Principal Differentiators | So Much More Than DC

Please join Principal as they look beyond the DC lense and introduce you to solutions that they offer as part of their total retirement suite of capabilities. You will hear about their NQ offering, Plan Design consulting, the easiest way to deal with legacy assets and their defined benefit solution. Learn what Principal is doing differently and enhance your practice.

  • Kim Neufeld, Managing Director, Principal Financial Group
  • Jason Price, Director of Business Development, Principal Financial Group
  • John Baergen, Senior Director, Principal Financial Group
  • Marc Howell, Managing Director, Principal Financial Group
  • Lauren Hastings, Managing Director, Principal Financial Group

To kick off this session, Jason Price set the stage by sharing his extensive 20-year journey as an actuary, previously involved in DB Consulting for a major firm. He highlighted Principal’s readiness to support advisors and DB sponsors, offering assistance for prospect analysis and expressing their preparedness to establish new DB plans in 2024. Principal's differentiator lies in simplifying the often complex DB service models, providing a more efficient and streamlined approach. In their model, they would be able to do everything for that DB plan outside of what you would do on the Investments as the advisor. This includes the actuarial consulting, funding reports, accounting disclosures, benefit calculations, and all the plan administration. They also will run all the retiree services. In a DB plan, there are usually several retirees getting a check every month, and Principal will make those monthly payments, doing those 1099s and verification of life to make sure everybody who is getting a check should still be receiving one each month. This is customizable to each DB plan depending on how involved you want Principal to be.

Following Jason, John Baergen, brought his 28 years of expertise to discuss Principal's position as the largest provider of NQ services in the market. The team's specialization, segmented services, and a record-breaking performance highlighted Principal's prowess in the NQ market. John emphasized their three differentiators – an NQ recordkeeping system, informal funding capability supporting various options, and a multi-disciplined consulting team with extensive market experience. The tax efficiency, robust consulting team, and a comprehensive offering hit the bullseye regarding Principal's commitment to NQ plans.

John then passed the baton over to Marc Howell, shifting the focus to enhanced retirement program strategies. As an actuary addressing industry challenges, Marc presented case study about a client that faced recruitment issues. He emphasized the importance of creative solutions, collaborative discussions with consultants, and the value of identifying unique approaches. His proposed adjustments not only addressed recruitment and retention goals but also included improved financial outcomes for participants. Marc concluded by summarizing the broader benefits of strategic retirement program adjustments, emphasizing positive outcomes for all stakeholders.

Lastly, Lauren Hastings, shined a light on Principal's unique solution for non-profit legacy assets. Highlighting the challenges left by the DOL in 2009, Lauren explained Principal's collaboration with NBS, ensuring plan compliance and simplifying participant experience seamlessly using a unified view of their external assets. The legacy asset balance can also be integrated in their Retirement Wellness Planner along with eStatements (updated daily).

To summarize, Principal has many innovative solutions as shown by Jason, John, Marc, and Lauren. With their simplified DB model, specialized NQ services, and legacy asset solutions, they are fully committed to simplifying your job as a plan advisor and helping you focus on your clients.


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