Setting up a 401(k) plan at Principal^® is getting easier. For bundled, start-up clients, they’ll be able to do a lot online. 

First is determining who’s responsible for the plan. It’s things like signing off on investment options, plan details and amendments. This also establishes access to the ongoing employer website.

Next is to fill out the contact information for the primary and secondary security admins. If they indicated that there was an outside fiduciary, they’ll complete the contact info for that too.

At the top, they’ll see a progress bar that includes each step they need to take. It will change based on how they answered previous questions (e.g., if they don’t have an outside fiduciary, they won’t see that step).

After security set-up, they’ll be taken to a “dashboard” page that has the onboarding timeline.

Each section expands to include:

• Estimated time to complete

• Summary of what will be covered

• Printable list of what’s needed to complete

They will also have access to a video that introduces the client onboarding team at Principal and access to a demo of the ongoing employer website.

To help build the employer’s confidence, we’ve put the organization information on the front end of this platform. We got to this conclusion after user testing. Participants in the test indicated that they had high confidence in being able to complete this section on their own because it’s about their business.

At the top, they’ll see a status bar with all the steps they’ll need to complete:

• Your organization

• Payroll

• Groupings (for reporting purposes)

After submitting the organization’s information, they’ll be able to start the banking information section.

Banking information will be entered for plan fees, expenses, and contributions. Next up is plan design.

We heard in user testing that some employers aren’t educated enough to feel confident in the decisions they’ll need to make. We embedded a few ways that can help them build confidence:

• Explanations of difficult terms with more user-friendly definitions

• Working to incorporate best practices for plan design

• and giving them prepopulated responses

• An email and phone number in the footer of each page that goes straight to the client onboarding team at Principal

And they can always reach out to their financial professional to review what they’ve selected, or they can have their financial professional fill out the information for the plan sponsor to review and submit.

After submitting security, organization info and plan design, they’ll get a virtual high-five from us and we’ll reach out when the plan documents are ready for their signature.

In the meantime, they’ll be able to upload their employee information, watch a video and get a sneak peek at the ongoing employer website.

Plan sponsors will have access to this page until their first contributions are submitted.

Setting up a retirement plan at Principal^® is getting easier. For bundled transfer plan clients and plans with a TPA, they’ll be able to do a lot online.

First is determining who’s responsible for the plan. It’s things like signing off on investment options, plan details and amendments. This also establishes access to the ongoing employer website.

Next is to fill out the contact information for the primary and secondary security admins. If they indicated that there was an outside fiduciary, they’ll complete the contact info for that too.

At the top, they’ll see a progress bar that includes each step they need to take. It will change based on how they answered previous questions (e.g., if they don’t have an outside fiduciary, they won’t see that step).

After security set-up, they’ll be taken to a “dashboard” page that has the onboarding timeline. Each section expands to include:

• Estimated time to complete

• Summary of what will be covered

• Printable list of what’s needed to complete

They will also have access to a video that introduces the client onboarding team at Principal and access to a demo of the ongoing employer website.

Next up is the organization information.

At the top, they’ll see a status bar with all the steps they’ll need to complete:

• Your organization

• Payroll

• Groupings (for reporting purposes)

After submitting the organization’s information, they’ll be able to start the banking information section.

Banking information will be entered for plan fees, expenses, and contributions.