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
- 318 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:12/14/2022
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.
12/14/22 Trying to withdraw my 401k and these guys are making me jump through hoops asking for unnecessary information like my banks full postal code and processing times of multiple weeks. This company is either incompetent or doesnt have the staff to accommodate the billionaire dollar company they manage. Fidelity for example just gave me the option to cashout in the app and direct deposited my money. These clowns expect me to wait until who knows when for them to review my documents and distribute MY MONEY which is unacceptable.
Business Response
Date: 12/14/2022
Thank you for forwarding. We will respond directly to the complainant.Customer Answer
Date: 12/14/2022
Better Business Bureau:I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution not satisfactory because this isnt a resolution its response.Sincerely,******************************Initial Complaint
Date:12/13/2022
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.
I called in to get information about a 401k loan as I debated taking one out to pay off credit cards. I was misinformed by the Principle representative. I had asked many times on a recorded line if my current investments would be sold and she repeatedly told me that no securities/investments would be sold or monies would be withdrawn from my account. This was the information that helped me to make my decision to take a 40k loan. I would not have taken a loan out in a down market if I had received the correct information. This is a very expensive mistake that impacts only me as the customer.Note: I cannot payback the loan in full, because I already paid off cards and now I am missing out on 40k retirement growth that I would not have missed out on with the correct information. I have worked very hard to *** out my retirement each year. *****, the manager on shift called me back after he listened to the tape and apologized that I was given wrong information, but there is nothing they can do. I will also be contacting an attorney.Business Response
Date: 12/14/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:12/07/2022
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.
On 10/31/22 I elected to receive funds from a previous employers ESOP account for a surgery on 12/01. I saw that it was to be processed after 11/11, and payout would be end November. Ive called multiple times and no one could give a more definitive answer, nor would they even attempt to get me in touch with anyone who could. Needless to say, payout on distribution wasnt End of November, in time for surgery, nor have I received funds to this date (12/7), and another phone call just has me calling back to check status. Its gotten to be absolutely ridiculous, where theres absolutely no concern or priority to get me the funds Ive requested, when were clearly way past the date given. I just want answersand my funds.Business Response
Date: 12/07/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:11/23/2022
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.
This company has control of the Cash Pension account from a previous employer and I've been trying to get that money sent to me for over a month now, 10/20/2022 is the exact date I requested distribution on the account and was told it would be in November its now Nov 1st and no one can tell me when the request will be sent out. For whatever reason they don't have an exact date they'll just say it'll be sometime in November. It's a terrible business practice to just leave people with no answers about money that belongs to them. I want the money sent immediately not whenever this company feels like getting to it.Business Response
Date: 11/23/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 11/23/2022
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:11/23/2022
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.
Repeatedly requested to be removed from their mailing list and on the Do Not Contact list since September of this year. Company refuses to comply. I am not their customer and I will not be their customer. These cold calls and cold spam mail needs to stop immediately as this is not just a violation of FTC rules, but also harassment.Business Response
Date: 12/01/2022
We apologize for the issue and have placed you on our Do Not Call list. You mentioned that you have received cold calls and spam email. Could you provide us more information about either or both of them? Such as any number the calls originated from or what email address the emails were from? Thank you for any additional assistance you can provide.
Thank you.
Customer Answer
Date: 12/01/2022
Complaint: 18448773
I am rejecting this response because: You did not read my entire letter. I never once said anything about email. I said you kept sending me PHYSICAL MAIL and you need to stop immediately. I just got yet ANOTHER mail in my mailbox at my house today and you have already been given over 3 Cease & Desist notifications and multiple phone calls. Principal has until this Friday at 5pm PST to destroy any and all future PHYSICAL MAILINGS as well as COMPLETELY DELETE MY ENTIRE PROFILE/CONTACT INFORMATION from all of your systems or I will be pursuing legal remedy.
Sincerely,
*************************Business Response
Date: 01/11/2023
I apologize for misreading your complaint regarding email vs physical mail. We have included you on our do not send list.Customer Answer
Date: 01/12/2023
Complaint: 18448773
I am rejecting this response because: this does not fulfill my demands completely. all my information MUST be deleted, destroyed, completely removed from your systems immediately. I was previously "put on the do not contact list" and that never worked. I need to disappear from your system in full.
