Complaints

This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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• 

  Principal Financial Group

  711 High Street Des Moines, IA 50392-0001

  
• 

  Principal Financial Group

  4010 W Boy Scout Blvd Ste 700 Tampa, FL 33607

• 

  Principal Financial Group

  PO Box 22347 Tampa, FL 33622

• 

  Principal Financial Group

  10200 Innovation Suite 800 Milwaukee, WI 53226

• 

  Principal Financial Group

  221 E Franklin St. Appleton, WI 54911

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:04/30/2024

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I changed jobs and rolled my 401K to a different company and I was told by Principal that I had a little over ***** in a *************** and I would be receiving the entire amount in 3-5 days. When I had not received the money I called them again, then I spoke with a supervisor and was told that they used a little over ***** to pay taxes on an outstanding loan. Then today I called them to find out why I had not received the remaining balance and they told me I would not be receiving any money that I paid in.

  

  Business Response

  Date: 04/30/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:04/30/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  During my wife's ( ***********************) open enrolment, she elected for short-term disability to cover 60% of her salary during the time she will be off due to childbirth. The decision to obtain short-term disability was based on the advice from her healthcare provider after her first pregnancy doctor's ************ Hence starting 1/1/24, she was covered by short-term disability and made bi-weekly contributions for this benefit.Now that it is time to file for short-term disability, Principal is telling us that she is not eligible because her pregnancy is seen as a pre-existing condition. Looking at the information provided by Principal prior to signing up for this benefit, there is no information showing that the pregnancy is a pre-existing condition. We would like to request that she be given the full or partial amount of the short-term disability policy as advertised in her enrolment packet.

  

  Business Response

  Date: 05/01/2024

  This is a response to complaint ID #********. *************************** takes our responsibility to protect our customers confidentiality very seriously. Therefore, we will respond to the claimant directly. Please let me know if you have further questions.

  Customer Answer

  Date: 05/13/2024

   
  Complaint: 21643893
  
  I am rejecting this response because:

  1. After 10 business days from filling of this complaint, we still have not received any correspondence from Principal regarding the resolution of this complaint. 

  2. We are not comfortable closing the complaint unless we have some evidence that Principal is taking action to resolve this complaint.
  
  Sincerely,
  
  *************************

  

  Business Response

  Date: 05/15/2024

  I am in receipt of the attached follow up. I was out of the office last week and a response to the complaint was mailed to the claimant today. They are disputing the denial of their STD claim. We have provided them with instructions to submit an appeal if they do not agree with that decision.

• Initial Complaint

  Date:04/29/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I took a withdrawal from 401k last year. Principal provided me with a 1099R in January which we used to file our taxes. Our return has been held since February because they never filed the 1099 with the **** I am now facing financial distress because of this. I called Principal and they said they filed an extension and will not send their part to the *** until 4/30. The representative's response of "oh you were flagged, we hope that that doesnt happen" but no resolution. I want this resolved as I was sent a fraudulent 1099R and am being penalized for Principal's poor business practices.

  

  Business Response

  Date: 04/29/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

  Customer Answer

  Date: 05/08/2024

   
  Complaint: 21632971
  
  I am rejecting this response because: They called me back while I was at work and left a message to return their call. I have left two messages after leaving work, within their given office hours, with no response.
  
  Sincerely,
  
  *********************

  

  Business Response

  Date: 06/26/2024

  Thank you for forwarding. Principal has responded directly to the complainant.

• Initial Complaint

  Date:04/19/2024

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have a retirement account with this company and have sent in notarized wife's signature, I did this on 4/5/24 by ***** and have not heard anything, this is my money in a retirement account and I can't seem to withdraw my own money from my own account. I'm retired and need the money and can't get it.........this is a bad system........

  

  Business Response

  Date: 04/19/2024

  Thank you for forwarding. Principal will respond directly to the complainant.
   
