At year-end 1999, almost 12,000 plan sponsors were reporting all cash and data transactions via the Internet, said Bill Kelly, vice president and chief information officer.
In December 1998, 7% of targeted cash transactions were
submitted using the company’s Internet service. One year
later, December 1999, that number grew dramatically to 81%.
Small, mid-sized companies
“Over the past few years we have seen a significant increase in small to medium-size companies moving toward an electronic workplace,” said Kelly.
The company reported over 41.6 million cash transactions were made online by retirement plan sponsors in 1999 through Principal Direct Connect, which gives plan sponsors the ability to transfer their retirement data electronically.
The Principal’s Web site can be found at www.principal.com .