Designing your retirement plan for success

Is your retirement plan not just serving its purpose, but also driving higher levels of retirement readiness? Is it not only ticking a box in your benefit design, but also helping participants to make smarter, more confident financial decisions that create better outcomes?

Rooted in behavioral finance and our own 70+ years of retirement expertise, the Principal® PlanWorks program takes a holistic approach, incorporating plan designs rooted in proven best practices, plus measurement strategies that continually assess and improve outcomes.

How to design your plan for success

1. By tracking your retirement plan effectiveness

Principal provides a comprehensive annual Retirement Readiness Report (PDF), focusing on key metrics that indicate how many of your employees are on track to replace a sufficient level of income in retirement.

By breaking down participant behavior, showing how your plan stacks up against industry averages, and recommending plan design adjustments based on best practices, the report provides not only a status update, but also a plan of action to better support participants’ retirement readiness.

2. By engaging participants in their progress

Each year, retirement plan participants receive a personalized Retirement Wellness Report (PDF), which provides an at-a-glance overview of their estimated monthly retirement income based on current savings.

In addition to this annual report, our dynamic experience platform gives participants simple and streamlined enrollment and account management, both online and on mobile; expert education and guidance; and a variety of engaging tools, including the Retirement Wellness Score and Planner.


Next steps for plan sponsors may include implementing automatic plan design features, increasing defaults, stretching the company match, or sweeping eligible employees to drive new enrollments—all in service of improving retirement readiness and driving better outcomes.

No matter where your participants are on their journey to retirement, we’ll help you (and them) keep tabs on their progress along the way—so you can make changes to your plan design when it matters.

Talk to your advisor about how the Principal PlanWorks program can work for your business.