NU Online News Service, July 15, 2004, 12:33 p.m. EDT

Principal Financial Group Inc., Des Moines, Iowa, has come up with a strategy that could help ward off payroll companies that want to get into retirement plan administration.[@@]

Principal has started the Principal Payroll Program, a program that combines payroll services, retirement plan administration and professional financial consulting.

Principal will provide the retirement plan administration services itself. Local financial advisors will provide the consulting services, and regional payroll companies will handle the payroll services, Principal says.

Principal notes that the program will offer both individual and batch submission tools.