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Employees or Former Employees of Principal Life Insurance Who Participated in the Company’s 401(k) Plans after July 31, 2015 May Be Entitled to Compensation

Employees or Former Employees of Principal Life Insurance Who Participated in the Company’s 401(k) Plans after July 31, 2015 May Be Entitled to Compensation

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It is Alleged That Investment Options Within Principal Life Insurance’s 401(k) Plans  Paid Unreasonably High Fees, to the Benefit of Principal, and the Detriment of 401(k) Plan Participants

Principal Life Insurance has come under scrutiny for alleged "self-dealing" activities. This potentially implicates thousands of its employees and former employees who participated in the company's 401(k) plans after July 31, 2015. Here’s what you need to know about the allegations and the potential compensation that may be due.

Principal has come under scrutiny for steering its 401(k) plan participants into investment funds that had unreasonably high fees, which benefited Principal, but were to the financial detriment of the plan participants.

This kind of practice may constitute a breach of fiduciary duty, a legal obligation to act in the best interests of someone else. In the case of 401(k) plans, the fiduciary duty is owed by the plan's administrators to its participants.

If the allegations are proven true, it means that participants in Principal's 401(k) plans might have ended up earning less on their investments than they would have if they had invested in products with lower fees.

Over time, even small differences in fees  can result in substantial differences in retirement savings outcomes. For a participant, this could mean a significantly smaller nest egg upon retirement than they were anticipating or that they might have achieved had they been invested in funds with more reasonable fees.

 If Principal Life Insurance is found to have breached its fiduciary duty, participants could be entitled to compensation.

If you are an employee or former employee of Principal Life Insurance who participated in the company 401k Plans AFTER July 31 2015, please contact us for a free, private case review.

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