According to a news release, the new workbook uses a three-step process that begins with deciding how much to save, followed by choosing an investment style described as “do-it-for-me” or “do-it-myself.” The final step is filling out an enrollment form.
Additionally, The Principal customizes the enrollment workbook to include retirement plan features selected by the plan sponsor, which may include:
- automatic enrollment
- employer match
- My Principal Edge Milestones
- catch-up contributions
- online enrollment.
“Our research showed us that this simple three-step style resonated with employees, improving their experience and prompting them to take action,” said Barrie Christman, vice president of Individual Investor Services for The Principal, in the news release. “We want to make it as easy as possible for employees to start saving and stay invested in order to help secure their financial futures.”