Principal Unveils Enroll-by-Text Service

A new service from the Principal Financial Group enables workers to enroll in an employer-sponsored retirement plan through text messages.

Workers can also join their employer’s retirement plan through a new mobile website, according to a statement from the firm.

“By making the [enrollment] process quick and convenient, we’re able to battle inertia and get individuals to start saving right away,” says Jerry Patterson, senior vice president of retirement income strategy at The Principal.

Once individuals have chosen their contribution amount by text message or the quick-enrollment website, new participants can then select their investment elections online or by phone. This can be done at the same time or at a time convenient for the individual. 

More information on the service is available here.