1055 Saint Paul Place,
PRINCIPAL - Participant and Plan Sponsor Experience Video
Principal has $631.1 billion12 in assets under management, and you can trust us to manage your money, too. Join our customers worldwide, whom we serve through a network of dedicated financial professionals located in 25 nations and territories around the world.
Learn more about Principal Call to schedule your 401k plan review 513-538-1880 or CLICK HERE to schedule a 60 minute listening session.
What goals are set for your retirement plan?Generally, the goal of a retirement plan is to help employees get retirement ready. Do you know if your plan is helping employees achieve that goal? We help you assess your current retirement plan to determine:
Who helps with your fiduciary due diligence? Do you have a documented process in place?Most plan sponsors are focused on running their business, they’re generally not experts on their fiduciary responsibilities. They may believe their service provider is handling it. We help with formal, documented support through a fiduciary file, investment policy statement and more to help mitigate risk and satisfy due diligence requirements.
Do you have a fee policy statement and review process in place?It’s important to document guidelines for managing and allocating fees and expenses and to consider whether the fees and expenses are reasonable. It can feel a bit daunting, but we can help.
Do you have an investment policy statement and review process in place?This is a fiduciary best practice, but many organizations don’t have an investment policy statement or a review process. We help establish an investment policy statement that provides guidelines concerning your various types of investment management responsibilities.
Do you have an education policy in place? Do you review it often and measure its effectiveness?An employee education policy statement can document goals and accountabilities related to an employee education program and provide a baseline for discussing employee education. Having a policy is important, but it’s also important to make sure it’s working the way it should be. We help establish, review and monitor it.
How much time are you spending on the plan?Many plan sponsors would like to spend most of their time running their business – not on administrative duties related to the plan. We help with your retirement plan needs, such as:
What services are you and your employees getting, and what are you paying for them? It’s important to evaluate the total amount paid to all service providers for an employer’s retirement program. And it’s important for plan sponsors to consider the level and quality of services of each provider as well as the impact on their own employee resources. We walk you through that.What types of investment options does your plan offer?A plan could offer a mixture of:
It is a prudent fiduciary action to monitor the investment options the plan offers. The monitoring process should formalize a procedure to review and monitor performance of the investment options and align with the goals of the plan’s investment policy statement (IPS).
1 Based on number of plans, PLANSPONSOR Defined Benefit Administration survey, May 2018. ↩
2 Based on number of plans, PLANSPONSOR Recordkeeping Survey, June 2017. ↩
3 Based on total number of Section 409A plans, PLANSPONSOR 2018 NQDC Recordkeeping Survey, June 2018. ↩
4 Based on 2016 LIMRA data on fully insured employer contracts in force, May 2017. ↩
5 Forbes, July 2018.↩
6 Pensions & Investments, “The Best Places to Work in Money Management,” December 2018. ↩
7 Computerworld, June 2018.↩
8 Forbes, May 2018.↩
9 National Association for Female Executives, March 2019. ↩
10 Forbes, January 2019.↩
11 Ethisphere Institute, February 2019.↩
12 As of March 31, 2020.↩