A Principal news release said that plan sponsors will have faster access to their Form 5500 report under the new system than they had traditionally through the mail. Sponsors also have the option of printing forms that can be filed, as well as submitting questions or changes online to The Principal from the Principal Sponsor Service Center, the announcement said.
“Retirement plan sponsors are busy operating their businesses, and they want efficiencies when it comes to managing benefits for employees. In the least, Form 5500 reports are cumbersome on paper, especially if changes are necessary,” explained Susie Thomann, vice president and chief information officer, Retirement & Investor Service at The Principal, in the news release.
“Offering the Form 5500 online saves clients much needed time and enables them to easily share information with auditors,” Thomann continued.
More information is at www.principal.com .
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