Safe Harbor and Plan Term IRAs

Retirement funds from past employer accounts

When you leave a job, your employer may not choose to keep your funds in its retirement plan if your account balance is less than $5,000. Rather than paying you the balance in cash, the law allows for any savings of $1,000 - $5,000 be automatically rolled over into a Safe Harbor IRA unless you specifically elect otherwise.

If your employer ends its retirement savings plan and you have $1,000 or more in the plan, your funds will automatically roll over into a Plan Term IRA unless you specifically elect otherwise.

Your funds are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor.

Manage your savings

Now that your savings have been rolled over into a Safe Harbor or Plan Term IRA with Principal Bank, your first step is to confirm your identity using the information in your Welcome Kit.

Once you confirm your identity, you can do all of this and more:

  • Convert your Safe Harbor or Plan Term IRA to a Principal Bank® CD or money market IRA, or another product with the Principal Financial Group® such as an annuity or mutual fund
  • Make additional deposits to your IRA
  • Roll over your funds to an IRA at another financial institution or another employer-sponsored retirement savings plan
  • Withdraw your funds. But there may be penalties if you aren't age 59 ½ or older

Not sure what choice is best for you? Call us Monday – Friday at 800-672-3343 to talk to a Retirement Specialist.

Have a Principal Bank IRA?

You can log in to access account information online.

Have a question?

See our Safe Harbor & Plan Term IRA help or call us at 800-672-3343.