Principal Financial Group Inc. has added a Total Benefit Statement program to its menu of retirement plan participant education services.[@@]
The 1-page document can give employees a brief overview of all benefits, including medical insurance, dental insurance, Social Security contributions and vacation compensation, and help show how much employers are paying for “total compensation” for their employees, according to Principal, Des Moines, Iowa.
Principal is aiming the program mainly at retirement plan clients with at least $25 million in plan assets.
The cost of the statement will depend on the amount of detail chosen by the plan sponsor, Principal says.