A Midwestern insurer is updating its line of retirement plans for owners of very small businesses.

Principal Financial Group Inc., Des Moines, Iowa, says its new Individual 401(k) plan offers a wide range of investment funds, including target-date and target-risk funds, from Principal Funds, along with trust services, compliance services and other services from Principal Trust Company

Principal is selling the plan through independent financial professionals.

The plan could be especially useful to real estate agents, sales representatives and others who want a flexible plan that gives them the ability to contribute up to $45,000, Principal says.

The plan service package includes quarterly investment statements, tax form preparation, completion of required deferral and contribution limit testing, contribution recordkeeping and calculations of required minimum distributions.