The Principal Offers Streamlined Transitions

The Principal Financial Group is offering services with eSignature capabilities to better streamline the transfer from one retirement plan provider to another.

The Principal’s eSignature capabilities give plan sponsors the ability to sign transition paperwork electronically, allowing them to securely sign one or multiple documents, saving time.

Other services related to plan provider transition include:

  • Dedicated support in overseeing the transition process; and
  • Retirement plan documents stored in one convenient location, accessible anytime, helping sponsors stay well organized as they manage their fiduciary duties.

Plan sponsors also have the option of a streamlined strategy for transferring plan assets, automatically defaulting participants into a qualified default investment alternative (QDIA) selected by the plan sponsor. Participants have the choice to opt out during the transition or after.

“The Principal has transitioned plans from nearly 450 different service providers. Smooth transitions help maintain the value of the retirement plan,” says Mike Daugherty, vice president of retirement and investor services at The Principal. “Our redefined process also saves the financial professional and plan sponsor valuable time and helps the plan sponsor manage their fiduciary responsibilities.”