  
  

• Initial Complaint

  Date:04/18/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am writing to express my frustration and disappointment with ****************************'s failure to release my 401(k) funds for a hardship withdrawal despite submitting all requested documents.I made a request for a hardship withdraw 4/9/2024 for dental services that my dental insurance is not covering due to the waiting period clause has not been met and I was approved for the amount of $5,252.00 which is lesser than the cost of my dental treatment. I am deeply concerned about the impact this delay is having on my financial situation and my ability to address the hardship I am facing. As a loyal customer, I expected timely and efficient service, especially in circumstances where urgent financial needs are involved.I kindly request that **************************** immediately expedite the processing of my hardship withdrawal request and release the funds as soon as possible. Additionally, I would appreciate clarification on the cause of the delay and assurance that steps will be taken to prevent similar incidents in the future.Failure to resolve this matter promptly will leave me with no choice but to escalate my complaint to relevant regulatory authorities and explore legal options to protect my rights as a participant in the retirement plan.I expect a swift and satisfactory resolution to this issue and look forward to your prompt response.Sincerely,***************************

  

  Business Response

  Date: 04/18/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

  Customer Answer

  Date: 04/19/2024

   
  Complaint: 21588890
  
  I am rejecting this response because:

  Principal is still requesting documents from me in regard to my hardship withdrawal request and I have sent them everything. 
  

  They asked for the estimate and the *** from Delta Dental, I sent that, then they requested for me to send in the reason that the insurance company didnt make a payment and that insurance is literally listed on the *** that was sent in. Now their requesting a letter from the dental office which they dont have to send me, but they did in respect for me as a patient and that wasnt enough so now their asking for the letter to be sent again and ***** stated that she will definitely not be doing that because that is not in her job description.

  
  Sincerely,
  
  ***************************

  Customer Answer

  Date: 04/19/2024

   
  Complaint: 21588890
  
  I am rejecting this response because:

  Principal is still requesting documents from me in regard to my hardship withdrawal request and I have sent them everything. 
  

  They asked for the estimate and the *** from Delta Dental, I sent that, then they requested for me to send in the reason that the insurance company didnt make a payment and that insurance is literally listed on the *** that was sent in. Now their requesting a letter from the dental office which they dont have to send me, but they did in respect for me as a patient and that wasnt enough so now their asking for the letter to be sent again and ***** stated that she will definitely not be doing that because that is not in her job description.

  
  Sincerely,
  
  ***************************

  

  Business Response

  Date: 06/26/2024

  Thank you for forwarding. Principal will respond directly to the complainant

  

  Business Response

  Date: 06/26/2024

  Thank you for forwarding. Principal will respond directly to the complainant
  

  
  

• Initial Complaint

  Date:04/16/2024

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I called to rollover my 401k fund from Principal to ***************** on 4/3/24. The Associate of Principal recommended me to use the Principal online form method to fast processing the transferring. So I went to ********** branch to fill out questionnaires line by line on the online wire instructions form which was provided by the Principal, paid $25 wire fee and completed the form online with the bank associate help. I successfully submitted the form and got the conformation(see attachment). I dont think anything was wrong from my end because every field on the form was completed and successfully submitted.On 4/8/24, I called Principal for the update. I was told the fund of $18417.91 would wire out soon. However, when I called ***************** the same as well next day, I was told they didnt see any wire in transaction. I called back to Principal on 4/9/24 again, talked to the associate and reached the ************************. I was told the wire transfer was failed because of the wire instruction incomplete. I provided him again the instructions line by line which I got from *****************. He offered urgent wire out the fund of $18417.91 by the end of the day and no further charge or fee for the service.On 10/10/24, I still didnt see fund deposit and confirmed by ***************** there was no fund wire in. I called back Principal and reach the manager, ****. She helped me call their internal department and made the fund wire out successfully around 11am.However, when I checked up my ***************** account on 4/11/2024, the total amount was $18367.19. There was $50 shortage and discrepancy. ***************** claimed they didnt charge any fees for wire in fund and didnt see any other transaction showed up in their house account before my fund finally wired in on 4/11/24, which means they never charged me fees related to any failed transaction.I talked to **** again. She insisted the $50 was the fee charged by ***************** due to the failure wire out. I asked her how was the dollar number was wired out. She immediately hanged up the phone.I called back to another Principal associate,*****. He confirmed that the wired out dollar number was $18367.19. He transferred me to his manager, ****** upon my request. ****** explained the $50 was charged by ***************** and cut off from my principle fund. I told her 1) This failure was not my fault. It caused by Principal online form questionnaire design; 2) During transferring processing period, I was never informed any information missing in time manner. This was Principal unethical practice; 3)Any fund amount change and fee charge should inform the customer and fund holder. Their activities also violated industrial rule; 4)Their wire service was not meet the time frame. So I demanded Principal refund the wire fee of $25 and credit me the shortage of $50. She said she couldnt make decision and would present my demanding to her upper management team.On 4/12/24 around 1:30p, I got a call from *****. She completely denied all of my claims and still insisted the $50 fee was charged by *****************. She hanged up my call with very rude attitude.If ***************** indicated and really did in this way that any wire in fund transfer wouldnt be charged, no matter it was successfully or failure, then Principal definitely was a liar to make the fraudulent charge of $50. They not only damaged their customer to cover their mistakes, but also seriously violated the industrial rules with the worst customer service.

