In response to the increasing concerns of American workers about their retirement savings, Principal Financial Group is now allowing its clients to offer plan participants a consolidated retirement savings combining all of their retirement savings into one complete package.
The total retirement statement integrates defined contribution, defined benefit, non-qualified and employee stock ownership plans, encompassing sources of retirement savings from both The Principal and outside vendors.
The statement will consist of graphs and bar charts that depict estimated monthly benefits for when the individual retires. The statements will include personalized analysis and descriptions of the individuals total retirement situation as well as highlight critical gaps and shortfalls in the savings.
"Few firms provide an annual illustration of a plan participants total retirement income," said Louis S. Harvey, president of Dalbar, in a statement. "This tool assists participants in making retirement savings decisions, the value of which cannot be underestimated in today's investment environment." Dalbar recently gave Principal an award for breaking ground and displaying excellence in meeting the needs of customers.