Principal Debuts 401(k) Platform for Small Businesses

Principal has rolled out Simply Retirement by Principal, a retirement platform designed to make 401(k) plans more accessible to businesses with fewer than 100 employees.

“Millions of small businesses do not offer a savings plan to their employees today, though our research shows the workplace is among the best places to make a positive impact on long-term savings habits,” says Jerry Patterson, senior vice president of retirement and income solutions at Principal. “The world has changed, but the importance of having a short- and long-term savings plan has not.”

The platform includes a seamless setup. Users can create 401(k) proposals online through a straightforward process that reduces paperwork. No in-person meetings are required, and, if help is needed, it’s just a phone call away.

The platform runs on the Ubiquity Retirement + Savings recordkeeping platform, offering users access to experienced retirement plan experts.

Small businesses pay a $500 one-time setup fee and a $150 monthly recordkeeping fee. Employees pay $6 a month, unless the business owner decides to cover this cost.