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:07/11/2023

  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 submitted my hardship withdrawal for my daughters tuition bill more than 3 weeks ago and I included the required documents but I never heard any updates from Principal.The last time I talked two weeks to an agent She said is on the process and never heard anything..Seems like most of the retirement specialist doesnt care if we can get our money on time or not .I really hope they can expedite the process especially for tuitions.

  

  Business Response

  Date: 07/11/2023

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

  Customer Answer

  Date: 07/12/2023

   
  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:07/10/2023

  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.

  Submitted name change 5/31 along with documentation. Requested yo cash out my account thru direct deposit on 6/5. Given an estimate of 2-3 weeks. Contacted Principal Financial on 7/3 and was told they needed the name change form that I submitted on 5/31. They then apologized and said they had it but now it will be an additional 5-6 weeks! Why is it taking almost 3 months to cash out my account???

  

  Business Response

  Date: 07/11/2023

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

  Customer Answer

  Date: 07/12/2023

   
  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,
  
  ***** Swim

• Initial Complaint

  Date:07/10/2023

  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.

  07/07/2023 I have been applying for a hardship withdrawal and my home has a scheduled foreclosure date. Every document they have requested, I've sent and they keep denying to give me a 401k withdrawal. They keep requesting different documents which I have provided and they still won't give me my funds that I have contributed. At this point I'm reaching out to an attorney because this is unjust and unfair. I'm about to lose my home.

  

  Business Response

  Date: 07/21/2023

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

• Initial Complaint

  Date:07/10/2023

  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.

  Hi,The issue is with extreme billing irregularities. Principal provided long term disability benefits up until such time as I got SSI. Sent me a bill for "overpayment" of benefits, which was expected.Paid bill of $40,264.84 right of way by cheque which they cashed on May 15. Four weeks later I get another letter (dated June 8) asking for the exact same amount of money, stating that they had not heard from me, and that I had better pay up. I contacted them on June 20 about their error (spoiler alert - was not nice about it). I received an email from ************************* in their Group Life and Disability Group on June 20 to disregard the second letter/billing. June 21, ************************* sends me an email that they didn't add things up correctly and now I magically owe another $293.67 (I think trying to punish me for pointing out how disorganized they are). I indicated to him that I think that this was their problem at this point and to get lost. So **** sends me a bill for $293.67 dated June 21 after all of this. Can you even do that? Personally, after billing someone for the same amount twice for the same service - I would be too embarrassed to ask for more money - but they did - ridiculous! Please help make them go away - I don't want to give them another cent - but I also don't want them to try to damage my credit score (809 - I pay my bills) My "incident #" with Principal is 6064632.I have been extremely impressed with my previous experiences with the BBB in other states - please impress me again!Thank you,*****

  

  Business Response

  Date: 07/14/2023

  Good afternoon:

  This is a response to complaint #********. Principal Life Insurance Company takes our responsibility to protect our customers confidentiality very seriously. Therefore, we are responding to the claimant directly and are going to communicate that we will be writing off the balance of $293.67 in reference to his overpayment so no further reimbursement will be needed. A certified letter will be sent 07/14/23.Please let me know if you have any further questions.
  
  Sincerely, 

  *********************;|  Senior Claim ************************************** IDI Claims
  Principal| **********, ****  50392
  Phone:************
  Connect with ** on Twitter | Facebook | www.principal.com
  

  Customer Answer

  Date: 07/17/2023

   
  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:07/10/2023

  Type:Customer Service 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've been trying to rollover my 403(b) from Principal since April 2020 when I left my previous employer. I've requested the proper forms, and each time I've only been given forms to rollover into a Principal account. On seven separate occasions I've tried logging into my online account, with the latest being July 6th and 7th 2023. Each time I'm only able to access the main page to my account. I'm unable to access any of my retirement information aside from the vested balance due to a "systems error". I've contacted Principal by phone and email on multiple occasions, including July 6th and 7th and each time I'm either diverted back to the online account with the "system error" or told to call back again.

  

  Business Response

  Date: 07/10/2023

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

• Initial Complaint

  Date:07/10/2023

  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.

