Payroll Network and Principal to Offer Bundled 401(k) Program

September 30, 2004 ( - Payroll Network, Inc., and the Principal Financial Group have teamed up to offer provide payroll services for the Principal Payroll Programs.

The result of the partnership will be a program that bundles payroll services, retirement plan administrative services, and professional financial consulting for 401(k) plans. Payroll Network will provide the payroll processing functions for the program, which will facilitate 401(k) deductions from and contributions to employee pay, as well as tax compliance aid.

The goal of the partnership, according to the companies in a joint press release, is to blend traditional accounting and human-resources stand-alone functions into one system in hopes of streamlining the process. The companies believe their partnerships with CPAs, banks, and insurance and benefits firms help ensure compliance with tax and insurance standards.

Payroll Network, Inc. ( ), is a Maryland-based payroll processing service. The Principal Financial Group ( ) offers retirement and investment services.