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New eSignature Makes Retirement Plan Provider Transitions More Efficient

The Principal streamlines process for financial professionals and clients

December 17, 2013 (Des Moines, Iowa) — Changing retirement plan providers is a major project for any organization. If not handled efficiently, the paperwork and steps involved can cost financial professionals and their plan sponsor clients time and money.

As a top service provider for post-sale advisor and plan sponsor support[1], the Principal Financial Group® has vastly streamlined the process with dedicated support; a single, secure storage location for documents and eSignature capabilities—one of the first in the industry to make electronic signatures available for transition paperwork.

"The Principal® has transitioned plans from nearly 450 different service providers. Smooth transitions help maintain the value of the retirement plan," said Mike Daugherty, vice president of retirement and investor services at The Principal. "Our redefined process also saves the financial professional and plan sponsor valuable time and helps the plan sponsor manage their fiduciary responsibilities."

The Principal has made transition process seamless with:

  • Dedicated support every step of the way: Within 24 hours of a sponsor's commitment to transition the plan, a dedicated client implementation manager is assigned to oversee the process from start to finish.
  • Ability to sign transition paperwork electronically: eSignature allows plan sponsors to safely and securely sign one or multiple documents in just a few clicks, saving valuable time.
  • Easy-to-use online document hub: Retirement plan documents are securely stored in one convenient location, and can be accessed anytime, helping sponsors stay well organized as they manage their fiduciary duties.

Plan sponsors also have the option of a streamlined strategy for transferring plan assets, automatically defaulting participants into a qualified default investment alternative (QDIA) selected by the plan sponsor. Participants have the choice to opt-out during the transition or after.

A game changer

Management of a retirement plan transition is a key driver of client satisfaction during the conversion process[2]. The simplified process frees financial professionals up to focus on other aspects of their business and builds good will with their clients.

"eSignature has saved time for both our clients and the transition teams. It helps simplify the transition process and cuts down on the back and forth of obtaining signatures," said Michael Down retirement plan sales consultant, The Meltzer Group. "The enhancements The Principal is making to improve the transition process will make it easier and more efficient for my clients and me at transition. eSignature is going to be a game changer for new business."

For more news and insights from The Principal, connect with us on Twitter at and The Principal Blog.

About the Principal Financial Group

The Principal Financial Group® (The Principal ®)[3] 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 $466.2 billion in assets under management[4] and serves some 19.0 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


2013 Retirement Plan Adviser Survey, (PlanAdviser Magazine), September-October 2013
Chatham Post Conversion Analysis, 2012
"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 September 30, 2013.

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