Total Retirement View shows participants a personalized retirement account balance for all of their employer’s retirement plans offered through The Principal, plus an estimate of their Social Security benefit. The tool also calculates how much of their future monthly income may be replaced with retirement plan savings and Social Security.
Plan sponsors can adjust key assumptions, such as salary increases and investment earnings, used for the income replacement calculation. Because it is online, the account information is updated daily, according to Principal.
P art of The Principal Total Retirement (see Principal Releases New K Plan Version ), plan sponsors can choose to add Total Retirement View to The Principal Retirement Service Center participant website. The option is available to all employees in multiple employer-sponsored retirement plans. The Principal offers four different retirement program types, defined benefit, defined contribution, employee stock ownership and nonqualified deferred compensation plans – all in one consolidated projection.
The Principal also provides a consolidated total retirement statement to participants without web access.