A Principal news release said the new offering gives employers multiple design options including simulated deferral, single bonus, and double bonus.
The plan has no contribution limits and does not require liability tracking, which eliminates the need for complicated administrative services. Employees own the assets and control investment direction at all times.
“Key employees for tax-exempt organizations are hard to find and even harder to retain, which makes benefits an extremely important tool,” said Pete Leo, national advanced solutions specialist for the Principal Financial Group, in the release. “Recent tax law changes have added new challenges for benefits programs, which is why we’ve created a simple, yet more flexible alternative to help these organizations continue to attract and retain good talent.”
More information is available at www.principal.com.