The Total View - (Page 40) Beyond checking account balances, participants used the website most frequently to make investment transfers, change their asset allocation, and update their information. The website was the preferred method for obtaining information and making changes for more than 60 percent of participants.1 In addition to the transactional aspects of The Principal Retirement Service Center, participants were also using the educational components available online – for example, there were nearly 75,000 visits to our Retirement Planning Calculator. Client Contact Center When participants are looking for assistance beyond the Internet or simply prefer to speak to an individual, the Principal Financial Group has retirement specialists available to assist them. The more common reasons participants call to speak with a retirement specialist include: options for withdrawing retirement funds (in-service The Principal Retirement Service Center Participant Website Activity by Service Category withdrawals, and distribution options for retirees and/or job changers), loan provisions, applications and procedures, verification of tax forms (1099-R), and statement clarifications (transfers, vesting, investment return). Beneficiary Change Investment Transfer Investment Election Account Rebalancing Employee Information Maturing Account Elections Loan Payouts 0 11,151 93,342 446,886 Other common tactical issues the retirement specialists address include 326,815 assisting with log in access to the website, verification of receipt of paperwork, notification of separation of service, and status of transactions (loans, withdrawals, distributions). Of the participants who 41,909 182,641 called a retirement specialist, the majority only called once a year, with very few calling on a monthly or weekly basis.1 112,589 1 2006 Boston Research Group DCP Participant Study 100 200 300 400 500 600 The Principal Retirement Service Center Participant Website Usage Sessions by Year 19,668,379 20,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 18,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 15,420,152 16,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 14,457,531 14,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 12,317,485 12,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 10,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 8,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 6,000,000 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 2003 2004 2005 2006 Fast Fact The communication channel least used by retirement plan participants is an automated telephone service.1 40
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