Principal Launches Fee Disclosure Website
DES MOINES, IA, August 4, 2010 -- The Principal Financial Group® today launches a new website dedicated to educating financial professionals and plan sponsors about the new fee disclosure regulation unveiled recently by the Department of Labor. The long-awaited regulation governs how service providers disclose fees to retirement plan sponsors and plan fiduciaries.
"We support clear and meaningful communication of fees and this new regulation is designed to help by setting a consistent standard in reporting by retirement service providers," said Greg Burrows, senior vice president of Retirement and Investor services at The Principal®. "We anticipate we will need to make some modifications but, from our initial review, it appears we already provide much of the information required by the new regulation."
The intent of the new rule, which takes effect July 16, 2011, is to make it easier for plan sponsors and plan fiduciaries to compare and review fees and services.
The Principal is providing an educational series about the regulation on the new dedicated website, www.principal.com/feedisclosure. In addition to written materials, the website includes:
- A video interview with Greg Burrows
- A video interview with Tim Minard, senior vice president of distribution in Retirement and Investor Services from The Principal
- Two videos with insight from Jamey Delaplane, a partner at the law firm, Davis & Harman, LLP and noted retirement industry expert
The website will be continually updated, as more resources are available. To get notified when the site is updated, visit www.principal.com/feedisclosure and sign-up for the RSS alerts.
"The Principal has a long track record of helping financial professionals and plan sponsors navigate regulatory and legislative change in a timely fashion. We are focused on helping them understand this new regulation as well," said Burrows.
Burrows added that, "Our goal all along has been to ensure that changes in fee communication be meaningful and add value to the retirement system. We believe this new regulation can help financial professionals and their clients as they evaluate service providers and that is positive."
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 $284.7 billion in assets under management and serves some 18.9 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.
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