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:07/08/2024
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 contacted principal 1/2023 for a lump sum payout of my pension for hardship. They take 4 weeks to get quote from employer. Then can give you your money the first of the following month. I was clear that I needed my money as if that date. The staff processed my request as if I needed it in December 2023. I called as soon as I received the error quote and they told me I had to wait 4-5 weeks for a new quote. When I received the new quote they told me I could not get a lump sum now because funding was down as of April 2023. Had they not made an error from the time I requested I would have had my payment March 1, 2023, before they declared funding too low. I have spent the last year plus contacting and getting new quotes only to be told same outcome. Funding not available. I asked since principal made the error would they honor my request since the funding was not an issue at the time I would have received my money. Most recently I have spoken to 4 staff at Principal. Today ***** again tells me that despite their error they will not pay me the money. It is only about ****** dollars. I have been supporting my daughter and grandsons since May 2022 which is why I asked for it early. Principal does not care the reason still will not pay out my small pension. I informed ***** that I would contact the BBB for help. ***** stated that will make no difference in the outcome. I hope you can help me, my debt is crushing me. Thank you
Business Response
Date: 07/19/2024
Thank you for forwarding. Principal responded directly to the complainant.Initial Complaint
Date:07/08/2024
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 want to transfer my 401K from principle to fidelity. The company was unhelpful was unable to provide support. Financial companies need to be able to provide support to help customers manage money. Retirement accounts are important. I am concerned by the complete lack of assistance being provided. I should be able to get help managing my money.Business Response
Date: 07/08/2024
Thank you for forwarding. Principal will respond directly to the complainantInitial Complaint
Date:07/02/2024
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.
In December 2023 I had another **** request a 401K held by Principal rollover to an *** ******** The *** **** confirmed sending the request to Principal, but after 90 days the transaction was never executed by Principal. My *** **** suggested I reach out to Principal to resolve, and the *** account timed out and closed not being funded from Principal.In the last few weeks I started a new rollover effort, but could not log into my Principal account online to see the balances. After resetting my password the system still would not let me log in. I contacted Principal via their 800 number to get that corrected. The service agent could not access my account stating that the request needed to be escalated to a higher area in Principal to correct the issue. They created a Help File number and stated that I would be contacted via email or phone in order to correct the issue. I have not been contacted, I have called weekly and the ************************************************************************************************************* access my retirement funds. Reference case # ********Business Response
Date: 07/03/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:06/27/2024
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.
My name is ************************************. I have an *** ******* with this business and I am going through a divorce. I received the attached legal "stipulation and order" (attached to this email) that states that:"The Parties agree to divide the Principal Bank Traditional *** ending 5286 equally. Respondent shall initiate a transfer of one-half of the *******s value to an ******* indicated by Petitioner on a date to be determined by the agreement of the Parties. The Parties shall seek tax advice from a Certified Public Accountant, or other tax professional of their choice prior to the transfer. This transfer is intended to be a tax-free interspousal transfer related to the cessation of marriage for division of martial property under Internal Revenue Code Section 1041 and comparable provisions of state law"I am the Respondent. The Principal *** ******* number referenced is ***************** "******* indicated by Petitioner" is:* Bank - ***************** (*****)* Account owner: *********************************** (who is the Petitioner)* Account - ***************** Self Directed Investing Traditional *** * Account Number - ******** I have tried multiple times by phone *************) and email to execute the legal order and need to show proof that I am doing my best to execute the orders as stated.I am desperate to know what to do next as the financial institution is unresponsive to my request.Business Response
Date: 06/27/2024
Thank you for forwarding the complaint. We will respond directly to the customer.Initial Complaint
Date:06/25/2024
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.
