Products January 7, 2002

Principal Launches Intermediary Product

July 1, 2002 (PLANSPONSOR.com) - The Principal Financial Group is now fielding a new 401(k) program designed for small businesses - and targeted for distribution through intermediary channels.
Reported by

Titled Principal Security Builder Retirement Program, the new product is designed to be sold through a variety of intermediaries including brokers, financial consultants, and third-party administrators, Principal said in an announcement.

Principal said the small-company plan includes:

  • its latest Web technology
  • administrative support and recordkeepering services including daily valuation
  • data reporting, benefit distributions, and executive summaries
  • a multimanager investment approach with 18 investment managers and more than 60 investment options
  • the Retirement Service Center and telephone voice response for account information, fund transfer, interactive educational, and asset allocation tools
  • Morningstar investment information

Through the Principal or a local TPA, the Principal Security Builder Retirement Program also provides, employer compliance tools including top-heavy determination, minimum contribution calculations, 415 limit calculations and nondiscrimination tests, Finally, it provides Form 5500 series annual reports and related schedules, employee booklets, summary of material modifications, and summary annual report.

Principal’s annual plan fee is $1,500 full service or $1000 through a local TPA.

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