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:03/07/2024

  Type:Service or Repair 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.

  On February 14th I contacted Principal Financial Group to inquire about there Hardship Withdrawal Request program. I explained to them that I was in desperate need of having my roof fixed, the insulation and sheetrock replaced and repaired throughout my home in various areas from where my roof was leaking. They asked me if I had contacted my homeowners insurance and what did they say, to which I told them I did, and I got denied and had a letter from them. I also told them that I had gotten a estimate from Best Choice Roofing on how much it's going to be to fix it and I also talked to several others about roughly how it would cost to fix the inside issues. I explained to them that some of the sheetrock has collapsed and fallen down. Some of the floors are bowed and have holes, and my and my husband's bedroom, we can't hardly stand to be in there because you can smell like a moldy, musky, dampness, rotten wood in their coming from the hole in the ceiling above our bed. The lady told me how sorry she was to hear our family going through this. She explained to me that because I've been paying into my retirement for over 15 years that I could do a 403b hardship request withdrawal, and it's for Repairs to Primary Residence. I filled everything out on the computer as she guided me through the process. After I submitted it she explained to me the $23,927.38 I was requesting, I would have to pay taxes and fees so they'll add more to that amount once all the paperwork is completely done. She said it should come to around *********. But she assured me they were no problems for me being able to receive the Hardship Withdrawal Request. I contacted Best Choice Roofing thinking we were good & told them the news. The scheduler at Best Choice contacted my husband on the 19th to confirm when to start and when we would have the money. My husband contacted *** *** contacted Principal, to which they said they never received anything from me. However I got a email saying they did.

  

  Business Response

  Date: 03/08/2024

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

  Customer Answer

  Date: 03/20/2024

  Complaint ID: ********

   

  So *************************, forgive if I mispronounced it or spelled it wrong, finally called and we talked. I wish there was a way I could have had a lawyer or someone else who knew the business laws better than me and my husband because we different felt like they just came up with one excuse after another excuse. I asked her to please explain why does there paperwork clearly state, " For home repair " but nowhere does it say anything about a federal disaster claim?? After going back and forth with her asking her questions, she said that we would need a letter from the insurance adjuster stating the floors and roof were basically caused by a unusual event but it couldn't say anything else about the ****, or the tree limbs or acorns from being up there. I explained to her that I provided all of that documentation out of good faith to show why I was requesting a Hardship Request Withdrawal, and proff of the money needed to fix my home. 

  I explained to them that I have until May to get my home fixed or my homeowner insurance will be canceled. They already sent out a letter saying that they will not renew our policy. I told them that I still owe on my home and if I don't get this money and get my home fixed then I'm going to most likely lose my home because I can't afford to pay to fix it out of pocket before the end next month. And I know that nobody will won't to insure our house when there's this much wrong. 

  All they could tell me at Principal Financial was I'm sorry your going through this, please reach back out to your adjuster and see if she'll help you. I'm sorry but I don't know what else to say. 

  I just feel like it's been nothing but a dead end dealing with them. I've tried being honest and to explain my situation in detail, but it just seems like they really don't care or appreciate the fact that you're trying to do everything the right way..

   

  I'm not sure if there's anything else you can do. But if there is, I would greatly appreciate it. If there's not, I still greatly appreciate it. 

   

  Please feel free to contact me or my husband if you need anything else..

   

  Sincerely, 

   

  ********************************;

  

  Business Response

  Date: 04/02/2024

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

• Initial Complaint

  Date:03/05/2024

  Type:Service or Repair 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 been trying to get this company to send me a copy of my annuity retirement plan and supportng documentation along with new updated Quote and Election Form so i can start getting my annuity benefits. I am 66 and retired and this money is mine. They are not wanting to send me new quote; they simply want to drag this out and not pay out. They want me to keep calling to verify who I am for the 20th time and to talk to me by phone. They said they would email me new updated figures but have not. This company is the worst! I will continue to go up the chain to get the money i earned. I also want to file a formal complaint as even though the law says they cannot deny my claim due to esignature, they are saying their company policy says they do not accept. That will not happen as the law is the law.

  

  Business Response

  Date: 03/12/2024

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

  Customer Answer

  Date: 03/12/2024

   
  Complaint: 21383077
  
  I am rejecting this response because: This is a huge problem as I have made many attempts over the months to get these issues resolved with no cooperation. Therefore, with no guidance and response I am prepared to pay a notary to get these existing documents notarized and sent in. Please respond asap here. Thank you.
  
  Sincerely,
  
  ***********************

  

  Business Response

  Date: 03/13/2024

  Thank you for forwarding.  We will respond directly to the complainant, as we continue to reach out by telephone.  

• Initial Complaint

  Date:03/05/2024

  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.

