The Total View - (Page 10) More Employers Streamline Services with an Integrated Approach In 2006, an increasing number of employers continued looking to streamline their operations to stay competitive. Plan sponsors turned to a total retirement solution approach which consolidates all retirement plans with one provider. Through this integrated service approach for multiple retirement plans, plan administration can become more streamlined, helping employers save time, money, and resources as they do business. 37.1% DC/DC 25.7% DC/DB Plan Combo Types By Percent of Clients The most common total retirement solution offered through The Principal combines two defined contribution plans. Our complete retirement solutions approach delivers comprehensive analysis and plan administrative services for various plan combinations, including: • Qualified defined benefit (DB) • Qualified defined contribution (DC) • Qualified employee stock ownership plans (ESOPs) • Nonqualified retirement plans (NQ) Well-coordinated service from a single provider can simplify employee benefit data management, speed service to both employers and participants, and ease plan compliance work. Plan sponsors utilizing one service provider have just one company to call, one local service contact, one website to access, and one data entry point to update employee information for all their retirement plans. 401(k) Combo vs. 401(k) Stand Alone 401(k) Average Account Balance $60,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– $52,436 $51,276 $49,943 $50,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– $45,626 $40,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––– $30,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––– 2005 data 2006 data 23.2% DB/DB 6.9% Other 7.1% DC/NQ $20,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– $10,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Fast Fact Over 4,000 retirement plan sponsors had more than one retirement plan type for their organization with recordkeeping services provided by The Principal in 2006. $0 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 401(k) Stand Alone 401(k) Combo 10
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.