Principal to Provide Retirement Plan Services for Burns & McDonnell
DES MOINES, IA, March 20, 2008 -- One of the nation's largest engineering, architectural and construction firms has chosen the Principal Financial Group® to provide retirement plan services, giving employees a consolidated view of accounts. The contract became effective October 1, 2007.
The Principal® has been the employee stock ownership plan (ESOP) service provider for Kansas City-based Burns & McDonnell since 2003. The Principal will now be providing defined contribution 401k plan services and enhanced ESOP plan services for the firm.
Combined assets for the Burns & McDonnell ESOP and 401k plans are approximately $770 million. Annual deposits from the plans' 2,200 participants are estimated at $23 million.
"We are excited about the increased efficiency and cost savings of having both our ESOP and 401k plans serviced by The Principal," said Denny Scott, chief administrative officer, Burns & McDonnell.
The Principal is a leader in the ESOP marketplace, serving almost half of the nation's 100 majority-owned ESOP companies. It will continue to provide Burns & McDonnell with innovative ESOP plan features such as Principal e-Distribution ServicesSM, a first-of-its-kind package of online services that automate the ESOP distribution process.
"We are delighted that Burns & McDonnell chose The Principal for our retirement and technological expertise in helping their participants save for a more secure retirement," says Paul Brown, vice president of retirement and investor services at The Principal. "Combining 401k plan services with the ESOP gives plan participants the advantage of a consolidated view of their employer's retirement plans."
The comprehensive package of services and tools available to Burns & McDonnell plan participants includes:
- online account information and education through the award-winning Web site, The Principal Retirement Service Center® (www.principal.com);
- interactive educational tools;
- easy-to-understand total retirement statements that feature a consolidated view of all retirement plans with services through The Principal;
- on-site investment education and retirement planning seminars;
- toll-free access to retirement specialists;
- rollover assistance; and
- the quarterly magazine Plan Ahead. Get Ahead.®
These tools complement award-winning actuarial support, customer relations and leading technology services. For the past 10 years The Principal has appeared on the InformationWeek Top 500 Most Innovative Users of Information Technology list, coming in at No. 22 in 2007.
About Burns & McDonnell
Burns & McDonnell provides engineering, architecture, construction, environmental and consulting services to clients throughout North America and abroad. Nearly 2,700 engineers, architects, scientists, construction managers, technicians and other professionals work in multiple offices located throughout the United States. Founded in 1898, Burns & McDonnell is 100 percent employee-owned. For more information about Burns & McDonnell, visit the Web site at www.burnsmcd.com.
About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune® 500, the Principal Financial Group has $311.1 billion in assets under management and serves some 18.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
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