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Race Tracks Choose Retirement Services Vendor

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The Federation of California Racing Associations has hired Principal Financial Inc. to provide defined benefit pension plan services for a plan with 750 participants and $53 million in transfer assets.

The federation represents 8 racing association and 9 racing fairs, according to Principal, Des Moines, Iowa.

Principal has managed a portion of the association’s defined benefit plan assets since 2004.

The company now will provide a package of services that includes recordkeeping, investment and actuarial services.