401(k) solution simplifies start-up retirement plans
ATLANTA, November 7, 2023 – Small businesses continue to prioritize attracting and retaining top talent, and saving for retirement is what nearly 9-in-10 employees agree is important for their financial security1. To help small businesses manage employee expectations to support retirement saving, OneDigital and Principal Financial Group® have collaborated to offer Simply Retirement by Principal® to OneDigital clients.
Simply Retirement by Principal® is a low-cost, easy-to-use 401(k) solution designed for businesses with fewer than 100 employees that can reduce common barriers to new plan adoption such as time, HR resources, and compliance oversight.
Studies show that Insufficient workplace retirement options and low employee participation contribute to the lack of savings among many retiring Americans. In fact, only 42% of small businesses offer retirement benefits.2 By capitalizing on our unique vantage point through our shared employer relationships, Simply Retirement by Principal® will help remove complexities for small businesses and leverage the small business tax credits included in SECURE 2.0 to empower leaders to invest in their employees' financial security.
— Julie Cape, Executive Vice President of Client Services, Enterprise & Select
By streamlining the process of setting up and managing a retirement plan, Simply Retirement by Principal® alleviates the administration of and risk associated with payroll integration, data collection, and investment selection. Customers work with their OneDigital financial professional to engage with the digital platform of Simply Retirement by Principal® to design plans, make their elections, sign required documents, and view plan data.
“For years, Principal has valued our relationship with OneDigital to serve the employee benefits needs of small and midsize businesses,” said Scott Boyd, senior vice president for Retirement and Income Solutions at Principal. “Expanding our relationship to include a 401(k) solution that leverages Simply Retirement by Principal® is another example of our commitment to work with SMBs to support the growth of their businesses and the financial goals of their employees.”
For more information about Simply Retirement by Principal® with OneDigital visit simplyretirement.com/onedigital.
1Principal® Well-Being Index, February 2023
2LIMRA, January 2019
About Principal Financial Group®
Principal Financial Group® (Nasdaq: PFG) is a global financial company with 19,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 61 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere2, a member of the Bloomberg Gender Equality Index, and a “Best Places to Work in Money Management3.” Learn more about Principal and our commitment to building a better future at principal.com.
1 As of September 30, 2023
2 Ethisphere, 2023
3 Pensions & Investments, 2022
OneDigital’s team of fierce advocates helps businesses and individuals achieve their aspirations of health, success and financial security. Our insurance, financial services and HR platform provides personalized, tech-enabled solutions for a contemporary work-life experience. Nationally recognized for our culture of caring, OneDigital’s teams enable employers and individuals to do their best work and live their best lives. More than 75,000 employers and millions of individuals rely on our teams for counsel and access to fully integrated worksite products and services and the retirement and wealth management advice provided through OneDigital Investment Advisors. Founded in 2000 and headquartered in Atlanta, OneDigital maintains offices in most major markets across the nation. For more information, visit onedigital.com.
Investment advice offered through OneDigital Investment Advisors, LLC an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.