Automatic Rollover Services

Save time and reduce fiduciary responsibilities.

Former participants, every plan sponsor has them. And trying to keep track of and manage them can be time consuming, costly and increase fiduciary risk.

As an industry leader in managing accounts for plan sponsors' former participants, Principal Bank^® offers an automatic rollover service that can help alleviate these burdens—at no cost to the retirement plan.¹

Automatic rollover service benefits

Think of an automatic rollover IRA as a short-term parking spot for individuals who are changing jobs or part of a plan termination. These accounts aim to minimize former employees’ investment risk and preserve their savings until they find the right destination for their money.

Our automatic rollover IRAs:

• Reduce time keeping track of, locating and communicating with former employees.
• May help decrease fiduciary liability and reduce plan recordkeeping fees.
• Have among the lowest account fees in the industry.
• Are FDIC-insured up to $250,000 per depositor.
• Allow transfers to other Principal^® IRA products without an IRA closing fee.
• Have retirement specialists available by phone to talk to former employees about their options.

 

How the automatic rollover service works

It’s easy. Once the automatic rollover IRA agreement is in place:

• You share former employee data through a secure website and request to have their funds sent to us.
• We set up an FDIC-insured IRA for the former employee.
• Once their accounts are open, we send former employees all the information they need to access their new account (and we even do the legwork to find them if they moved).
• We handle all legally required notices ongoing as long as their money is with Principal Bank.

 

Call us at 515-883-9198 or email us to learn more about our automatic rollover services from Principal Bank.