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

  575 7th St Des Moines, IA 50392-0002

  
• 

  Principal Financial Group

  4555 Lake Forest Drive Suite 230 Blue Ash, OH 45242

• 

  Principal

  Indianapolis, IN 46268

• 

  Principal Financial Group

  1110 Montlimar Dr Ste 250 Mobile, AL 36609

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:09/25/2024

  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 was told by my employer that I needed to change my contribution on my 401(k) plan through principle to make sure that I didnt have anything taken out. I called principal and I spoke with the representative and he told me that I did not have any accounts with ********************** and I even made him double check to make sure there were no accounts because I didnt want any money coming out of my paychecks for a 401(k) account right now, I cant afford it. Im a single mother. Well comes my payday and I look at my paystub and it says that I have had a total of $361 taken out. So I contact my employer, and I asked them why it was taken out when I was told and I didnt have an account through ******************************************* and my employer said well yes you do have an account with **********************. So I called principal financial back and ask them why they told me I never had an account when I wanted to change my contributions to zero and they say well. It doesnt look like you have an account and I said well youre gonna have to check again because my employer just told me that I did. So it turns out that I did have an account with them I actually had two accounts with them, and I was unable to withdraw that money due to my employers contract, but the person said that they would escalate it to like one of their managers to see if I could get my money back. I receive a call back in two days. Well, I got the call back and lo and behold. They still said that they will not be able to give me any of my money back after there was an error on their part. I was financially advised incorrectly that resulted in $361 being taken out of my paycheck that I cant afford right now And theres nothing that they can do or are going to do about it.

  

  Business Response

  Date: 09/25/2024

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

• Initial Complaint

  Date:09/23/2024

  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.

  A claim on a life insurance policy through the company was filed on 8/1/2024. The claim is still in process with no information as to when it will be finished and has even surpassed the legal laws pertaining to the time limit for processing the claim in WAC **********.

  

  Business Response

  Date: 09/26/2024

  This is a response to complaint ID #********. We have issued payment, plus interest, in satisfaction of this claim and have communicated the same to the beneficiary.

• Initial Complaint

  Date:09/20/2024

  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 September 19, 2024 at the following times: 4:55pm CDT, 5:00pm CDT, 5:09pm CDT; I was connected to a retirement specialist, and each one of them hung up on me. They never called me back, and this is a waste of time when trying to accomplish what I need.

  

  Business Response

  Date: 09/20/2024

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

  Customer Answer

  Date: 09/23/2024

   
  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:09/19/2024

  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 called Principal Financial Group to withdraw my money from my retirement plan. I was told I was able to withdraw my money in a lump sum. I received Principals paperwork to fill out, which I did in August 2024, and mailed it back to Principal. This paperwork contained all the options I could do with this money, i.e. get monthly payments, take out a lump sum, etc. I chose the lump sum. The amount of money I was to receive was between $7,000 to $10,000. Not a lot of money for Principal, but for me a disabled person who is on SSDI, a lot of money. I called to check when I was going to get my money and was told all the paperwork is in order and they are processing it. Two weeks later I called again and was told my plan was put on hold by my old employer, ********* ******** ******** S.C., who the retirement plan was through, but that I had gotten my paperwork in on time so I would be "grandfathered in" and would be able to get my money. I was assured I would get my money and to not worry about it. Two weeks went by and I never got my money, nor any communication from Principal. I called them again and was told I couldn't get my money because there was a hold on my account since April. Well, this was news to me since I've been talking with them regularly and no one said anything about a hold. My first call I asked them if there were any holds on my account and I was told no. That I could take money out in a lump sum. My paperwork was sent in. I want my money! I was told I could get a lump sum, I was sent the paperwork and filled out my request for a lump sum and mailed it back to Principal. Now when I call them it was referred to a supervisor who is going to listen to my phone calls. Why do that when they have the paperwork stating I'm allowed to get a lump sum. Bottom line, I want and need my money! They are liars.

  

  Business Response

  Date: 09/20/2024

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

  Customer Answer

  Date: 09/23/2024

   
  Complaint: 22305800
  
  I am rejecting this response because: I was told by Principal I could withdraw my money, by more than one representative. I want my lump sum payment. 
  
  Sincerely,
  
  ***** ******

  

