Principal® and Principal® Foundation offer more than $25 million in combined COVID-19 relief
Customer concessions, giving programs support individuals, families, and businesses globally
Principal Financial Group® and the Principal® Foundation today launched respective community-based COVID-19 relief efforts to directly assist those experiencing financial hardship due to the pandemic by providing meals, family activity kits, and direct payments to those impacted in more than 30 locations around the world.
These two new programs—The Giving Chain led by Principal® and the Principal Foundation Relief Fund—build on previous support Principal has announced for customers accessing retirement funds, requesting payment extensions, and other adjustments to help manage financial challenges due to COVID-19. The combined efforts of Principal and the Principal Foundation to support customers, communities, and businesses financially impacted by COVID-19 are expected to total more than $25 million1.
“Principal and the Principal Foundation remain committed to helping families and businesses protect and build financial security,” said Dan Houston, chairman, president, and CEO of Principal and a Principal Foundation Board member. “The Giving Chain and the Principal Foundation Relief Fund are an extension of our commitment at a time when many of our local businesses and community members are experiencing financial distress and uncertainty as a result of the COVID-19 pandemic.”
The Giving Chain
The Giving Chain led by Principal aims to provide thousands of meals and activity kits—sourced from and in collaboration with local businesses and nonprofits—to individuals and families in more than 30 communities globally. This effort will not only benefit the recipients of the donations, but also local businesses from which the meals and products will be purchased. The purpose is to help those in need and to inspire others to join the effort by starting their own giving chain, by buying meals or products from local businesses and providing them to individuals, families and first responders in need in their communities.
“It will take all of us working together to make it through and to recover from COVID-19 and the many impacts on our lives, our communities, and our local businesses,” said Houston. “Like many of you, I’ve heard many heartfelt stories of individuals taking it upon themselves to make a difference in someone’s life during this pandemic. The Giving Chain provides another opportunity to support a local business and people in your community.”
Kicking off in Des Moines, Iowa, the global headquarters of Principal, the program will deliver more than 15,000 meals and nearly 3,000 activity kits sourced from 20 local businesses in the community. Principal has teamed up with local non-profit organizations to ensure these resources get to people struggling financially as a result of the crisis.
Principal will launch additional Giving Chains in more than 30 markets around the world in which they do business. Learn more about how to start a giving chain within your community.
The Principal Foundation Relief Fund
Throughout the COVID-19 health crisis, Principal employees asked for ways to help people, especially fellow coworkers and the workers who help clean, feed, and take care of Principal employees and facilities. In response, the Principal Foundation has established a hardship fund, the Principal Foundation Relief Fund, to provide grants to help Principal employees, employees of majority-owned member companies, and U.S. service staff providers (real estate, janitorial, wellness, childcare, food service, and security) who are experiencing financial hardship due to this crisis. The Principal Foundation Relief Fund will also accept outside donations from employees and others who wish to contribute to the cause.
Get more information about the Principal Foundation Relief Fund.
“The establishment of these Principal and Principal Foundation initiatives was primarily a result of listening to, and acting on, our employees’ desire to help others,” said Houston. “I am incredibly proud of their philanthropy and sense of communal responsibility.”
1 Total includes projected future cost of customer concessions related to fee waivers, payment period extensions, premium increase deferrals, and other cost adjustments in addition to philanthropic giving from Principal Financial Group and the Principal Foundation as of April 16, 2020.
About Principal ®
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals—offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.
About Principal® Foundation
Principal Foundation imagines a future where all people can learn, earn, and save for what matters most to them. We maintain a global commitment to create opportunities that build financial security, especially for those who are financially vulnerable. Rooted in our values, our grant-making, volunteerism, and match giving programs create a supportive culture for philanthropy and service. Learn more about Principal Foundation.
Principal Community Relations has a focus to build financial security in communities where Principal Life Insurance Company operates. Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, IA 50392.
The Principal Financial Group Foundation, Inc. (the “Principal® Foundation”) is a distinct, not for profit, undertaking separate from the Principal Financial Group, Inc. (“Principal”). The major focus of the Principal Foundation is to build financial security in the communities where Principal operates. The Principal Foundation has $200M assets under management and directs its returns to helping people learn, earn, and save. While the Principal Foundation receives funding from Principal, the Principal Foundation is an independent organization. The Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.
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