  I contacted Principal originally in 2022 requesting a lump sum pay out of my pension I have with Navy *********************** which I am entitled to. I began working for Navy ********************** in 2013 and was grandfathered into the original employee plan that changed in 2017. Principal confirmed I was indeed entitled to this lump sum payout and sent me the necessary documentation and quote in order to submit request. I received all the documents last year but decided not to continue with my request at that time. I decided this year however, early part of June ************************************************************* 2022. This request was canceled by an employee at Principal and I was never told. I called several times to inquire about why I have not received the same documents and an updated quote as I had been given before, and have received nothing but the run around. I have been told that I cannot take this lump sum when I know for a fact my plan allows for it. I know at least two of my colleagues who had the exact same pension plan that I have, ************************* and ************************* who were treated the exact same way, but somehow were able to get their requests met. I spoke with a supervisor by the name of ****** who was pretty non reassuring but nevertheless said she would look into the issue and call me back. Of course she never has. I've since spoken to others at Principal who have told me a request was made but no feedback has been given regarding my case. I am entitled to this lump sum payout and that is the only acceptable resolution to my problem. I am shocked that a company as large as Principal shows such disorganization and apathy toward customers. I am very angry that the company is failing to meet its obligation.

  

  Business Response

  Date: 07/12/2023

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

  Customer Answer

  Date: 07/16/2023

   
  Complaint: 20284205
  
  I am rejecting this response because:

  The case is not resolved. I spoke with a manager who said she was able to confirm that I am entitled to a lump sum pay out of my pension, (as had been confirmed already in November), and would have my request for the required quote expedited. I have not received that paperwork as of yet, so therefore my case is still ongoing and has not been resolved. Once it has been resolved satisfactorily I will confirm and acknowledge that.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:06/30/2023

  Type:Customer Service 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 had a 401k with Principal through my previous employer. My ******* was just under the minimum required, so my funds were going to either be distributed back to me or I needed to rollover. I chose to open an *** with Principal to roll my ******* funds into. I had to write a check for the difference to get me to the minimum amount. I submitted my rollover request on 6/******** days before the posted deadline of 6/20. I even asked the customer service agent who was helping me, *********************, if processing time could cause problems. He responded that no, it would be okay as long as the rollover request was submitted before the deadline. Unfortunately, on 6/28 my funds were forced out of my 401k and distributed to me, being heavily penalized in the process (this is despite meeting all deadlines and filling out the required paperwork). So now I have been penalized for this dispersement that I did not want, AND am out the amount of money I wrote to make up the difference. And now I am stuck with an *** ******* way below the minimum balance, and I don't even want this ******* anymore because of how untrustworthy Principal has proven to be. I tried to call customer service and is was extremely disheartening and unhelpful. I was told that the deadlines are just "estimates" and that there's nothing can be done. So now I am out hundreds of dollars, and hours of time wasted jumping through their hoops.

  

  Business Response

  Date: 06/30/2023

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

• Initial Complaint

  Date:06/29/2023

  Type:Customer Service 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.

  My best friend had a 401k with the Principal Group through her employer, ****** Services, in ********, **. She passed away on December 8th, 2022. She left me as her beneficiary even though she was married at the time of her passing. I and her husband have sent all requested documents (twice over) that have been requested. I have called several times and left messages which have not been responded to and asked as to the status of this account and have been told it is in it's last review....since April of 2023. I have also contacted ***** an filed a complaint as well. Unfortunately, they are not much help. I don't know what else to do. I have no idea what is in the account as they will not tell me anything. The case# with Principal is ******** and her name was *********************** ****. Her DOB was 2-20-1955.

  

  Business Response

  Date: 06/30/2023

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

  Customer Answer

  Date: 06/30/2023

   
  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:06/28/2023

  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.

  Tried to cash out my 401k from my employer who uses Principle Financial as their investment group. ********* made a mistake on the address it was supposed to send my check to, and it took almost a month of phone calls and complaints to finally get another check sent to my financial institution. They just kept telling me it would take 1-3 days, then 1-3 days, then 1-3 days to reprocess it. They didn't care or even act like they cared that they made a mistake and that I was paying for their mistake! Totally UNPROFESSIONAL and INCOMPETENT business, just like ALL the other complaints again this company!!

  

  Business Response

  Date: 06/29/2023

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

  Customer Answer

  Date: 06/29/2023

   
  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:06/28/2023

  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.

  On June 08, 2023, I requested to receive my retirement funds from Principal Bank Financial Group's 401k retirement plan. The company had already recorded my separation date, and their website advertised a 3-7 business day processing time for such requests. However, after multiple calls with customer representatives, I have yet to receive my funds and have instead been given the runaround. I feel deceived by Principal Bank Financial Group and believe that they should be transparent and upfront with their customers about the timeline and process for receiving our hard-earned retirement funds. As a result, I urge the Better Business Bureau to investigate Principal Bank Financial Group's actions and ensure that they are held accountable for their dishonest customer practices.

  

  Business Response

  Date: 06/29/2023

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