reviewer
plz
Bloomington, IL

Worst company to manage your 401K savings

1 star rating

an aggressive investor

JUN
22
2008
I have a current 401K with Principal Financial Group. Have already contacted them 3 times about funds not being available in my acount. They sometimes block your funds and make it impossible for you to protect yourself in a going down market. So even if you predict the market is going down you cannot transfer in others funds like Money Market as they will not make the funds available to you until the market has reach the bottom. They are rude and don't care about you having to  delay your retirement 2-3 year because their own mistakes. They once have appologied to me that one of thei employees has lost a transfer order so is was not executed for 3 weeks. I do not have the option to replace them as I'm still with my employer that has a corporate account with them, but I will definitevely find onther 401K retirement manager once I change my employment. If you have a choice don't use them. You will end up frustrated and having to delay your retirement because of their mistaskes.



I_thumb_down Principal Financial Group IRA is not recommended by plz

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I_comment_shdw24 Comments about plz’s Review

 


jamuka wrote on Aug 2, 2009 at 10:26PM

I am in a similar situation. I tried to terminate my 401k but principal has frozen my account because the market is doing so bad. Every quarter I watch my 401k ( which is in a fixed income ) go down and down. I suggest to everyone who reads this ,, keep your money out of the 401k , you never have real control over it. Its better to buy a luxury car, at least you can enjoy and sell it for the lost later. Principal should BK

scounselor wrote on Dec 3, 2008 at 1:28PM

I agree. This company really sucks.

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