PrinPay program bases its rewards on company, business unit, and personal performance. Most employees are eligible for PrinPay or another incentive program.
Retirement benefits
401(k) plan-You may save for your retirement with our tax-deferred Select Savings 401(k) Plan. This plan allows you to contribute a percentage of your income into a 401(k) account. The company will even match a portion of your contribution.
Pension plan-Whether or not you choose to save for retirement, the company saves for you. If you're working full time, you're automatically enrolled in the pension plan on the first day of the month on or after the date you reach age 21.
Life and Health- You also may be able to continue your certain benefits after retirement. We offer medical (including prescription drugs), vision, dental and life if you retire from the company. (Retirement eligibility is based on your age and years of service with the company.)
As an employee, you have the opportunity to purchase:
- Group Universal Life Insurance
- Long-Term Care Insurance
- Property and Casualty Insurance
Financial benefits
Stock Plans-You can invest in the future of the company with company stock - and each plan gives you benefits that are not available to other investors.
- Employee Stock Ownership Plan (ESOP)
- Employee Stock Purchase Plan (ESPP)
Disability benefits-Company-provided disability coverage can help reduce any financial loss if you need to be away from work due to an illness, an injury or maternity leave. If approved for a benefit, disability coverage provides between 60 percent and 100 percent of your pay.
Life, Accidental Death and Dismemberment, and Business Travel Accident Insurance-Life, accidental death and dismemberment, and business travel accident insurance help protect your family against financial loss. As an employee, the company provides life, accidental death and dismemberment, and business travel accident insurance for you at no charge.
Other products and services
The Principal Employee Financial Center- provides employees with information about and assistance with purchasing financial products offered by The Principal. Such as:
- Retirement planning.
- College education funding.
- Income protection.
- Mutual funds with no upfront sales charges.
- Financial planning assistance from licensed experts
The Principal Bank- Principal Bank offers employees a cost-efficient, convenient way to do everyday banking. Features include:
- Online banking services, including automatic bill payment and more.
- Banking products, including checking and savings accounts, CDs and loans, plus free ATM and debit card transactions*.
*Certain ATM machines may implement a surcharge for transactions.Answer Financial- Employees can take advantage of this online service to find solutions to insurance and financial needs from companies that offer products other then those offered by The Principal. Such as:
- Property and Casualty Insurance
- Vehicle Insurance
- Pet Insurance
Group Universal Life Insurance- Is an effective tool to help employees protect their family and work toward achieving their retirement goals.
Long-Term Care Insurance- Employees can protect themselves and their families from devastating expenses for long-term care, including nursing home costs and the cost of in-home care at a competitive group rate.
