Latest reviews about Principal Financial Group IRA

nova-sys-eng says "Customer service and financial advance are not priority #1" about Principal Financial Group IRA

nova-sys-eng — Thu, 20 Aug 2009 01:53:56 GMT

Principal Financial Group as a 401k administrator

I recently started with a company that uses Principal as its 401K admin. I knew trouble was afoot when I started reviewing the funds in which I was going to invest my 401K contribution. All the funds are 'private', i.e., not regulated by the SEC, and they do not provide a prospectus (nor offer much information about the funds). The pool of funds is small - about 2-dozen. No money market funds. One fund is a real estate fund that has a history of refusing sell orders until months have passed. The expenses for their funds are 2-3 times higher than comparable funds administered by another well-known 401K admin company.

One bond fund they run hijacks the name of a retail bond fund that pays dividends. Their version of the fund with the same name does not pay dividends. Dishonest, misleading - I don't know which.

The reporting available on the 401k website is horrible, e.g., it's extremely difficult to review what you paid for a share...

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biopku says "it is not good, stay away" about Principal Financial Group IRA

biopku — Wed, 22 Jul 2009 20:57:11 GMT

see about other reviewers. it IS not good

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hacton says "you have to plan for the long haul....diversify" about Principal Financial Group IRA

hacton — Thu, 01 Jan 2009 06:00:55 GMT

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scounselor says "Don't use them!" about Principal Financial Group IRA

scounselor — Wed, 03 Dec 2008 19:51:50 GMT

This company doesn't honor their group LTD policies. I breezed through Aflac claiming on my STD benefits. I even breezed through the Social Security Administration and got approved for disability on my initial application. The Senior Claims Rep., Justin Schaack, assigned to my LTD claim with this company was rude and discouraging when I applied for benefits under the policy I had with them. And I STILL haven't collected any money on the group LTD policy I signed up for through my employer years ago! My LTD policy through this company was supposed to start paying me 90 days from the onset of my total disability. I'm now 14 months out of work and living on Social Security benefits and they STILL haven't approved my claim for LTD benefits through my employee benefits policy. I've had to sign away 50% of the back benefits they already owe me to an ERISA attorney to handle my appeal! They are corrupt and will act in bad faith when it comes to claims filed. They're......

catzjenn says "I have a IRA with Principal and the wed site could use some work" about Principal Financial Group IRA

catzjenn — Fri, 28 Nov 2008 07:10:28 GMT

The company is not bad....

JoeLansing says "Not very good" about Principal Financial Group IRA

JoeLansing — Sun, 26 Oct 2008 16:47:57 GMT

They are front loaded. Your employer pays them to manage your 401k. They say there are no fees, but they do have "Managment Expenses" which are the same thing. Those are on top of what your employer pays them. And they do hold money and not let you transfer it. At work a friend had a lot of money in their Real Estate fund. It was going down. He wanted to transfer it to Money Market. They put him in a queue to wait to be able to transfer. They said it could take up to 3 months.

There are a lot better. Avoid Principal Financial Group if you can.
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plz says "Worst company to manage your 401K savings" about Principal Financial Group IRA

plz — Mon, 23 Jun 2008 02:31:55 GMT

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....

diamondsandrust3 says "Cudos for Princiapl Financial Group" about Principal Financial Group IRA

diamondsandrust3 — Mon, 10 Dec 2007 22:18:22 GMT

I had a 401k through my employer which was invested with Principal. I could go online and check my investment activity. That is a MUST for me. I can makes changes when I please from one type of investment to another. Still, there is always my appointed reliable and knowledgeable investment broker ready to answer questions by phone.

I am now receiving a small monthly disbursement. It is automatically deposited to my checking account, and always on time.

My 401k was rolled-over to an IRA, invested in the Life Time 2010. It is doing just fine where it is.

I have not had one problem with the handling of my 401k or my present IRA.

Principal Financial Group is a great company with which to do business.

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