  The ******************************************************************************** connecting with anyone who can correct this error. I called roughly 2 weeks ago and ******* stated the corrected form would be emailed within 1 week. The corrected tax form has not yet been received and I called Principal today to check on the status. Upon calling back today, the first rep stated there wasn't anything wrong with the tax form but my *** said this must be corrected with my personal SSN listed. After verifying with the *** again today that this form must have my SSN listed, I called Principal again about having the tax form corrected. The last rep I spoke with asked to verify my cell number but I do not have texting, so she mentioned 3 security questions that no other Principal rep has ever asked and I don't think I provided this info to Principal (every other rep I've talked to verified the same 3 questions I clearly know are the ones I selected and have the answers readily available). I logged into my account online to see about the security questions assuming there would be 6 after this most recent call, but the online profile only has a prompt for 3 questions. I resubmitted the 3 questions I am familiar with and am typically asked about by Principal's reps. ** is concerning that I was being asked to verify answers that I have not provided in the first place. The desired resolution is to have a corrected 2023 1099 with my SSN, as well as making the necessary changes to ensure the disbursement for 2024 is made out to my name and reported as income using my SSN.

  

  Business Response

  Date: 03/07/2024

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

  Customer Answer

  Date: 03/11/2024

   
  Complaint: 21382885
  
  I am rejecting this response because I have not yet received communication directly. As soon as I receive the corrected 2023 tax document with my social security number I will agree to close this with satisfactory comments.

  
  

  

  Business Response

  Date: 04/02/2024

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

• Initial Complaint

  Date:02/26/2024

  Type:Service or Repair 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 had two jobs for the last 20 years I recently after my youngest daughter graduated college quit my part time job on april 27th 2023 I had been employeed there 20 + years.When I quit my job I waited for the last check to clear which would have been on May 4th , I believe I may have called principal and asked them to release my 401k to my bank around the 5th of May so i could create an **** My 401k at that time was37,687.05 I cant remember who I spoke with but they try and talk you into not releasing funds and offer you there services, so when the phone call was ended I thought I had made it clear I wanted my funds released to my bank. So I waited about 3 or 4 weeks to check back and to my astonishment he didnt do what I asked ,my 401k total now was ********* I know theres a small fee to release it I cant remember if its $35 or $ 50 dollars but I lost over $ ****** due to this clown not processing my request when you hire someone to represent your company he is representing principal financial group when he answers that phone , this was a clear misrepresentation of this financial group and I think he is responsable

  

  Business Response

  Date: 02/28/2024

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

  Customer Answer

  Date: 02/28/2024

   
  Complaint: 21339365
  
  I am rejecting this response because:misrepresentation from the employee who did not proceed with my request he was representing principal at the time I spoke with him all calls are recorded can go back and listen to the call and see he did not proceed with my request and because he didnt I lost money out of my 401k
  
  Sincerely,
  
  ***************************

  

  Business Response

  Date: 03/06/2024

  The complainant has been contacted and the issue has been resolved.

  Customer Answer

  Date: 03/11/2024

   
  Better Business Bureau:the woman who contacted me says the call was dropped I dont believe so but its okay
  
  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:02/26/2024

  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 initiated a request for retirement benefits on Jan 16 and was told to expect paperwork within 2 weeks. When that paperwork did not come, I contacted Principal and was told the *** on Jan 16 did not do what was necessary to initiate the paperwork and the process had to start again (4 weeks after the original request) and that there was nothing they could do to expedite the request under the circumstances. I requested their *** manager listen to the tape of Jan 16 conversation to confirm this was the trigger date of my request. The manager would not indicate they would do so. Further, I was told it would be another 4 weeks or more to send the paperwork. As a result, I will miss at least one month of retirement benefits and possibly more due to the incompetence of Principal staff and the inability of their customer service reps and managers to do anything to expedite the request under the circumstances.

  

  Business Response

  Date: 03/07/2024

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

• Initial Complaint

  Date:02/26/2024

  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 requested a 401k withdrawal, I faxed the information that was requested. I waited a few days and sent email to check if information was received, today received email saying they didn't receive information. I called spoke with 3 different people and the last representative says I'm missing a page but she can't tell me what page after being on phone for 30 minutes. I need to know what Information is missing so I can complete request. Every time I deal with this company it's always the same, nobody can give you answer to any questions.

  

  Business Response

  Date: 02/27/2024

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

• Initial Complaint

  Date:02/19/2024

  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 requested multiple times to have my retirement account transferred to ******'s Life. They are requiring spouses consent. Death 11/4/2020 with death certificate sent. They have closed the request multiple times and stated they need his consent. I am never wanting to have any business with them in the future.

  

  Business Response

  Date: 02/20/2024

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

• Initial Complaint

  Date:02/09/2024

  Type:Service or Repair 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.

