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:07/25/2022
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 submitted an initial request two months ago for 401k hardship withdrawal. I was given the incorrect paperwork and told by management at principal that it was fine to proceed with that paperwork. After waiting a month, principal then returned on 6/25/2022 and told me sorry you need to submit the correct paperwork and wait another 2+ weeks for processing. I submitted all of the required paperwork to remove funds from my core retirement account and my self directed brokerage account. During the processing the hardship review team didn't process the request correctly and only took 100% of available funds from my core retirement and NOT the self directed brokerage. So, instead of getting roughly $1,500 I received a $200 ACH deposit into *********** (my bank account). I called back and asked to speak with a manager, who lied and told me I didn't include the requested paperwork to remove funds from the self-directed brokerage account. That I needed to re-submit this paperwork and wait another 2+ weeks for it to be processed. Upon filling out the paperwork, I determined I had seen and filed the paperwork out prior. I reviewed my filed documents and found the requested paperwork that was faxed originally to Principal, and also an email directly to the agent in the hard ship group that was processing my request. That email was sent to *********************************** on 7/14/2022 and included the document and entire package that had been sent to Principal from the beginning. In addition, I have called Principal requesting to speak with the manager ***************************** approximately 5-6+ times in the past two weeks, he continues to dodge my calls, he's busy, he takes a message, and NEVER returns my calls. This is extremely unprofessional and as a supervisor is not the best way of communication and doing business.Request # ******** is the current request as of 07/18/2022 where ****** kicked off to fix *************************************** mistake!
Business Response
Date: 07/25/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 07/25/2022
Complaint: 17619114
I am rejecting this response because:I want senior management to be aware of these issues before agreeing this is settled.
Sincerely,
*************************Business Response
Date: 08/04/2022
Thank you for forwarding. We will respond directly to the consumer.Business Response
Date: 08/05/2022
Thank you for forwarding. We will respond directly to the consumer.Initial Complaint
Date:07/22/2022
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.
my wife passed on april 29. I sent principal a request for my wife's retirement money on may 19; 2 months later I called principal to ask when I could expect a check; they told me that they have a TEAM working on it and that they needed to contact her former employer. Wednesday of this week I called her former employer ******* clinic Thursday ******* called me and told me she had completed the form and sent it back to principal. ******* told me that if I don't hear from them in a week to call her back. She told me she was very disappointed that they were stalling on getting our money to meBusiness Response
Date: 07/25/2022
Thank you for forwarding the complaint. May I have the name of the account holder? Thank you.Customer Answer
Date: 07/25/2022
Complaint: 17609520
I am rejecting this response because: there was no place that I could type my wife's name Her name is *********************************** maiden name *******. Her name was on the account and I am the beneficiary.. They have been stalling for over 2 months now. If they don't take care of this in a timely matter ******** from her former employer wants me to notify her. Her former employer is The ******* Clinic ***************************************************** **
Sincerely,
*****************************Business Response
Date: 07/25/2022
Thank you for forwarding this information. We will review and respond directly to **********************.Initial Complaint
Date:07/20/2022
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.
Principal financial group is the group that my former employer use for 401k purposes. Ive left this employer 10/25/21 and since have tried to receive all of my 401k from My account with them. Week after week nothing but a constant run around and no communication between them and my former employee who Ive been directed to connect and in the last six months havent been successful at. My former employer is pace south bus division and I cant reach anyone in charge of this account. I just want my account closed with this group and switched to another group thank you.Business Response
Date: 07/20/2022
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:07/18/2022
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 5/17 I electronically rolled over my Principal 401k to a Principal ***. The system confirmed the process was completed & to allow 7 days for the account to be setup. I kept checking & my view never changed. On 6/17 I receive an email from principal stating they have been trying to reach ****** need to call (that was the only message I ever received in any form from principal). I call & the rep tells me that the check issued for my *** was returned & they need to know what to do with the funds. She couldnt explain how the funds were returned when they were being transferred internally. After an hour on the phone I requested the funds be transferred to my *********************** account. I called in again & was given the run around yet again. I finally got to a rep that could help & was told the specific information needed to issue the check to ***********************. I provided the information necessary for the check to be processed on the next business day (June 29, 2022). To my understanding the check was being issued & no further action was required on my end. Unfortunately today I was notified that my funds were never received by *********************** by EJ not Principal. I called Principal to find out whats going on & Im told my funds were transferred to an *** on 5/17 & I needed to speak to Principal bank where my funds were located. Talk to PB and they tell me they do not have an account for ********* transfer me to Principal Securities; PS says they do not have an account for *********************** should have initially help me. Im transferred back to pension & am told that the check is in processing, has been there since 6/29 & she doesnt know why, to call back in a few days & check the status. The same run around Ive been getting since 6/17. No one knows where my $60k is within this company. I want my $$$!I have spoken to 10 different people in 3 different department over the course of 31 days & no one can tell where my money is or why it has not been provided to me.Business Response
Date: 07/18/2022
Thank you for forwarding. Principal will respond directly to the complainant.
Initial Complaint
Date:07/13/2022
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 have been paying extra for temporary disability insurance in the event I ever need it. That event happened when I required surgery to repair a severed FPL tendon. I could not perform my work duties on a temporary basis. When I applied for my supplemental insurance, I was told I was not eligible because the state TDI was more than they pay out. Basically, I was never eligible for this insurance yet they took my premiums and will not refund. In addition, they continue to take premiums knowing I am not eligible for this insurance which I am helpless to stop until my next open enrollment. They have been and continue to take money from me for a service they are not providing. I want a refund of any money collected and for them to stop taking premiums for insurance they do not actually offer. I would like others to know they are very likely giving them money for insurance they will never actually receive as well. This is theft.Business Response
Date: 07/24/2022
Thank you for your email regarding the complaint filed with your office. Principal Life takes very seriously the privacy of our insureds. As such we will not provide the BBB with any information regarding an insured's coverage or claim. Instead, we will respond directly to the complainant, addressing their concerns.
Sincerely,
*************************
Compliance Advisor
Principal Life Insurance Company
****************************************************
Initial Complaint
Date:07/11/2022
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.
Need copy of the money that was distributed to my account. Need the adjustment to be made on my tax form because I disabled out. Money is owed to me.Business Response
Date: 07/12/2022
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 07/12/2022
Complaint: 17548387
I am rejecting this response because:
Sincerely,
***********************Customer Answer
Date: 08/08/2022
As of today I still have not received the corrected 1099R from Principal Financial. The *** has mailed a letter stating the number 3 should be in box 7 for disabled.
Business Response
Date: 08/08/2022
Thank you for forwarding. Principal will respond directly to the complainant.
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