Multiple Retirement Plans: Plan Services
Overview
You can integrate multiple retirement plan services together and take the guess work out of the logistics.
Balancing all your responsibilities
Managing your retirement program is only one of your many tasks. It is important that the solution you choose lets you focus on the needs of your employees while making the most of your time.
Delivering a broad range of services
We take a holistic approach that helps integrate your retirement program with services that help reduce the amount of administrative work you have to do, so you can be more strategic. This includes:
Plan Sponsor Services
When you combine your plan services together, you simplify employee benefit data management, speed service to both you and your participants, and ease plan compliance work. It can also lead to faster identification, evaluation and resolution of issues. Our services can include:
- Plan design
- Recordkeeping and other administrative services
- Actuarial services
- Investment services
- Defined Benefit investment advisory and asset allocation services[1]
- Fiduciary support
- Consulting services
- Plan compliance support
- Employee education and communication
- Benefit determination and payment
- Retiree payout services
Secure access to plan information online
You should have quick and convenient access to plan information. Our comprehensive, award-winning Web site,[2] the Principal Sponsor Service CenterSM, enables you to easily manage your retirement program and participant information through one secure interface. Once logged in, you can:
- Conduct administrative tasks online
- Track eligibility and key enrollment dates
- Access a wide range of retirement plan information
- Review reports
- Integrate with payroll
- Track/Manage retirement program
- View news and economic updates
Compliance services
We help you keep your retirement plans in compliance, by paying special attention to compliance details. We provide government forms ready for your review and signature and all the information your auditor needs for a limited scope audit to help keep your retirement plan in compliance with government regulations.
Understanding your fiduciary responsibilities
Almost all qualified plans are subject to the rules of the Employee Retirement Income Security Act of 1974 (ERISA). You need a service provider who can help you understand these rules. We can help you manage a number of your fiduciary responsibilities with testing services and ongoing support. In addition, we provide a number of resources to help, including:
- Fiduciary Handbook (an excerpt) (PDF: 198 KB)
- Annual fiduciary file (PDF: 242 KB)
- Principal Due Diligence Program (PDF: 312 KB)
Our involvement in Washington, DC allows us to monitor, help shape and analyze legislation and help you understand what it all means to your retirement program.
Participant Services
Your employees may not fully understand, appreciate or take advantage of your organization's retirement program.
Unique education program
We offer a unique education program, known as My Principal® Edge. This program uses three strategies:
- Multiple approaches - meaning that we use a variety of methods to stay in contact with your employees.
- Action-oriented - we motivate employees by focusing on specific actions.
- Personalized - we look at the employee’s specific situation to help them take action.
Making it easier to take action
Your employees will also have access to automated solutions, including:
- Easy enrollment online, by telephone or mail
- Automatic enrollment for participants who meet your retirement plan's eligibility requirements
- Automatic salary deferral increases
- Target date investment options
Other solutions to help employees plan for retirement
To make your retirement plan successful, you not only need an effective enrollment and education program, but also a variety of solutions for employees to consider, so they can meet their changing priorities. These services can include:
- An exclusive tool that helps participants assess how close they are to meeting their retirement goals and provides a personalized timeline with action items to complete over the next 12 months - access My Principal Edge Milestones® online tool now.
- An education strategy tailored to your organization - from targeted communications to online tools and more.
- World-class customer service that allows your employees to speak directly to our highly-trained specialists.
