The Health Care industry has a seat on our client council, which provides the opportunity to help shape how we deliver our services, allocate IT resources, and build new products and services.
Thank you for considering Principal® as your retirement plan service provider!
The Principal difference
Thank you for considering us as your total retirement solutions provider. We appreciate the Defined Benefit plan relationship we have with Prisma Health today.
Scroll down to catch a glimpse of what your total retirement solutions experience will look like at Principal.
LEARN ABOUT PRINCIPAL
Unlike other providers, retirement is at the heart of our business. Retirement and asset management operations represent 94% of our assets under management.* We're committed to serving our retirement clients and investing in our business.
* Principal data as of 12/31/2021
We're proud of our culture
Our people shape and reinforce our culture of service, inclusion, and innovation while helping our customers reach their goals for financial security and live their best lives.
We typically receive industry accolades like these proving we make our values come to life.
Top 100 Most Sustainable Companies in America
Barron’s, February 2022
America’s Best Employers for Diversity
Forbes, April 2021
World’s Most Ethical Companies®
Ethisphere Institute, February 2021
Understanding the new normal
We understand the needs of your physicians, providers, team members, and industry. We’re here to listen and evolve to address your changing concerns and challenges.
Our Health Care clients1
Total participants:
Over 1.5M
Total assets:
Over $52B
Total plans:
Over 5,300
To the team members of Prisma Health
on the frontlines of the Coronavirus pandemic…
We applaud you.
We appreciate you.
We thank you.
1 Principal reporting as of December 31, 2021
Health Care Case Study
You want what’s best for your team members—including a better retirement. Health Care workers are in unprecedented demand—not only for their skills, but more so for their time.
Team members often find themselves juggling exhausting schedules, dealing with mental stress, student loan debt, and other financial commitments and personal obligations—all while trying to stay healthy.
Through our planning tools and financial wellness resources—and like telehealth visits, virtual 1:1 meetings, and education sessions—we help make it simpler and more convenient for your team members to manage for a financial future.
Listen to one of our health care clients and what they did to help their team members take steps to become financially secure.
2247307-062022
Not indicative of future results. Results will vary based on retirement plan characteristics.
PLAN SPONSOR EXPERIENCE
Consulting services and expertise to serve complex plans
We have expertise in retirement plan services. We identify the pros and cons of strategy and design so that you can make sophisticated decisions. Our deep bench of subject matter experts will help Prisma Health attract and retain talent. During the Great Resignation, it is critically important for top tier talent attraction.
Multiple plans. One integrated experience.
PRINCIPAL® TOTAL RETIREMENT SOLUTIONS
With Principal® Total Retirement Solutions you'll have one simple experience on a streamlined digital platform with one experienced relationship manager and one experienced team instead of multiple service providers. Plus, your employees can check their retirement benefits with just one click, one call, one app.
As a top service provider, our capabilities can help you manage the complexities of multiple retirement plans. Click on the circles to learn more about our services.
DC recordkeeper2
DB recordkeeper3
NQDC provider4
ESOP provider5
Prisma Health deserves our best
Prisma Health will continue to be served in our Signature team, which includes our largest and most complex clients. This team focuses on clients like you with defined contribution, defined benefit and nonqualified plans.
Clients in our Signature Team who have $1 billion or more in plan assets represent:
42% have more than $1 billion within our Signature team clients6
Over $120 billion in assets6
Over 1.7 million participants6
Key to our understanding of $1 billion plans is the 23.4-year average service tenure we have with this specific team. The Senior Relationship Directors who serve our $1 billion plan clients draw on an average of 27 years of industry experience and knowledge to offer their perspective that helps move plans forward.6
Our experience with $1 billion plans means we won’t force Prisma Health into a box – we’ll create processes that work for Prisma Health and their plans. Our flexibility and experience in designing and implementing administrative processes for Prisma Health can reduce their workload and efficiently help Prisma Health administer their retirement program.
Jacque Mohs
Health Care Practice Leader,
Senior Relationship Consultant
We appreciate the retirement relationship we have had with Prisma Health over the last 2 years.
-
We have significant experience and expertise servicing Prisma Health’s defined benefit plan.
-
We understand what you value, your preference of plan services, and understand your organization very well.
Your current defined benefit Senior Relationship Consultant, Jacque Mohs, would also lead your service team going forward for the entire Prisma Health relationship. This would provide one point of contact for your entire retirement program. Jacque also acts as our health care practice leader at Principal, and shares best practices across our health care book of business.
Flexible solutions. Easy plan administration. Simple navigation.
Dedicated team. Your experienced service team will onboard your plan, oversee daily operations, educate your employees, and consult with you on plan design.
Consulting services. Our retirement plan consulting team can bring you forward-thinking strategies that can lead to increased efficiency, improved participant preparation for retirement, and lightened administrative load.
Participant dashboards. View participation rate reports, distribute educational content to your employees, model changes to your plan, and more with our participant dashboards.
Investment flexibility. You’ll have access to an extensive mutual fund network for your plan, along with robust investment alternatives including collective investment trusts, separate accounts and custom investments designed to help meet your participants' investing preferences.
Compliance support. File all forms and schedules directly from our plan sponsor website.7 We’ll even remind you to complete a Form 5500 Questionnaire.
