Complaints
This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 317 total complaints in the last 3 years.
- 89 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe 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:03/29/2024
Type: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 on 03/14/24 to request an emergency fund for my mothers funeral service. I spoke with an employee unfortunately she send me the wrong document that needs to be filled out. I filled out the form she send me and I fax it the same day . I called back and they told me they have received the form. I called couple of days after they told me that my request has been approved and I should get my funds any time from now . I called back today to know the reason why I still didnt receive my funds when it has all been approved. I called today 03/28/24 and I spoke with an employee she told me that their was a message for them she said they provide me with the wrong form and the right form that I should fill out and submit has been uploaded in my account and I need to print it out and fax it over I was really upset when she told me that and she apologized and I told her that , I dont mind filling out the required forms and send it over , but my mothers funeral is on 04/05/24 and I need the funds before the 5th of next month and thats the reason why I requested the ************ earlier so that it can be send to my account. I filed out the the right form and I emailed it over and their representatives are telling me that when fax a document it usually takes 24 to 48 hours and they have no other option for me to submit the form . Am not able to upload it online through my account and am not able to send it through email so that they can upload it and send my fund , so that I will be able to use the money on my mothers funeral. Principal financial group is punishing me for a mistake that was done by their employer. I have no idea that , the representative send me the wrong documents . I need this fund before the 5th or else I will be devastated. I have no family member to help me am all along by my self . Please BBB help me resolve this issue because principal doesnt care about my mothers funeral and the shame I will be going through if I dont get this
Business Response
Date: 04/01/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:03/28/2024
Type: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.
Over the last 2 years I have received false statements from this company about funds invested in their investment products. Each time I have contacted them they have falsely reported financial records.. To the extent that when having provided them with the required documents that show their investment statements about their products, they respond with that they are a all inclusive company implying that "financial investments are contributions not investments that are to return their advertised returns".When I have asked for corrected financial documents, the call center just places people on hold for prolonged time frames and states they have lost such documents or that the provided information (which is an actual printable statement from Principal financial) dose not apply.On other occasions the customer service team has had no credible answer and just repeats their attempts to withhold returns on investments for fear of loosing customers.Business Response
Date: 03/28/2024
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 03/30/2024
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.
Sincerely,
*******************Initial Complaint
Date:03/25/2024
Type: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.
Left my job on 2-26-24 requested a payout on my 401k was told it would take **************************************************************************************** the information on where it was or what was going on i let them know i would contact bbb and they said you just do that, never had a company not explain the issues to where my money is.Business Response
Date: 03/25/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:03/21/2024
Type: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 was supposed to receive distribution of the final fund from my retirement account that I requested be liquidated back in September of 23 I was advised that the money would be credited to my account by 03/19 it has not yet been and I have called the supervisor handling this multiple time and now been told that it may be another 3 weeks before I get a resolution because someone made and error in inputting my ACH information. I already had to wait for an extended period of time for my funds additionally every time I call this company for relatively straightforward things there is a big issue its very much like the employees have no training and multiple calls and escalations into management are needed for resolutions. I am hoping this company will take immediate steps to resolve this as I will pursue all avenues available and file reports to any agency necessary or retain an attorney until I am satisfied. My issues over the past two years should be well documented.Business Response
Date: 03/21/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:03/18/2024
Type: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.
Around 12/6/23, I open a Traditional *** account (#*********** Latina ****** is the counselor that worked me. On 12/27/23, she emailed me stating that my rollover check ($11,488.70) from my previous company was received, but I had to sign some documents in order to open the Rollover ***, which I did on 1/5/24. I called couple of weeks later due to not seeing the check posted on my account or any $ I should get based on the market value. The agent I spoke with didn't see any details on my account, I told her I worked with Latina and read to her the email I received from Latina stating the check was received and asked me where the check was sent to; I mistakenly gave her the wrong address. On 1/23/24, Latina emailed me that she got a message stating that the check was sent to the wrong address, that she was working with her back office to get the check and have it posted in my account. I replied on 1/24/24 that I gave the wrong address, apologized and told her where the check was sent to: Principal Funds; PO Box ****** *********** **, *****, as it's on the letter I received from ********** (previous account holder) and it's the same address she provided them when my account was created. So I asked her how is it possible that the check is missing after I received an email from her stating that the check was received? She never answered, I have emailed her on 2/16/24 and called several times which the answer I've got is that they have to further investigate and I'll be receiving a call within 2-3 days. It's been over a month no response, no phone call and my balance is $0 which to my understanding I should be getting $ based on the market value (this is the best way I can explain). The company is Principal ***, phone # **************. *******************, email: **************************************** / phone # ************************.Business Response
Date: 03/19/2024
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 03/25/2024
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.
