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.
- 90 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:09/08/2022
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.
Per the attached Payment history, I have paid Cobra premiums from 02.01.22-07.31.22 to my Employer's COBRA TPA, ****** 247 ( ********************************************, Tel#. ************) . This covered me for both Medical and Dental insurance through July and I have paid in total, $11,088.39.I have 2 dental claims totaling $510.00 for my daughter, ************************** (Date of Service, 07.22.22) and ************************** (Date of service, Date of Service 07.29.22), that are both being denied because Principal is saying they never received COBRA premium from ****** 247, and so when I call *********, they say they paid Principal and there is nothing they can do except call Principal. They are pointing fingers at each other and ****** 247 collected $11,000 from me and my money never went to pay for my coverage to pay these claims in July for ****** and *************Per the attached, I paid my Cobra bills, they took my money and each of these companies are saying they did not receive anything. Where did my money go? Why did they collect my premium and retain it, but not use it for the payment it was intended for. I paid over $11,000 my premium was never applied to anyone. Who took this money and why are they allowed to retain COBRA premiums without any accounting for where it went and what they did with it? That is unethical at the very least and worse, illegal to collect money from people and not apply it for the intended purpose of COBRA insurance premium. Both parties advise to call the other party, and at this point I would even take a refund of my CORBA premiums paid as they were never applied for my coverage and seems like a fair resolution for all parties.
Business Response
Date: 09/08/2022
Thank you for forwarding the complaint. We're unable to identify ************** with the information provided. Would it be possible to get the name of ****************** former employer or the ** number associated with the original plan? The P** number provided does not match any Principal ** numbers. Thank you.Customer Answer
Date: 09/09/2022
Complaint: 17931758
I am rejecting this response because my Member ID# per the attached ID Card is: #*********. The employer # is 1132233. Please continue on with my complaint and thank you!Sincerely,
*********************Business Response
Date: 09/15/2022
Thank you for forwarding. We will respond directly to the consumer. Thank you.Customer Answer
Date: 09/15/2022
Complaint: 17931758
I am rejecting this response because I have spent over 2 months and 10 hours trying to resolve this with them directly and have no power to get them to actually respond to my satisfaction. I believe with them responding directly with them I will be out in the middle of the circular, unresolved scenario again where they say " you need to call ****** 24/7 ..." and then ****** says ..."we cant help you either, you need to speak with Principal." I have done that for over 60 days and it is unfortunately, a futile process.
Sincerely,
*********************Customer Answer
Date: 09/20/2022
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:09/06/2022
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 requested a payoff amount and repaid my 401k loans on 8/24/2022. The money was withdrawn from my bank account that same day. It is now 9/2/2022 and Principal has still not credited my account to reflect the loans have been repaid. I have spoken with their representatives twice already. The first time I was told to check back in a day because it was still within the processing window. The second time I was told it would take another week. On a third call with a customer representative, I was advised to not rollover my funds to an *** because I would likely have to pay taxes and penalties on the repaid loan amounts because they haven't processed the repayment. So I can't transfer my funds in a rollover to an *** without financial penalties because Principal can't process a loan repayment. Keep in mind they have had my funds from the day I requested the payoff. Absolutely unnaceptable!Business Response
Date: 09/06/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 09/06/2022
Complaint: 17900144
I am rejecting this response because the underlying issue, loan repayment not being posted to my account so that I can't transfer funds without negative tax consequences, has still not been resolved.
Sincerely,
*************************Business Response
Date: 09/16/2022
Thank you for forwarding. We will respond directly to the consumer.Business Response
Date: 09/19/2022
Thank you for forwarding. We will respond directly to the consumer.Initial Complaint
Date:09/06/2022
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.
Ive requested an emergency withdrawal to avoid eviction on August 15,2022. I am just now getting a response that says the document that I sent has a past date and not a future date. The date on the document they received was August 18,2022 which at that time was a future date. They cannot go by when they review it and why would it take this long to be reviewed when Im trying to avoid eviction.Business Response
Date: 09/06/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 09/06/2022
Complaint: 17899777
I am rejecting this response because: This is what I received by email today- Unfortunately due to the high volume of requests at this time there are delays occurring in processing. And that was only after I stated I would wait for my response through BBB. I need this to be completed through BBB because it has been delayed since August 15,2022 and I need to ensure that the job is done in a timely manner because theyre still trying to request new documents.
Sincerely,
*****************************Business Response
Date: 09/07/2022
Thank you for forwarding. Principal has responded directly to the complainant via phone message and email and has worked with the complainant to quickly resolve the complainant's concerns.Initial Complaint
Date:09/01/2022
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.
Trying to get info on my pension and payments started. I am divorced and in my divorce decree (Oct ****) I have a Quadro. Depending on who you speak with I should have been receiving payments since 2019, havent seen one. My estimated monthly should be approx $2200 plus a retro of over $76000. I have been seeking payment since February 2022 with no luck. I have sent in all paperwork and have been very patient with them telling me it would be a 6 to 8 week process. I have been told that every 6 to 8 weeks when I call since February 2022. They never respond and when I call I have to explain all over again. They do not post anything to my account on the website and it is always the same answer, 6 to 8 weeks with no results, follow-up or any responses whatsoever. I do not know how this agency gets away with holding my funds from me that I am LEGALLY entitled to.No consistency as I received several different quotes, no update of communications or responses. How does a business get away with this. My only other alternative if this does not work is to seek legal action against them I will be 75 next month and retiring in December 2022. My ex never told me she retired but did inform them of the Quadro so what is the problem. I received a call the other day that this would be elevated (AGAIN). Amazing that my ex has been receiving 50% of my previous retirement since **** from the airlines but I cant get anything. Need help and need to put Principal on notice.Sincerely ***************************Business Response
Date: 09/02/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:09/01/2022
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.
