Principal Financial has rolled out a new retirement savings platform aimed at the micro-market. Called Principal Advantage for Emerging Businesses, it is designed for companies with up to $500,000 in retirement plan assets and will be sold exclusively through third-party administrators.
The platform offers sponsors several plan options: the 401(k), Safe Harbor 401(k), Simple 401(k), 403(b), profit sharing and money purchase.
Designed to have the look and feel of a large-company retirement plan, it includes educational tools and is meant to be easy to enroll in. Participants can enroll with a paper form, online or on the telephone.
It allows employers to set pre-selected contribution amounts, and participants to automatically increase contributions based on certain parameters.