Sincerely,
***********************Initial Complaint
Date:03/18/2024
Type: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 filed for a hardship withdrawal out of my 401K. It was approved on Tuesday around 4:30pm. At that time I was told 1-2 business days to process. I am on day 3 and still nothing. I called and all I was told is that they are aware of the request and to keep checking my email for details. Once it is processed it can take another 2-3 business days for my bank to receive it. I asked if this could be expedited and was told no. I filed a hardship withdrawal because I need the money ASAP. It is ridiculous that it should take this long to process once it has been approved. This is not the first time principal has done this.Business Response
Date: 03/18/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:03/18/2024
Type: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.
Principal Financial (Principal BenfiPayments) was used to pay out Pension Cash out for those who chose this option, offered by Prisma Health. I received my money as promised, and has been waiting for my 1099-R so I can file my taxes. I have not received it todate.I called the company, and after the usual verification of name, DOB, email, telephone and address, I was asked to state my contract number. I had no contract number since this was an auto enrolment at employment, which was in 2000. I was asked to verify other information that I could not remember like which month I quit the company in 2011. I was then told to register online if I wanted this form (No option for persons no longer investing with this company so I could not register). I only need my 1099_R so I can file my taxes. I do not need anything else from this company. I believe this is a right of every one who has been paid ascertain amount of money, for TAX filing purposes, and should not be complicated. I was expecting to have this form mailed to me as all other companies do.Business Response
Date: 03/19/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:03/13/2024
Type: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 withdrew my 401k from principal financial and they did not give me all my money and refuse to give me the details of how they came to the amount I received from them.When I call ************** the company that I worked for to get the information I need to authenticate my account for ******************************************* the two individuals that can help do not return my voice mails.*********************** and ****** are the two people I am referring to.Business Response
Date: 03/14/2024
Thank you for forwarding. Principal will respond directly to the complainantInitial Complaint
Date:03/11/2024
Type: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 am writing to file a formal complaint against Principal Financial Group concerning the unauthorized cancellation of my distribution requests. On two distinct occasions, specifically on December 19, 2023, and February 9, 2024, I submitted formal requests for a distribution from my 401(k) account, as shown in the provided account history documentation. Both of these requests were inexplicably canceled by Principal Financial Group without my consent.The failure of Principal Financial Group to process these legitimate requests has impeded my ability to access my funds, causing undue financial strain and concern. I have made considerable efforts to resolve this issue directly through customer service without any satisfactory outcome.The company's actionsor lack thereofdemonstrate a serious disregard for customer rights and ******************** best practices. It is imperative that Principal Financial Group address this matter by honoring my distribution request, and I seek the BBB's assistance in resolving this promptly. Please find the attached account history as evidence of the canceled transactions.I am eager for your support in this matter and look forward to a resolution that includes the immediate processing of my distribution without further unwarranted delay.Business Response
Date: 03/12/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:03/08/2024
Type: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.
Principal is taking more out of my non periodic withdrawal than required, according to tax form W-4R. They refuse to honor the *** form. I am 63 years old and legally allowed to remove some of my funds at a 10% withholding.Business Response
Date: 03/11/2024
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 03/11/2024
Complaint: 21406072
I am rejecting this response because: The attached W-4R form specifically states that the default interest rate depends on the type of distribution. Two types are listed, non-periodic and rollover. I am eligible for both, but since I am not rolling over the distribution, the "eligible rollover" does not apply. I am receiving a lump sum, non- periodic distribution. Therefore, I can have the default of 10% deducted. Principal still refuses to honor the *** form W-4R and are taking 20% from my distribution. The amount left over after the 20% is deducted is less than I need and will cause me a financial problem but they have me at a disadvantage so I must accept the terms even though I believe them to be incorrect and unjust.
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.
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