Principal Financial Group has introduced Principal IMPACT, aimed at 401(k) plans with assets between $1 million and $10 million. The solution is backed by a service team that supports advisers and their clients across every step of the plan design process, from onboarding to the annual review.
IMPACT includes interactive, digital resources to boost participants’ financial confidence. According to Principal Financial Group, participants who use these tools have Retirement Wellness Scores that are 10 points higher than non-users on average. The IMPACT solution also offers holistic financial wellness that goes beyond saving for retirement.
The firm says IMPACT’s investment lineup is modernized, with zero revenue-share funds. Seventy-eight percent of the share class options are in the top half of their Morningstar category peer groups. IMPACT also offers ongoing fiduciary support and competitive and transparent pricing.
“We are really excited about the introduction of Principal IMPACT, which amplifies the ability of Principal to serve as a ‘one-stop-shop’ for multiple retirement plan needs across all employer and market segments,” says Jerry Patterson, senior vice president of retirement and income solutions at Principal, who notes that the firm also offers defined benefit, employee stock ownership and non-qualified deferred compensation plans. “This new offering brings together competitive pricing and services that are often reserved for large employers. Principal IMPACT helps employers take care of their employees’ future lives while spending less time on administrative complexity.”