The Principal Step Ahead Retirement Option lets plan participants automatically increase their contributions by a set percentage each year, countering research showing that inertia often hampers saving for retirement, the company said.
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Meanwhile, Fitch Ratings said Monday that it had affirmed the senior debt and long-term and short-term issuer ratings for Principal Financial Group; an intermediate holding company, Principal Financial Services Inc.; and the parent's insurance subsidiaries.
In addition, the ratings agency affirmed its AA insurer financial strength ratings and A-plus surplus note rating for Principal Life Insurance Co. The rating outlook is stable, it said.
