Products May 31, 2007

Principal Develops Big Plan Retirement Tools for Growing Businesses

May 31, 2007 (PLANSPONSOR.com) - Principal Financial Group has come out with a program that gives fledgling businesses some of the same retirement plan tools available to large plans, such as flexible participant services and retirement savings options.
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align=”left”> According to a company press release, Principal Advantage for Emerging Businesses is only available through third party administrators (TPAs) and uses the Principal Advantage investment platform.

align=”left”> One feature of the program is access to registered investment options sub-advised by investment managers and selected and monitored by Principal’s due diligence program. Plan types include401(k), Safe Harbor401(k), SIMPLE 401(k), 403(b), Profit Sharing (including Comparability) and Money Purchase.

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align=”left”> Some of the other program features include:

  • Smart Start, which allows employers to set a pre-selected salary deferral percentage;
  • The Principal Step-Ahead Retirement Option, which provides an automatic, effortless way to increase contributions;
  • Flexible Enrollment Options, that give participants three ways to enroll: an enrollment form;  online; or through their current enrollment kit;
  • Educational tools such as the Enrollment Workbook and Salary Deferral Slide Calculator to facilitate planning; and
  • A quarterly magazine that provides information on saving and investing.

For more information, visit  www.principal.com

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