According to a company news release, the system allows the 17,500 401(k) prototype clients to access amended plan documents and restatements online around the clock, and review and approve amended documents by e-signature.
Principal said clients will benefit from the product’s faster turnaround time on amendments and restatements through automation of several manual processing steps, easy access to updated documents at all times, and increased security and authentication process. Clients also can access an updated directions guidebook for fast answers to questions, and all online documents are available print-on-demand.
The Principal said it currently handles approximately 1,000 plan amendments every month. With recent changes in the laws, these enhancements will allow the company to receive more than 20,000 signatures electronically.
For more information, go to www.principal.com