- One-on-one employee education meetings though Principal Retire SecureSM, if available to your retirement plan. (PDF: 829 KB)
Providing assistance to participants
Our comprehensive investment services provide the building blocks for helping employees participating in your retirement program plan for a secure retirement. To help you meet your fiduciary responsibilities, you can offer these additional services to your participants:
Solutions for the "Do-It-Myself" investor
Help participants determine their risk tolerance and decide which asset classes are right for them. Investor Profile Quiz (PDF: 248 KB)
Solutions for the "Do-It-For-Me" investor
Participants can also consider a target-date approach, where they choose a portfolio based on their expected retirement date. Principal LifeTime Portfolios[3] (PDF: 284 KB)
We also provide professional asset allocation options where participants choose the mutual fund portfolio that most closely matches their risk tolerance. Russell LifePoints® Portfolios (PDF: 154 KB)
Participants who choose more risk-based investments may choose the SAM portfolio that most closely aligns with their risk profile. These are five strategically diversified portfolios that use a target risk-based approach. Principal Strategic Asset Management (SAM) Portfolios[3] (PDF: 245 KB)
The Principal Managed Account ProgramSM helps you manage your fiduciary responsibilities by providing personalized investment recommendations to participants. This program is a service provided by Ibbotson Associates and offered through Princor Financial Services Corporation's Registered Investment Adviser. Principal Managed Account Program[4] (PDF: 754 KB)
Consulting Services
Your relationship team includes experienced consultants who can help make certain your comprehensive retirement program meets your organization's goals and objectives. They can work with you and your financial professional to provide assistance on the following issues:
- Plan compliance
- Distributions
- Mergers and acquisitions
- Legislative changes
- Challenges unique to not-for-profit organizations
If your third-party administrator already provides these services, we can customize your retirement plan service to help meet the needs you do have.
A consulting team to design the right plan for you
You'll get a thorough analysis of how to integrate your retirement plan services, and assistance to make necessary adjustments. Your plan consulting team will also develop comprehensive communication materials to explain changes to your participants.
Each organization should have a unique retirement strategy
Your consulting team will carefully consider a wide range of factors to determine the right strategy for your retirement plan needs, including:
- Organizational goals and culture
- Managing time and resources required to run your retirement program
- Regulatory environment
- Total cost of employee compensation, including benefits
- Competitive environment for labor
- Benefit preferences among existing and future workforce
Other Benefits
An 800 number with automated services
A toll-free, interactive voice response system gives your participants the ability to:
- Review retirement plan information
- Move account balances
- Get a loan (if available through your retirement plan)
Client Contact Center
We provide world class customer service through the Client Contact Center. Participants can call and speak directly to multilingual retirement specialists who can answer their detailed questions about the retirement account.
Easy-to-read participant statements
These retirement plan statements help keep employees informed about the status of the retirement savings and investment performance. The statements have received the Seal of Excellence from DALBAR[2], one of the nation's leading independent financial services research firms.
Post-employment support
Our benefit counselors can help reduce your administrative burden by working directly with your former employees. We have numerous options available for your employees to keep their retirement savings working tax deferred when they are no longer a part of your organization.
Have questions?
Contact a local representative today for more information or to find a financial professional in your area.
- [1]
- Provided by Principal Financial Advisors, Inc., a registered investment adviser and member of the Principal Financial Group.
- [2]
- Awarded DALBAR Communications Seal for the Principal Sponsor Service Center (awarded to outstanding web sites that effectively and efficiently meet the needs of plan sponsors). Years won: 2004, 2005, 2006 and 2007.
- [3]
- Each Principal LifeTime portfolio and Principal Strategic Asset Management Portfolio is available through a Separate Account or Principal Funds mutual fund. Principal LifeTime Separate Accounts and Principal Strategic Asset Management Separate Accounts are made available through a group annuity contract with the Principal Life Insurance Company, Des Moines, IA 50392. May not be available in all states or U.S. commonwealths.
- [4]
- The investment advice provided through the Principal Managed Account Program is provided by Ibbotson Associates. Access to the advice and securities and advisory products are offered through Princor Financial Services Corporation, 1.800.547.7754. Princor is a member of the Principal Financial Group, Des Moines, Iowa, 50392. To obtain a copy of Ibbotson Associates disclosure brochure or the Princor Financial Services Corporation Disclosure Brochure and Privacy Notice, visit www.principal.com or call 1.800.547.7754 and speak to a retirement specialist.
Before investing in mutual funds, investors should carefully consider the investment objectives, risks, charges and expenses of the funds. This and other information is contained in the free prospectus, which can be obtained from your local representative or by contacting us at 1.800.547.7754. Please read the prospectus carefully before investing.
The value of the investment options will fluctuate so that when redeemed, shares or units may be worth more or less than the original cost.
No investment strategy, such as asset allocation or diversification, can guarantee a profit or protect against loss in periods of declining values.