I submitted a hardship withdrawal to prevent eviction on 8/10/2022. I never received an email or update to the status of the approval. I've called each day and have been advised of multiple different advisories, even advising that it could take up to 14 days as a result of Principal Financial being short in staff and behind in completing hardship requests as a result of receiving many. Initially, I submitted a 7 day notice. My landlord should have continued with court proceedings to evict me on 8/17/2022, but didn't out of a courtesy. With each representative I spoke with at Principal, everyone told me I had submitted adequate and required information to approve and finalize the hardship withdrawal from MY 401K. On 8/26/2022, I spoke with a supervisor at Principal, who advised me that I needed my landlord to complete a modified letter extending the eviction date and that she'd check on 8/29/2022 for the upload and take it to the appropriate department to approve and the approval and payment would be expedited, but it hasn't been . My landlord provided the modified demand letter. I submitted the requested modified letter on 8/29/2022, which specifies that the landlord has agreed to allow me until 9/9/2022 to pay before any proceedings will take place with the eviction. I called on yesterday 9/1/2022 for an update and was advised that there are many people who turned in requests before me with eviction dates existing before mine and that I needed to be patient and understand this. The representative also told me it could take up to another 14 days. I've been waiting since 8/10/2022. My landlord has continued requesting an update regarding status of payment. I am very concerned that I am going to be evicted and have provided everything requested, yet there are no updates and I've received no approval email. Below, I have attached both demand letters received, and a screen date to validate that I first submitted the request on 8/10/2022.Business Response
Date: 09/01/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 09/06/2022
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:08/31/2022
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 have a 401K w/ Principal Financial thru work, I requested a withdraw of my money in July 17, 2022, Its almost Sept 1st 2022, I keep getting ...we are working on it! First they sent me the wrong paperwork, then they kept telling me I did not work for the company I work for FINALLY...Because I kept calling and pushing to get my records and paperwork corrected that took till August 12 I applied again for withdraw, a hardship Principal never communicates I was told "We are Busy" ITS SEPT 1ST TOMORROW! I WANT MY MONEY! I'M BEGINING TO THINK THEY DO NOT HAVE THE MONEY! SEEMS LIKE THIS COMPANY MOVES SLOW FOR A REASON! I WANT MY MONEY!Business Response
Date: 09/01/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:08/25/2022
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 have filed all the necessary paperwork to take a hardship withdrawal to recieve funds that I contribute to my 401k so I can pay for my college education. I sent all necessary paperwork an was told by customer service reps that it would take 14 days to process. I have emailed to see if there is a status update since it is pass the 14 days an I was told they are working on the request an if any further information is needed they would reach out but no other update. I find it frustrating to have to go through this when it is money I have contributed an need to pay for my education before I am dropped from my classes. I am beyond frustrated.Business Response
Date: 08/25/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:08/25/2022
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.
******, You are the second person that has requested a new notice since this process started on July 21, 2022. I had verification that all documents were received on 7/22/2022 as per the principal automated site as well as phone calls verifying everything was received. then on 7/29 received email from Alexa **** that I would need to resubmit another letter because time had lapsed, when questioned that it was already showing submitted I was informed that it only matters when it reaches Alexa **** not what the system says? I then submitted another notice which was also followed up on with me calling to verify on the automated line that the documents were received and showing they were received on 8/5/2022 at 12:00 A.M. then I called on 8/22/2022 and spoke with a ***** who verified everything was there and would make sure it was in processing. Then on 8/23/2022 I receive an Email from you requesting yet another notice. I have discovered through the BBB website that this seems to be a common issue with Principal financial and at this time will be forwarding my complaints to them. I am formally requesting all documents pertaining to my personal account with Principal Financial be sent to me through certified US mail. to the address on file. Those records shall include all deposits, all statements, all request for loans and withdraws and all paper work submitted. -----Original Message-----From: *********************** <*********************************************>To: ****************** <******************>Sent: Tue, Aug 23, 2022 8:18 am Subject: We need more information regarding your request ********Business Response
Date: 08/25/2022
Thank you for forwarding. We will respond directly to the complainant.Initial Complaint
Date:08/23/2022
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.
I put a request in on 8/2 and it is now 8/22 and I still now have no update on my withdraw request. All my documentation was provided at the time of my request and I have made several phone calls asking for updates with the same answer that my claim has not been assigned to anyone yet and there is a high volume of request. While this is understandable, each time the request are taking longer and longer to be reviewed and looked at. I have asked for this to be escalated but the representatives speak rudely and it appears there is no one else that can help and that is impossible.Business Response
Date: 08/23/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:08/23/2022
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.
I submitted an hardship withdrawal request on 8/14/2022 to the company informing them I needed the funds by 8/23/2022. Nine days and four phone calls later I am still being told my request is still being processed with no explanation on what the hold up is. The company has received all of the requested information and still nothing! ************ is really putting me in a bind.Business Response
Date: 08/24/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 08/24/2022
Complaint: 17755149
I am rejecting this response because: *********** is now retaliating against me because of the complaint. I have received 2 prior hardship withdrawals and was told I did not need to submit any paperwork. Please see the attached email I received from the company consequently after my BBB complaint.
Sincerely,
***************************Business Response
Date: 10/26/2022
Thank you for forwarding. We have responded directly to the consumer.
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