Sincerely,
*************************Initial Complaint
Date:11/15/2022
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.
Several weeks ago I attempted to dissolve the remaining money in my 401k. The associates at principal financial told me that a check would be issued and sent to me within a week two weeks later I still do not have a check after several complaints and several phone calls I was told that a check was issued and sent to the wrong address and then another one won't have to be issued and sent to the correct address two weeks later still no check after several more calls and several more complaints I was told that the money would be put on to a debit card a couple more weeks no money transferred finally a check was supposed to be cut and sent to the correct address priority Mail . They even said I would have to pay for shipping out of the check. I have been lied to over and over. The money in question is only 500+ dollars but it is the point that this billion dollar company would lie over and over to me.Business Response
Date: 11/21/2022
Thank you for forwarding this complaint. We will respond directly to the consumer. Thank you.Initial Complaint
Date:11/02/2022
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.
This company has control of the **** account from a previous employer and I've been trying to get that money sent to me for over a month now, 9/26/22 is the exact date I requested distribution on the account and was told it would be in November its now Nov 2nd and no one can tell me when the request will be sent out. For whatever reason they don't have an exact date they'll just say it'll be sometime in November. It's a terrible business practice to just leave people with no answers about money that belongs to them. I want the money sent immediately not whenever this company feels like getting to it.Business Response
Date: 11/02/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 11/03/2022
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:10/28/2022
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.
Made a request for a hardship withdrawal due to being hit by hurricane ***. They made it abundantly clear that this was not their issue. My withdrawal request has been sitting in the processing stage for almost 2 weeks now and every rep I speak with is telling me they apologize for the delay that they are backed up. This is getting out of hand.Business Response
Date: 10/28/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:10/27/2022
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.
I did a rollover distribution request on 10/15/2022. There has been no check sent to me. I attempted to contact customer service to inquire about this. They were less than helpful. They gave me instructions on how to cancel and request a new check to be sent. That would be great if those steps they gave worked. This didn't. The information provided was useless. It almost seems like they are trying to intentionally make it hard for me because I have elected to pull funds from them. They will only work with you until you want your money. Then they will be as difficult as possible. It's odd that they would charge a $40 fee for something they won't even fulfill.Business Response
Date: 10/28/2022
Thank you for forwarding. We are working directly with the complainant.Customer Answer
Date: 10/31/2022
Complaint: 18323941
I am rejecting this response because: there has been nothing done by the company. It's really odd that they claiming they are working directly with me is a valid response. I don't think I would allow a company to lie to the BBB like they are. AND I will REQUIRE they do all correspondence in writing as they haven't shown to be all that trustworthy. This should be beneficial for the company and myself so everything is documented.
Sincerely,
***************************Business Response
Date: 10/31/2022
Thank you for forwarding. Our contact center left 2 voicemails for the complainant on Friday. We will send all further communication in writing.Initial Complaint
Date:10/26/2022
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.
Father passed on April 6, 2020 (I was sole beneficiary of his 401K at time of death)Principal rolled his 401K in May 2020 (no beneficiaries were rolled with it)Principal is not following the legal beneficiary designations, at time of death. I have spend over $8,000.00 in legal fees and haven't gotten anywhere. Principal has offered to pay the 401K to the estate, along with $4,000.00 towards legal fees in exchange for a settlement listing multiple falsifications and claiming no fault!Business Response
Date: 10/26/2022
Good morning,
Thank you for forwarding. May I have the name of the participant and the account number?
Thank you.
Customer Answer
Date: 10/28/2022
***********************
990001150249
Business Response
Date: 11/01/2022
Thank you for forwarding. We will respond directly to the consumer. Thank you.Customer Answer
Date: 11/02/2022
Complaint: 18311686
I am rejecting this response because:
The settlement states there is no fault.
Also states that the settlement is agreed by both parties. It is NOT! How are they going to avoid this from happening to someone else? Why do they think their actions are ok?
Sincerely,
*********************Business Response
Date: 11/02/2022
Thank you for forwarding. We will respond to the consumer.
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