Principal Expands Large Retirement Plan Strategy

May 16, 2006 ( - The Principal Financial Group has announced that it has broadened the team and resources devoted to consultants and financial professionals in the large retirement plan market ($100 million or more in plan assets).

The Principal has steadily increased its capacity in the large plan market with the addition of a dedicated institutional consultant relationship management team, product specialists, and by assigning additional sales expertise to large plan opportunities, the announcement said.

Ed Nowak, vice president, Retirement & Investor Services distribution, has been named to lead the institutional sales team.  John Reynertson and George Manning, vice presidents, consultant relations, will continue to present the organization’s capabilities to the consultant community. 

In addition, three new positions have been created to assist local sales offices who serve consultants and financial professionals.  Pete Coombs, Todd Timmerman and Rick Quinn – with over 60 years of retirement services experience collectively – now act in the specialized role of managing director, institutional sales.  Another new position has been created to serve the growing annuity and retirement income management business.  Mark Berman has assumed the role of managing director, institutional annuity, and works with the company’s sales team and financial professionals in this area.

The expansion includes dedicating resources to expanded distribution for third-party administrators (TPAs), registered investment advisors, and Taft Hartley and non-profit retirement plans.  A team of seven retirement sales staff has been formed to further deepen channel expansion, led by Randall Blanchetti, national director of channel management.  Jeff Schreiber recently was added to the team to expand and grow TPA business.

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