Principal Financial Group 401(k) match, vesting and fees
What Principal Financial Group's 401(k) plan says about matching contributions
The participants who elected to retain the prior benefit provisions are referred to as “Grandfathered Choice Participants.” Matching contributions for these participants were 50% of deferrals up to 6% of eligible pay-period compensation. Effective January 1, 2023, the Plan ceased the prior benefit provisions for the Grandfathered Choice Participants. Matching contributions for all participants in 2024 and 2023 were 75% of deferrals up to 8% of eligible pay-period compensation.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 35 ↗ |
| Roth contributions | The federal and state income taxes of the participant are deferred (except in the case of Roth deferrals) on the contributions until the funds are withdrawn from the Plan. | Audit report, p. 36 ↗ |
| Loans | The participants may also obtain loans of their vested accrued benefit, subject to certain limitations described in the governing document (the Plan Document). | Audit report, p. 36 ↗ |
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Ernst & Young, LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 104 defined-contribution plans in finance and insurance with 10,000 to 49,999 participants.
| Principal Financial Group: employer contribution per participant | $4,358 | |
| Peer median | $3,632 |
| Principal Financial Group: average balance | $262,378 | |
| Peer median | $158,797 |
| Principal Financial Group: admin expenses ÷ assets | 0.02% | |
| Peer median | 0.04% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $4.1B at the end of plan year 2023 to $4.6B at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 17,643 | $4.6B | $76.1M | $4,358 | 0.02% | Quoted in the audit report, p. 35 ↗ | Form 5500 ↗ |
| 2023 | 17,713 | $4.1B | $73.3M | $4,187 | 0.03% | Not published | Form 5500 ↗ |
Other Principal Financial Group plans (2)
Each plan files its own Form 5500. Figures are from each plan's latest filing.
Principal Cash Balance Plan
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Grant Thornton LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Principal Pension Plan for Certain Former Agents
Plan features
Match, vesting and enrollment details have not been published from this plan's audit report yet. The figures below come from the structured filing.
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Grant Thornton LLP (unmodified opinion) | Schedule H ↗ |
| Plan type and status | Pension (defined benefit) · Active | Form 5500 ↗ |
Common questions
Does Principal Financial Group match 401(k) contributions?
The audit report attached to the The Principal Select Savings Plan's plan year 2024 Form 5500, page 35 says: “The participants who elected to retain the prior benefit provisions are referred to as “Grandfathered Choice Participants.” Matching contributions for these participants were 50% of deferrals up to 6% of eligible pay-period compensation. Effective January 1, 2023, the Plan ceased the prior benefit provisions for the Grandfathered Choice Participants. Matching contributions for all participants in 2024 and 2023 were 75% of deferrals up to 8% of eligible pay-period compensation.” Plan terms may have changed; check your current Summary Plan Description.
When is the Principal Financial Group 401(k) match vested?
The vesting schedule for the The Principal Select Savings Plan is not in the data published so far. Your Summary Plan Description states it.
Who manages the Principal Financial Group 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Principal Life Insurance Company. The plan administrator is Benefit Plans Administration Committee.
I left Principal Financial Group. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Benefit Plans Administration Committee, (800) 986-3343) or the recordkeeper, Principal Life Insurance Company. The Principal Financial Group old 401(k) page lists the contacts from every plan filing. Find an old Principal Financial Group 401(k)
Data from the public Form 5500 annual reports Principal Financial Group filed with the U.S. Department of Labor (plan years 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Principal Financial Group. Not financial advice. Report a correction · Methodology