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

• 

  The Principal Financial Group

  1351 Page Dr. S. Ste. 204 Fargo, ND 58103

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:02/04/2025

  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.

  Date of transactions: December 20th, 2024, January 15th, 2025, and January 29th, 2025 The amount of money that has not been distributed: $133,999.56 (rollover **** and $100,155.20 (****).The business committed to provide distribution/rollovers of funds.The nature of the dispute is the low and unacceptable waiting period (going on two months) with lost opportunity related to no interest income to me.The representatives that were spoken with were polite but limited in escalating this matter and unable to reverse any fees incurred (such as ACH transfer fees of $25 etc..)

  

  Business Response

  Date: 02/04/2025

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

• Initial Complaint

  Date:02/03/2025

  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.

  I withdrew my balance from Principal and never received it. I filed a claim with the fraud department and they said it was dispersed but the account they gave me was not my account and I am in no way associated with that account. They said there's nothing they can do about it.

  

  Business Response

  Date: 02/04/2025

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

  Customer Answer

  Date: 02/05/2025

   
  Complaint: 22893282
  
  I am rejecting this response because:
  

  They offered no solution. They apologized. That does not return the funds to me. They need to figure out where the funds went, investigate their employee, and return my funds. 

  
  Sincerely,
  
  **** *******

  

  Business Response

  Date: 02/06/2025

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

• Initial Complaint

  Date:01/29/2025

  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 inherited part of my mother's 401K when she died in 2014. Based on my understanding I am supposed to receive RMDs based on my life expectancy. Principal Financial issued me a RMD check of $20,447.08 (approx account value) on 12/23/24. The check says Plan ***********. Planholder: ******************* 401(k). I called them on 1/6/25 to tell them I thought there was an error. The ***resentative said looking at my account there could be a problem and that I hadn't received an RMD since 2016. She said not to cash the check and she would refer it for investigation and someone should get back to me in 3 to 5 days. Principal does call back but it is just a recording saying my issue is still being investigated. I have called their number several times to check on the status and to let them know I have received RMDs through 2019 which is when Principal took over the account. In my last call, I asked them why it was taking so long. The *** informed me they were waiting on the plan administrator. I said I thought they were the plan administrator and asked him to give me the name and phone number of the plan administrator so I could call the company. The ***resentative said he didn't have that information. This is part of my retirement savings. The company is supposed to keep track of my account and send the correct RMD every year. I don't believe this has been done. I had no intention of taking out $20,000 when my past RMDs have been around $900. I am sitting with a check I'm not suppose to cash and can't get an answer from Principal Financial. It has bee 22 days not 3 to 5 . I believe I'm entitled to an answer by now. I can't do anything with the check and I can't file my taxes until this issue is resolved. If there is an error, base on my experience, I do not believe they will handle/correct the problem in a timely manner.

  

  Business Response

  Date: 01/29/2025

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

• Initial Complaint

  Date:01/27/2025

  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.

  In October of 2024 I requested Principal rollover the 401K account I had inheroted from my spouse. They told me the first form was the wrong form and had me download a different form. I did as they requested and then everytime I called to check on the status it was a new line of BS such as you need spousal consent, excuse this was the account from my dead spouse so he obviously can't sign the form and it is not required since there is no other spouse. Then they said we will process it but we need a third party actuary to verify the amount of the account. So they manage the account but can't say how much the account is? That is where they have been stuck for over a month now. Each time I call they try to expalin a little more why they need a third party to tell them whatthe value of the account is. ALl they are doing is finding a way of keeping my money as long as possible.

  

  Business Response

  Date: 01/27/2025

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

• Initial Complaint

  Date:01/23/2025

  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 12/23/2024 I transfered money from my Applied 401k plan through Principal Financial to my Ambaflex 401k plan through Principal Financial. My money has been removed from my old retirement account but hasn't showed up in my new retirement account. I've been calling Principal Financial looking for answers and no one has found a solution yet. I have created several work orders with Principal Financial within this month of not having access to my money. No solution has been found.

  

  Business Response

  Date: 01/23/2025

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

  Customer Answer

  Date: 01/25/2025

   
  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.
  The funds are now in my account. 
  Sincerely,
  
  ****** *********

• Initial Complaint

  Date:01/22/2025

  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.

