Automatic Rollover Services

Save time. Save money. Reduce fiduciary risk.

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.

How the automatic rollover service works

You send data about former participants and their retirement accounts to Principal Bank, and Principal Bank:

  • Establishes a safe harbor Individual Retirement Account (IRA) for former participants
  • Ensures former participants receive communication about the establishment of their IRAs and all legally required notices for as long as they remain with Principal Bank.
  • Does all the legwork to find and communicate with missing former participants once their IRAs are established

Our focus on retirement outcomes can help you reduce fiduciary risk

Plan fiduciaries are operating under heightened scrutiny these days. They're mitigating risk by taking actions that help pave the way for existing employees to successfully retire; it's just as important to do the same for former participants. That's where Principal Bank comes in.

We care about helping plan sponsors' former employees pave a path for successful retirement. Our safe harbor and plan termination IRAs aim to minimize their investment risk while preserving their hard-earned savings. Savings are FDIC-insured, earn a competitive rate and have among the lowest account fees in the industry.

Call us at 515-883-9006 or email us to learn more about our automatic rollover services from Principal Bank.