  

  Business Response

  Date: 04/16/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:04/09/2024

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I left my employer March 15th . Principal is fully aware of that and they gave me options regarding my 401 K plan . Their website would never provide these options if they showed I was still an active employee. On their website it says ach 2-3 business days . I elected to pay penalties and have them put my money on my checking account . That was well over a week ago . I have had several 401 k plans and I have never seen a plan administrator as horrible as Principal . I have called several times and their agents do not even know the reason for the delay . I start my new employer soon and if Principal is the administrator I will never contribute again regardless of the match . This entire experience has been horrible and oh btw still waiting for my money .

  

  Business Response

  Date: 04/10/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:04/05/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  So, after signing up and receiving this job with advantage solutions, I signed up for a 4K one plan. No I quit the job after three weeks because it was just awful and it wasnt worth the pay so I received a letter from principal saying that my Contributions wasnt picked right and they were refunding my money so out of like $150 they only sent me back $100 when I asked where the rest of my money was I was told first it was a $50 fee for the distribution after I questioned that because they said that my contributions werent picked right, so why was I charged to $50 distribution fee if you were sending me my money back then I was told that it was a $49 loss that happens in investment I feel like the company is fraudulent and I feel like theyre keeping my money for no apparent reason and I want my $50 back. I have also filed a complaint with the attorney generals office because how many other people are they still in money from now this is the second complaint I have I have had to put in behind working for a advantage solution so apparently everyone that they do business with is some kind of fraud . I have asked multiple times for an official receipt and they just sent in the email a breakdown which to me is not an official receipt and every time they send an email they change the reason for why theyre keeping my $50 I need and I want my money theres no reason for them to keep my money

  

  Business Response

  Date: 04/05/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

  Customer Answer

  Date: 04/05/2024

   
  Complaint: 21531864
  
  I am rejecting this response because: I dont see any response other than them saying that they will respond directly to the complaint, so what is the response?
  
  Sincerely,
  
  *********************************

  Customer Answer

  Date: 04/08/2024

  
  they have not reached out to me directly I have not heard or received anything from them, so Im not sure what Im supposed to be clarifying??

• Initial Complaint

  Date:04/05/2024

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I processed a 401k rollover after termination but mistimed the repayment of a loan in my 401k. The loan was paid and Principal cashed the check. Now they are saying I am going to be taxed on the loan. They are giving me an administrative run around and can easily go in a correct the transactions so I don't have tax consequences.This clerical issue is going to cost me at least $10,000.

  

  Business Response

  Date: 04/05/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

• Initial Complaint

  Date:04/05/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My wife and I have been with Principal Financial through a company sponsored 401k for over 30yrs!I retired in 1/25/2023. At that time my wife and I contacted Principal Financial to liquidate both of are accounts. They told us that it would take some time but, wouldnt say how long that would be around September we met with our final advisor and talked to a Principal Financial supervisor via conference call because he had not heard of this before the answer was the same as when my wife and I talked to them!!!My wife and I are now starting to experience financial strain do to the fact that we invested in Principal Financial to save for retirement but now cant access the money we saved and the company contributions my wife I earned over 30yrs with the company. If there is anyone out there that can help to get are retirement money back we would really appreciate it!!!!

  

  Business Response

  Date: 04/05/2024

  Thank you for forwarding. Principal will respond directly to the complainant.

  Customer Answer

  Date: 04/05/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. As long as it ends in the distribution of me and my wifes retired accounts 
  

  
  
  Sincerely,

  
  
  *************************

  Customer Answer

  Date: 04/18/2024

  This is ************************* and the resolution to my complaint was that Principal Finacial would contact me directly this has not happened my problems Im having financially continue to mount do to the fact that Principal Financial refuses to liquidate me and my wifes 401K retirement savings that we have saved for 30+ years!!! Can you please help in this matter
  

  

  Business Response

  Date: 04/23/2024

  A response has been provided to the complainant and we consider this matter closed.

  Customer Answer

  Date: 04/26/2024

   
  Complaint: 21531448
  
  I am rejecting this response because:
  
  Sincerely,
  
  *************************