“We’ve identified several retirement plan characteristicsin particular the more automatic, do-it-for-me retirement savings optionsthat are more likely to help employees achieve financial security,” explains Paul Fromm, second vice president at The Principal, in the announcement. “We believe plan sponsors who offer these features give their employees an edge by helping to reduce the fear and inertia that keep people from saving. Through lower pricing, Principal Advocate Edge gives these employers the recognition they deserve and encourages the kind of retirement plan features that proven to help people save more for retirement.”
The attributes that qualify sponsors for the Principal Advocate Edge program include:
- A participation rate of at least 75 percent,
- An employer contribution of at least three percent of pay,
- Principal LifeTime portfolios (lifecycle investment options),
- Principal Managed Accounts,
- Automatic contribution increases, and
- Mandatory enrollment meetings.
For more information, go to www.principal.com .