Audit reporting. Complete your audit quickly and more efficiently with self-serve audit reports. Plus, get in-the-moment answers to your audit-related questions through our audit support hotline and virtual assistant.
1 Principal Financial Group was founded in 1879 and began providing plan services in 1941.
2 Based on defined contribution participant count. PLANSPONSOR July 2021 Recordkeeping Survey.
3 Based on number of plans, PLANSPONSOR DB Administration survey, May 2021.
4 Based on number of Section 409A plans, PLANSPONSOR Recordkeeping Survey, July 2021.
5 Based on number of ESOP plans, PLANSPONSOR Recordkeeeping Survey, July 2021.
6 All stats presented are as of December 31, 2021, unless otherwise noted.
7 As of December 31, 2020, Principal is one of only six recordkeepers approved by the DOL to file Form 5500. Principal is one of three fully certified vendors. The other providers have exceptions or limitations to their certification. We can file all forms and schedules. The others can only prepare and file specific forms and schedules.
Nonqualified plan services
With Principal, you and your participants can take advantage of having a single, comprehensive service-focused partner who provides consulting on plan design, financing options, implementation, administrative services, and a robust participant experience all in one tailored offering. As the #1 provider of nonqualified deferred compensation plans,* Principal has supported the design and financing of nonqualified plans for over 40 years.** Our specialized solutions can provide savings opportunities to supplement retirement income beyond qualified retirement plans, helping plan sponsors recruit, retain, and reward key employees.
* Based on number of Section 409A plans, PLANSPONSOR NQDC Recordkeeping Survey, July 2021.
** Principal Financial Group was founded in 1879 and began managing retirement assets and providing nonqualified retirement plan services in 1971.
PARTICIPANT EXPERIENCE
Personalized experiences to help drive participant outcomes
Our participant strategy is designed to drive action. We’ve
built a personalized, interactive experience in parallel with our
call centers, so your employees can engage with us when and
how they want – for each of their plans at Principal. Your
employees can access digital retirement, investing, and
financial wellness tools and resources any time to help them
save and plan for their future. Plus, we consult with you to
develop an ongoing communications strategy designed
specifically for your organization and employees.
One app.
Participants can access applicable Prisma Health plans in the app
One website.
Participants can access applicable Prisma Health plans from the homepage
One call center.
100 representatives in the elite queue to help answer calls for clients like Prisma Health
For illustration use only.
Engage from the beginning
Say hello to a personalized welcome.
- Automated eligibility notice delivery and enrollment reminders1
- Principal® Real Start digital onboarding including text and mobile enrollment
- Dedicated contact center team
- Transcreated experience for Spanish speakers
Elevate the experience
Take retirement to the next level.
- Retirement Wellness Score and Planner
- Motivational peer comparison
- Principal® app
- Hola Futuro Spanish website
Expand beyond retirement
Access holistic financial wellness tools and resources through Principal® Milestones.
- Standard will and other legal documents participants can prepare
- Student loan repayment resources and access to more than 15,000 scholarships
- Money management education
- Financial tips on Amazon Alexa and Google Assistant
Amazon Alexa is a trademark of Amazon.com, Inc. Standard
text and data rates apply.
1 No charge for electronic delivery for clients who deem their employees are “wired at work.” Automated paper delivery is available for a fee.
2 Princpal reporting from January 1, 2021 - December 31, 2021. Compares participants who used the resources with those who did not.
3 iOS App Store rating as of March 21, 2022.
4 Principal reporting for all clients that use Principal® Milestones as of December 31, 2021.
Custom communications
We're able to communicate with your employees in a way that feels familiar and comfortable to them. We can develop participant campaigns in both English and Spanish, customized with your brand. Communications include action items to help drive positive retirement outcomes, with topics such as transitioning to Principal, investment review/diversification, beneficiary designation, webinars, and mobile app usage. (Click on images below to see the full-size samples)
Multiple campaign touchpoints
For illustration use only.
Principal® Milestones
At no additional cost they can access:
- Enrich for unbiased financial education
- Enrich Student Loan Repayment Program (through partnership with SoFi)
- ARAG to prepare a standard will and other legal documents
Putting retirement planning at participants’ fingertips
Mobile-first approach
The Principal® app makes it easy for participants to manage their account on the go and plan for their future.
principal.com/onthego
For illustrative purposes only
CYBERSECURITY
Committed to keeping customers’ assets and information secure
You can feel confident we have the people, processes, and technology in place to help safeguard access to your employees' data and retirement savings. Plus, we constantly monitor, test, and adjust our security features.
Safeguarding customers’ info is a top priority
Our approach, paired with third-party expertise, provides flexibility to act quickly on any potential threats. We go beyond the Department of Labor cybersecurity best practices by:
- Requiring two-factor authentication
- Conducting ongoing third party cyber attack testing
- Working closely with local, state, and national government agencies
- Conducting background checks on all employees
- Having cybersecurity insurance
- Serving as active members of industry groups such as:
- SPARK Data Security Oversight Board
- Cyber Readiness Institute (CRI)
- FS-ISAC
Our simple customer protection guarantee
Principal will reimburse participants’ employer-sponsored retirement accounts1 for losses from unauthorized activity occurring through no fault of their own.
Third-party validation
Independent auditing firm reviews and evaluates our controls related to security, confidentiality, and availability of customer data in SOC 2 Type 2 report.
