Press release
Simply Retirement by Principal® Offers New 401(k) Solution for Start-up Retirement Plans
DES MOINES, Iowa--(BUSINESS WIRE)-- Despite recent market volatility, 85% of small businesses with one to 100 employees say they’re stable or growing1,
About this update from Principal Financial Group Inc
[{"type":"text","content":" DES MOINES, Iowa--(BUSINESS WIRE)--\nDespite recent market volatility, 85% of small businesses with one to 100 employees say they’re stable or growing1, according to new research from Principal Financial Group®. Today, Principal® announced a new digital offering to help small business clients and their financial professionals build retirement benefits programs that can attract and retain top talent and support continued growth. With more than 5 million businesses without retirement plans2, Simply Retirement by Principal®, is designed to make 401(k) plans more accessible to businesses with fewer than 100 employees.\n\n\n“Millions of small businesses do not offer a savings plan to their employees today, though our research shows the workplace is among the best places to make a positive impact on long-term savings habits,” said Jerry Patterson, senior vice president of retirement and income solutions at Principal. “The world has changed, but the importance of having a short- and long-term savings plan has not.”\n\n\nSimply Retirement by Principal® includes:\n\n\n\nSeamless setup.\nUsers can create 401(k) proposals quickly online through a straightforward process that reduces paperwork. No in-person meetings are required. And if help is needed, it’s just a phone call away.\n\n\n\n\nExperience and technology.\nSimply Retirement by Principal® combines 75-plus years3 of expertise in retirement solutions and investments from Principal with the simplicity and cost-effectiveness of the Ubiquity Retirement + Savings® recordkeeping platform and services.\n\n\n\n\nPredictable pricing.\nSmall businesses pay a $500 one-time setup fee and a $150 monthly recordkeeping fee. Each participating employee pays $6 per month, unless the business owner chooses to pay this fee. Recordkeeping fees don’t change as clients’ plan assets change, helping business owners with predictability4.\n\n\n\n\nA variety of strong investment options.\nPrincipal investment options offer strong performance with a competitive return, helping provide growth potential of employee contributions and any matching contributions the business owner provides.\n\n\n\n“The COVID-19 health crisis has changed the world in which we work, and we know that many small businesses have a lot to contend with. Their focus is on what’s most important right now, and we understand that,” said Pat...