  ABOVE IS THE SCRIPTED RESPONSE I RECEIVED AGAIN FROM PRINCIPAL. ****** ***** EMPLOYEE OF PRINCIPAL EMAILED ME AND SPECIFICALLY STATED I WOULD RECIEVE MY PENSION THE WEEK OF JANUARY 13TH-17 OR THE "BEGINNING OF NEXT WEEK" WHICH WOULD HAVE BEEN THIS WEEK JANUARY 20TH - 22ND. GUESS WHAT???? WHEN I CONTACTED HER ABOUT SHE SAID IT WILL BE 7 -10 BUSINESS DAYS! REALLY!!!??? SO WHAT IS??? THE BEGINNING OF THIS WEEK OR 7-10 BUSINESS DAYS??? THE BEGINNING OF THIS WEEK IS PRETTY MUCH OVER! THEY SCREWED UP BY NOT HANDLING THE QUOTE PART OF THIS PROCESS IN A PROFESSIONAL MANNER AND HAD TO BE EMAILED AND REMINDED ABOUT MY QUOTE. THEY DIDN'T CONTACT ANYONE REGARDING THE QUESTION THEY HAD SO THAT DELAYED THE PROCESS PAST THE 4-6 WEEKS. SO NOW THEY CAN PUT MY REQUEST ON THE TOP OF THE PILE AND PROCESS IT IMMEDIATELY. THEY HAVE HAD MORE THAN THEIR 4 TO 6 WEEKS. THIS HAS BEEN GOING ON SINCE NOVEMBER 21ST.::

  

  Business Response

  Date: 01/23/2025

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

  Customer Answer

  Date: 01/23/2025

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, AND WILL FILE ANOTHER COMPLAINT IF PRINCIPAL DOESN'T PROCESS PAYMENT WITHIN THE NEXT 2 WEEKS. 
  
  Sincerely,
  
  ******* ********

• Initial Complaint

  Date:01/13/2025

  Type:Order 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.

  Principal Insurance utilized a predatory Bait and Switch sales practice with the sales promotion of an Adjustable Life insurance policy presented as being a fixed premium for lifetime. The term Adjustable was stated to mean that if we wanted to increase the amount of the Death Benefit from the original $180,000, we could do so with an equivalent change in premium. I have the original copies of that sales presentation with its comparison of the premium payments to my employers Joint and Survivor pension plan and their claim that the policy was better. That would only be true if their statements of lifetime fixed premium payment were true. However, after twenty-eight years of premium payments at the originally stated amount, Principal raised the quarterly premium from $1234.80 to $8558.07. (Principal email dated Nov 19, 2024). They refused to accept our payments at the originally stated rate and then drew the policy Cash Value down to zero at that new much higher rate. They then terminated the policy on 12/5/2024. The actual amount of the Cash Value would have supported the initially stated amount of the premium payments for many more years except for their refusal to accept our premium payments. We had been trapped by the initial bait - which was continued for decades before subjecting us to the switch.Since the policy date of 3/10/1996, we have paid a total of $138,297.60 in premiums and at least $64,644.90 in cash value from dividends earned that Principal had credited to my policy. This resulted in a total of our payments being considerably greater than the policy stated $180,000 Death Benefit which now they are claiming to be ZERO. For your further reference, I am including copies of emails I have submitted in my efforts to stop what I consider to be Principals unprincipled actions. Their action is what was prosecuted in the 2001 Vanishing Premium litigation for ******* litigants. .

  

  Business Response

  Date: 01/13/2025

  Principal's response to complaint #******** is attached.  Thanks.

  Customer Answer

  Date: 01/21/2025

  Iowa Better Business Bureau 1/20/2025

  ***************

  **********, ** 50310

  ATTN: **** ********

   

  Dear **** ******** :

  Thank you for correcting the link I needed to respond to your initial message. That defective link has resulted in my not receiving your last message until today (1/20/2025) but I trust that you will still receive this response within your ten-day allotment.

   

  I cannot agree with the response from Principal. They continue in their recent practice of failing to honor the fixed premium for my lifetime as was stated by their Sales Agent ***** ******* in her initial Sales Document and other communications.   ***** had based her premium quote on the difference between my employers Sole Survivor vs. Joint and Survivor pension payments.  Principal will no longer allow ***** to communicate with us.

   

   We were misled by the sales process and by the fact that they accepted our premiums at that amount from 1996 until 2024.  At that time, they increased the quarterly payments from $1234.80 to $8558.07 (!) per quarter.  This is what confirmed to us that we had been the victims of a Bait and Switch operation.  As I previously communicated, we have already paid Principal considerably more in premiums and applied dividends than the $180,000 Death Benefit.

