A Principal news release said its Total Benefits Statement helps employees track their benefits and better understand how they fit together and gives employers a more effective opportunity to communicate their “total compensation” program. The product is targeted to retirement plan clients of $25 million or more in assets.
Employers are able to customize the statements by deciding which benefits and other information to include. The fee varies depending on the amount of detail chosen by the plan sponsor, Prinicipal said.
The new products includes multiple retirement programs as well as benefit information that goes beyond a company’s retirement program on one statement. Examples include:
- medical, dental and vision coverage
- insurance offerings
- Social Security and Medicare
- vacation and holiday compensation.
“Planning and saving for long term financial security requires a holistic approach,” said Paul Brown, vice president, retirement and investor services, The Principal, in the news release. “Employees need to see and understand the big picture, but often are overwhelmed by the complexities of their benefits. The Total Benefit Statement gives employees the information they need in an easy-to-understand format so they can make more informed decisions about saving for retirement, as well as their overall benefit package.”