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Principal Updates Owner-Only Retirement Product

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NU Online News Service, Nov. 29, 2004, 5:31 p.m. EST

A big retirement services player says it is offering large-employer services to purchasers of 1-person 401(k) plans.[@@]

Principal Financial Group Inc., Des Moines, Iowa, has released the Principal Security Builder Retirement Program Individual 401(k).

The program, which is based on a group annuity contract, is an updated version of an existing retirement plan product, Principal says.

The plan, designed to be sold through financial advisors, provides recordkeeping and compliance services as well as investment options. Compliance will include tasks such as Form 5500 preparation and 415 testing, Principal says.