  On 02/07/2024 call Principal and spoke with *** regarding closing/cashing out my retirement account since I had retired from *********************** ************** Contract #: ******, and no longer making contributions. I was on a 3 year guarantee period elective deferral plan which was not suppose to mature until December 2025. Made a large withdrawal 1st quarter 2023 with no restrictions. Made another large withdrawal 2nd quarter 2023 with no restrictions. Requested a withdrawal the 3rd quarter 2023 and restrictions applied. Received a letter that stated transactions were subject to the withdrawal limitation implemented on July 1, 2022. I've never received previous notification about restrictions and no previous restrictions were applied. I had not made any changes to my retirement account. The letter also states that you can change or cancel withdrawal or transfer request until any future payments are processed. That is incorrect. Principal will not cancel this account even after calling at least 3 times and even speaking with a brokerage in person. When I spoke with the brokerage in person, he acknowledged I was on the 3 year plan and could not tell me when I change my plan or was notified about restrictions being implemented. All that I want to do is close my account and receive my annuity as previously requested. One request dated 06/01/2023 amount pending $8675.40 and one dated 06/30/2023 amount pending $6254.96. I am 67 years old and should not have to keep fighting to get my money. No one at Principal can answer why I can't get my money since I have retired. Principal did make a small distributions, but at the rate they are going, it will be another 10 years before I get all my money. On the quarterly reports coming from Principal, I'm losing money every quarter on an account that suppose to be closed. PLEASE SEND ME MY MONEY The Principal agent stated that I started working Sept. 2003 and was not vested. All of my statements shows that I was vested.

  

  Business Response

  Date: 02/12/2024

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

  Customer Answer

  Date: 02/12/2024

   
  Complaint: 21266939
  
  I am rejecting this response because:
  I tried to resolve the matter last week to no avail. This has to go through the complete process for any action to occur.
  Sincerely,
  
  *****************************

  

  Business Response

  Date: 04/02/2024

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

• Initial Complaint

  Date:02/06/2024

  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.

  This is regarding my retirement account from a former employer that was administered by The Principal Financial Group.On May 13, 2022, I was separated from ATF-**** My retirement account was frozen -- no changes were allowed. In December of 2022, the retirement account was settled except the balance in the Principal US Property Separate Account. I was told I would receive the money at a later date. I have received some dribs and drabs since then. It is now almost two years and the account is not settled.When I logged into my account, I discovered that Principal had deleted prior communication I had with them regarding the account.

  

  Business Response

  Date: 02/06/2024

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

• Initial Complaint

  Date:02/01/2024

  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 am the owner of ********************************************************************, which is the address this complaint pertains to. In early 2015, I purchased it from a woman who won the house at Sheriffs Sale. The owner that lost it - ************************* - inherited the house from her mother, was addicted to drugs, and let the house fall into disrepair. Ultimately, she lost it due to not paying taxes over several years. I uncovered this information about her over the years. ****** tried to establish an intimate connection with me, to wiggle her way back to the house. I asked her verbally, then by letter to leave me alone and direct all her communications to her current address, then all h*** broke loose. With harassment by mail, the intent is to have an excuse to establish contact to solicit or intimidate me. Recently, I obtained a Cease Communication order against an imprisoned associate of ****** who kept writing to my house, addressing the letter to ******, to intimidate me well after I informed him ****** no longer owned or resided at the house. With that being said: This problem involves Principal sending mail to my house, addressed to another person:*************************, *******************************************************************. Mail from Principal has started coming within the past 5 months. Principal is a retirement / financial services company; which requires the person (******) that's signing up for or declining their services to give them accurate information. Meaning the person Principal is addressing the mail to (******), deliberately gave them a wrong address.I sent Principal an email explaining this and asking them to stop sending the mail, because ****** is using their company to carry out her scheme to harass me by mail. Principal replied with a standard reply directing me to call. This is not my first rodeo, and what will happen is the company will just give me the runaround by phone and nothing will get resolved. Thus, my filing a complaint to reach the correct source.

  

  Business Response

  Date: 02/02/2024

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

  Customer Answer

  Date: 02/05/2024

   
  Complaint: 21230099
  
  I am rejecting this response because:

  At this moment, Principal is keeping their response very vague.  They say they will respond directly to me.  They don't give timelines, method of response, etc.  For all I know, they could be saying that just to clear the complaint, with no intentions to resolve.

  How hard can it be to go into their system, and remove my address from that persons profile / information?  You can look in records for the ********************, I can even provide proof that I'm the owner.  

  At this points, it seems Principal is being disingenuous in their intent, because when I communicated directly with them, they told me to call but calling will yield absolutely nothing.  I ask that Principal provide, in writing, a response stating they removed my address from that persons information and that they will cease sending mail to my house for that person or any other person that isn't me. 

  How hard is that?  I told Principal the situation and basically, their indifference will continue to allow criminal actions to occur.

  Thus, my reason for rejecting their response at this time.  I want this situation resolved and I want them to tell me it's resolved.

  Sincerely,
  
  *************************** Iii

  

  Business Response

  Date: 02/05/2024

  The address referenced is no longer listed. Please shred or return any correspondence that does not belong to you. If you hold an account with ********************, please let us know how we can assist with that account. 

  Customer Answer

  Date: 02/07/2024

   
  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,
  
  *************************** Iii