Principal Financial Group, Inc. 401(k) Review & Grade
The Principal Select Savings Plan
Des Moines, IAFinance & Insurance12,752 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$5,965Employer $ per active participant
$11,470Employee $ saved per active participant
0.02%Direct admin cost, % of plan assets
$4.6BNet plan assets, end of year
$262,378Average balance per account
Score breakdown
- Employer generosity28.2 / 5056th percentile for employer $ per participant
- Low cost22.2 / 2589th percentile for low admin cost vs. same-size plans
- Employee saving10.8 / 1572th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score68 / 100 · Grade B
This plan vs. peers
Peers: Finance & Insurance plans with 10,000+ active participants (72 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 56th |
| Lower admin cost | 89th |
| Employee saving | 72th |
| Peers that auto-enroll | 74% |
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Red flags from the filing
Corrective distributions: the plan refunded $2,911 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Principal Financial Group put in about $5,965 per active participant, more than the typical peer ($5,179). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $76,067,723 |
| Participant (employee) contributions | $146,264,396 |
| Other contributions (incl. rollovers in) | $34,470,368 |
| Administrative expenses paid from the plan | $1,013,291 |
| Contract administrator fees | $1,010,682 |
| Other admin expenses | $2,609 |
| Benefits paid out | $352,405,790 |
| Net assets, start / end of year | $4.1B / $4.6B |
| Active participants, start / end of year | 12,841 / 12,662 |
| Participants with account balances | 17,454 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Ernst & Young, LLP |
| Employer stock held by plan | $119,680,272 |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $1,008,177 reported compensation |
| Morningstar Investment Management L | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251015163209NAL0002755331001, received 2025-10-15, EIN 42-1520346, plan #003, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.