The Principal Total Retirement Suite offers plan consulting and administrative services for all plan designs, The Principal said in a news release. This includes services in the four retirement solution categories:
- Qualified Defined Benefit (DB)
- Qualified Defined Contribution (DC)
- Qualified Employee Stock Ownership Plans (ESOP)
- Nonqualified (NQ) Retirement (DB and DC)
Going forward, the Principal pointed to upcoming additions to the Total Retirement Suite expected in 2004:
- an annual Total Retirement Statement for participants, which featurescurrent and projected benefits and projected Social Security benefitsfor all retirement plans through The Principal
- a “Total Retirement View” on the participant Web site, providing adaily view of current and projected employer sponsored retirementbenefits
- a data management process, including the ability formost plan sponsors to submit important data for multiple plans via onesystem
- a common investment platform for all retirement programs.
The Principal said the suite of products was developed after conducting plan sponsor and advisor focus groups. Out of these groups emerged that the key benefits of a total retirement solution were improved efficiencies and fewer administrative hassles that the focus group participants said they had experienced with multiple vendors.
Additionally, employers in the focus group expressed a high interest in improving employee understanding and appreciation of all the benefits they provide. They also want to make it easier for employees to plan for retirement and other financial needs.