Trying to roll over my 401k from a former employer. The company I worked for was bought out and no longer use principal financial. They are requesting information that doesnt exist from an account that was started 20+ years ago. Making me jump through unnecessary hoops. I just want my money rolled over into my personal ****Business Response
Date: 06/25/2024
Thank you for forwarding. Principal will respond directly to the complainantInitial Complaint
Date:06/24/2024
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 am trying to get my 401k statement from a company that I worked with some years back. After being redirected 5 times I was told that my account was terminated and that I need to send a letter via **** to request my account information assuming that it still exist. I vested money for 5-6 years and that company I worked for matched my contribution. I just want to get my account information for banking purposes and I'll relocate those funds to a different 401k account.Business Response
Date: 06/24/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:06/21/2024
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 paid short term and long term disability benefits through Principal as a deduction from my paycheck since 2018 . When I became sick they of short term no problem . When converted to long term disability . They paid ************************************************************************************************************* 10/2024 . As long as he meet disabled requirements health wise by their code and proven unable to work even though he was approved for disability he would continue the benefit at $3000 til reaches full retirement age . The letter sent September 5th 2023 from our case manager him stated this . Now even though weve told them multiple times he was approved for social security . They r trying to claim 2200 month including the back pay social security security paid us for a total of ***** by reclaiming his 800 left over benefit in essence paying him nothing . This is unjust . This seems like a scam . The case manager knew he was getting social security since the start of him receiving it in August 2023 . Its unethical to create such a large back payment and to write a letter and thoroughly explain the policy as remaining the same and social security having to bearing but proving hes disabled . Then not make adjustment then wait until it is an astronomical amount before trying to adjust the amount receive only in efforts to try and take the rest of the benefit as back pay . Something has to be done and my contract never stated social security approval would reduce his benefitBusiness Response
Date: 06/25/2024
Principal Life will not provide a response to the BBB due to confidentiality. We will reach out to the complainant directly. Thank youCustomer Answer
Date: 06/28/2024
Complaint: 21879639
I am rejecting this response because: I have not had them reach out to me personally have read multiple complaints since this about that being their general response on here but never ever contact you . This is unexceptionable and Im fine with the information not being private or I wouldnt have filed it with u . Im ok with and release to be used on here for response purposes exempting social security numbers from being release only
Sincerely,
*************************Business Response
Date: 07/01/2024
A response letter was mailed to ************************* on 06/25/2024. Principal Life will not provide a response to the BBB due to confidentiality.Initial Complaint
Date:06/19/2024
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've been trying to withdraw my 401k from this company for 3 months and I'm getting nowhere. They have been dragging their feet on releasing the funds and I don't see anyway to get my money unless they respond to this complaint and actually release the funds.Business Response
Date: 06/20/2024
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 06/20/2024
Complaint: 21872201
I am rejecting this response because:I will be satisfied once my 401k money is no longer held ****** by this company. I've provided every detail imaginable to finalize the distribution process. I hope to see movement on this before the end of the month.
Sincerely,
*************************Business Response
Date: 07/08/2024
Thank you for forwarding. Principal will respond directly to the complainant.Business Response
Date: 07/09/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:06/19/2024
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.
During employment I had a 401K policy. My employer was shut down by the government and a receivership was enforced. I was laid off as of January 11 2024. I filed for my 401K withdrawal in May 2024. The request was denied due to no response from prior employment. I explained that the company is not operating so cannot respond. The request for withdrawal was denied even though the company is closed.Business Response
Date: 06/20/2024
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:06/17/2024
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 had requested my distributions so I could move them to a different company. I got one check, the other ended up being lost. The check expired, I got a letter stating the funds would be moved to lost funds in my benefit. I got this letter after the date they would be moved so I couldnt prevent it. I called and spoke with someone who said they would email me the form to recover my funds. I didnt get the form in my email. I called back, and this person now told me I couldnt have the money because it didnt belong to me. A supervisor ***** said he would look into it and call me back in ***** hours. He then specifically said to not call principal, they would call me. This was before 6/4 and I still havent received a call. I called today and spoke to someone who told me the issue was still open. To principal its not a large amount by any means, and I just want to be able to move it to my current retirement account. They can make it right by issuing me a check of the same amount to send to my current retirement account, or the form to recover the funds.Business Response
Date: 06/21/2024
Thank you for forwarding. Principal will respond directly to the complainant
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