  Business Response

  Date: 09/27/2024

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

• Initial Complaint

  Date:09/19/2024

  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 am filing a complaint again Principal Financial Group regarding my retirement funds. I turned 65 in April of this year and remember from a long time back I was entitled to this benefit from my old company I worked for and knew the benefit was to begin in May of this year. Well May 1st came and didnt receive anything so I immediately thought something must be wrong, we called Principal and were told a letter was sent. Well, we must have misplaced it, so we asked them to send it to us again. We did, we got one, we had tons of questions, and it called and spoke to the representative on the phone asking all kinds of questions. We asked what happens to the May 1st when we are past it and she said what decision you choose for your benefits **** *** 1st start date. We filled everything out and returned. Well, I guess it wasnt right and my wifes signature was missing so we had to get it signed and notarized. Well, I guess we still didnt do something right, and it came back again. When the finally got the corrected form, no where on this time or letter was TIME SENISTIVE WRITTEN OR ANYWHERE WAS IT TOLD THAT IF I DONT GET THIS BACK BY THIS DATE, IT WILL AFFECT YOUR BENENFIT AMOUNT. We missed the month of May and June retirement funds. We were told that they increased the amount of $4.00 and sone change from the original amount. I was like WHAT!! I am missing almost ******* and was told by the increase they fill it will work out for the life of the policy. I chose in my policy to take the full retirement fund and upon my death it would cease. This is absurd. We do not know how long we will be living on this earth and what makes Principal decide this for me. If I pass tomorrow or next year as no one knows this, there is no way I will get what I lost. This is my money and worked hard for over 30 years for my benefit. We called and complained and were told there is nothing we can do.

  

  Business Response

  Date: 09/27/2024

  Thank you for forwarding.  We are currently reviewing this matter.  We will respond directly to complainant.  

  Customer Answer

  Date: 10/04/2024

   
  
  Complaint: 22307595
  
  
  
  I am rejecting this response because:  As of October 4th we have not heard from Principal Financial.
  
  
  
  Sincerely,
  
  
  
  Mark Matvya

  

  Business Response

  Date: 10/07/2024

  Thank you for following up in regard to this matter.  Our response was written and mailed to Mr. Matvya Friday, September 27th.  Due to confidentiality, we will respond directly with our recipient.  

• Initial Complaint

  Date:09/16/2024

  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 had a workplace injury that I am currently attempting to get sorted via workers comp. I have short and long term disability with them through my work, and I did inform them of the situation when I first spoke to the agent on my case, however after the first point of contact with them, I never heard back from them even after over a month of waiting and calling in. I then found out after contacting my employer that my claim was denied and I was never informed about the status of the claim at all.

  

  Business Response

  Date: 09/17/2024

  This is a response to complaint ID #********. *************************** takes our responsibility to protect our customers confidentiality very seriously. Therefore, we will respond to the claimant directly either telephonically or in writing to address his concerns. Please let me know if you have further questions.

   

• Initial Complaint

  Date:09/03/2024

  Type:Service or Repair 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.

  Short-term disability. I have been out for work over 6 weeks and they sent me a check for a grand total of $13.84. I had kidney surgery and I was told that our company had short-term disability through this company. You can leave messages make calls but they never return any calls.

  

  Business Response

  Date: 09/04/2024

  Principal Life Insurance Company takes our responsibility to protect our customers confidentiality very seriously. Therefore, we will respond to the claimant directly either telephonically or in writing to address his concerns. Please let me know if you have further questions.

  Customer Answer

  Date: 09/11/2024

   
  Complaint: 22233312
  
  I am rejecting this response because:

  They say that they we get back  to me but the case worker never return phone calls. I sill have only been paid $13.84 for being out of work for stage one kidney cancer surgery for 6 weeks. 
  
  Sincerely,
  
  *******************************

  

  Business Response

  Date: 09/12/2024

  Hello, ****:

  We reached out to ************************ on 09/05/2024 and left a message but did not receive a returned call so I drafted a letter and mailed it to him 09/10/2024 addressing his concerns. It includes contact information for me in the event he has additional questions.

• Initial Complaint

  Date:08/29/2024

  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 submitted a request to rollover my 401k to another company, they are not doing anything to make it happen and just hold the money FOREVER! they told me in email thattit will take 1 week for them to review my request but it's almost been 1.5months, they didn't even start! I called multiple times but nothing helps.

  

  Business Response

  Date: 09/05/2024

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

  Customer Answer

  Date: 09/07/2024

   
  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:08/26/2024

  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 was employed by Strategic Financial Solutions. This company was owned by employees. (Strategic ESOP). I took a new Job in August 2023. I was told I could with draw my vested interest totaling approximately $13496.15 All contributions were handled by Principal Financial Services. I have contacted them on numerous occasions and have been informed that there is a time period that withdrawals can be made. I was advised that they would email me when the time period comes. It has been over a year and I havent heard back from them. I called them back but to no avail. The company administrator is: ************************************* *********************************************************************************************. My email that Principal has on file is:******************* The shares also included individual employee contributions. The company has been giving me the run-around and I am trying to recover the money that is owed to me. Please see what I must do to get my money back. Thank you!! I also included document statements reflecting my account ***********************

  

  Business Response

  Date: 08/26/2024

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

• Initial Complaint

  Date:08/26/2024

  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.

  Requested a withdrawal on 8/6/24 and was told they sent 8/8. Not received by my bank ***************** Etrade. Asked Principal for wire and or ACH transmittal and receipt numbers unable to get from call center. I called and used on site contact forms no avail. when I called i review my account # and they confirmed. Today was told they deposited into a different account number at ****** I asked them to reverse as not my account they say cant. I spoke to etrade and they state the account number that ******************** says they deposited into cannot accept wires or ACH. When I asked to speak to Principal supervisor or fraud unit was told no, put on hold and hung up on.

  

  Business Response

  Date: 08/26/2024

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