   

  Did you receive the attachments with my first message?  Is there anything more I can send you?  For example, one of the previous Annual Value statements listed a paid up policy  point at my age 93.  The situation now is that Principal has stated that the Death Value is zero, and of course my pension program cannot be changed.  This would be a double whammy for my wife upon my demise.  

   

  Thank you for your consideration of what has become a difficult problem.

   

  *** **********

  *********************

  Wayzata, **

  

  Business Response

  Date: 01/22/2025

  See attached response.

  JRW

  Principal Life

• Initial Complaint

  Date:01/13/2025

  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.

  Last December, I reached out to my old 401k provider Principal to transfer money from my *** account with them to my new 401k provider *. ****. Price. Principal mailed me a check containing my money in my *** account which I sent over to *. ****. Price. However, *. ****. Price also requires that Principal sign and date a rollover qualification letter before *. ****. Price can transfer the money into my new 401k plan. I included the qualification letter in my original email to Principal back in Dec and have emailed it again on multiple occasions and have also called their customer service team (who all seem to based overseas) several times and each time they all say they the same thing-"Our team will be working on it"...It's been around a month now and I still have not gotten back the letter from Principal..All I need is a representative from Principal (anyone really it doesn't matter who) to sign and date a simple one page document..I'm really not understanding why they have been neglecting to fulfill their obligations as a financial provider to assist me with my rollover..I am attaching the letter below. I would appreciate it if the BBB can help me get this matter resolved ASAP

  

  Business Response

  Date: 01/14/2025

  Thank you for forwarding the complaint. We will respond directly to the customer.

• Initial Complaint

  Date:01/08/2025

  Type:Customer Service 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 was recently contacted by principal financial, found out they are part of the retirement system that the city of ********* uses where I work at. Dealing with this company has been a nightmare the employees lack training and the ability to resolve any issue. For over 2 weeks now I have been trying to get an issue resolved with them in regards to my mailing address. Even though they send me mail to my current address on a regular basis they're on the phone and customer service call center arguing with me telling me that I live somewhere that I don't live. I've tried to reach out to supervisor by the name of ********* I can see why the reps are rude because he's just as rude as they are. I even contacted the city of ********* and had them reach out to them as well as SD CERS retirement. I would like someone in upper management that's not from a call center that has the ability to correct information, and most of all takes the time to review my file before they contact me. Dealing with this company has been a waste of time and it's driving me crazy because I can't get anything done. I'm one hand they're telling the city of ********* that my information is correct and there's no issue but when I call in I can't get anything done because they tell me they can on authenticate my address. I also check the reviews on this company they are atrocious the average view is a one to a two out of five that tells you something about the service of this company.

  

  Business Response

  Date: 01/21/2025

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

  Customer Answer

  Date: 01/21/2025

   
  Complaint: 22785187
  
  I am rejecting this response because: I've been contacted by so-called supervisors with the principal group at least four or five occasions. None of them seem to know what's going on with my situation they seem not to be reading the notes on the account. I would like to speak to a manager and management not a supervisor in a call center who doesn't have the ability or the authority to help me. I'm frustrated with all of this and don't understand what is going on, plus I'm getting the impression that the management at principal don't demon necessary to reach out to me to help resolve this even though they're sitting on almost $10,000 of my money. Looking at other avenues to file complaints.
  
  Sincerely,
  
  ***** ******

  

  Business Response

  Date: 01/22/2025

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

• Initial Complaint

  Date:01/03/2025

  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 contacted Principal a few times to cash out my 401k. Dating back to november when I turned my contributions to 0% and put in a request to pay me out. When I finished the request it said it just needed to verify my employment ended. I waited a few weeks and messaged Principal. They said they have no clue who my former employer was. This is shocking because all contributions came from employer paychecks. They also claim to not have my cash put request. I called again today 1/2/25 to cash out and they hung up on me. refused to call me back.

  

  Business Response

  Date: 01/03/2025

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

  Customer Answer

  Date: 01/03/2025

   
  Complaint: 22758962
  
  I am rejecting this response because:they have historically already failed at communicating with me.  They are not taking this issue seriously. 
  
  Sincerely,
  
  ***** ********

  

  Business Response

  Date: 01/07/2025

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