ComplaintsforPrincipal Financial Group

• Initial Complaint

  11/11/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  Trying to complete a hardship withdrawal to build a primary residence. I have been getting the run around for 3 weeks now. I have explained line by line of the closing disclosure, sent the builders contract, sent the invoice, sent a letter from the builder with an estimated completion date. The document review specialists do not seem to be able to understand building agreements or closing disclosures. You cannot speak to the document review specialists directly so have to have customer service **** make annotations for them to respond with the same questions I have explained 5 times now.

  

  Business response

  11/12/2024

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

  Customer response

  11/12/2024

   
  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

  11/01/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have filled to cash out an account using the companies process and guidelines. I have been told a timely of which the timeline has doubled. When calling for an update I get the answer Waiting on the client to pay out.Not understanding why it takes 2 months for a cash out.

  

  Business response

  11/01/2024

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

• Initial Complaint

  10/17/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Submitted distribution request August 2024 for an ESOP I had at a previous employer.Was told that it would be disbursed in 30 days. September came, no disbursement. Was told check Oct 1. Oct 1, nothing. Was told to call back Oct 15, which I did. Was told that authorization was needed from previous employer. Called employer, who contacted Principal and said that it was not needed and distributions was to occur automatically. Called Principal, now being told it will occur end of month.Why string folk along, have employee lie about requirements and still have them wait another `5 days? Is this good business practice? I would love to speak to someone directly in authority and not get another excuse of processing is behind.

  

  Business response

  10/17/2024

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

• Initial Complaint

  10/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have been waiting since July of this year to get my identity verified with this company. They sent me an affidavit. I have been trying to find out if they need me to get this notarized and sent back to them every time. Ive called them. I have been transferred from person to person. Ive talked to people claiming to be a supervisor. Then Ive been told that the supervisor was going to call me back directly. At this point. Enough is enough. I need this to be resolved so that I can get access to my account.

  

  Business response

  10/16/2024

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

  Customer response

  10/16/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 22410036, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  Eddie Velazquez

• Initial Complaint

  10/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have a 403(B) retirement plan with Principal through my past employment with *********************** from May 1995 to May 2001. The last quarterly statement I have from Principal showed a balance of $59,400.28 on September 30, 2012.Since I am consolidating my retirement funds, I contacted Principal several months ago but they couldn't find my account (Plan ID: *******. I reached out to ***********************'s (***) *************** Director in April 2024 and asked if she could help locate the account. The HR Director said she would look into it and has reported on several contacts with *********************** my most recent conversation with a Principal representative on October 8, 2024, she searched again and couldn't find my account. She further stated that *********************** doesn't currently have any retirement plans with Principal. When I reported this to ***'s HR Director, she said that *** has not ended the retirement plan arrangement with Principal and that she is still working with Principal to research the situation regarding my account.I have made multiple attempts over the past 6 months to locate my retirement funds with Principal, but keep being told that they are still looking into it.Given the growth in the S&P 500 Index and other common investment accounts over the past 12 years, my Principal retirement account should now be worth considerably more than $59,400. I need timely access to my retirement savings and hope that BBB can help resolve this problem within the next few weeks. I intend to seek further counsel and take action if Principal is not able to resolve this matter by October 30, 2024.

  

  Business response

  10/16/2024

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

• Initial Complaint

  10/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have called 4 times to rollover my *** and received 4 different answers. I was hung up on for no reason, and transferred many times. Your website does not work, when I click into my account, it gives me a broken page with code and merge fields. I want someone who understands what they were talking about, to call me and help me rollover my *** from your institution to my *** with another institution.

  

  Business response

  10/15/2024

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

• Initial Complaint

  10/02/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  A local company that I work for hired Principal for their ESOP program. The program states that after five years after leaving the company I am entitled to my ESOP account to be paid out to me, or moved over to a 401K. Mid August of 2024 I chose to take a pay out and in an email I was told that I was going to be receiving a lump sum at the end of September 2024. When I did not receive the payout I reached out to Principal and and the only response I received was, "your distribution is still being processed. At this time the payout is expected to be paid around the middle of October 2024".I find this to be unprofessional of Principal that they are telling a customer that they can expect their payout at a specific time, and then the day after the customer is to receive it, the customer has to contact ******************** just to be told to wait another two weeks. Or, maybe longer.A proficient company would be able to stand by their word and not cause stress to their customers.

  

  Business response

  10/02/2024

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

  Customer response

  10/02/2024

   
  Complaint: 22369306
  
  I am rejecting this response because: I was told by Principal this morning that they are just waiting on Franklin Building Supply to "approve" the transaction.  I then contacted FBS and they told me that they are still waiting on Principal to finish sending over a total amount that is to be paid out.  Later, I received a call from a Principal female manager who was able to explain things to be better then the person that I spoke with earlier in the day, and she she did tell me that  I was unfortunately given bad information from whom ever sent me the info via email and she then told me that this same BAD INFORMATION had been shared with other ESOP members because she had received at least seven other complaints of the same nature as mine.  I told this manager that this does not mean that Principal should not go out of their way by making calls or sending emails to Franklin Building Supply to try and get me, and the other seven members, our pay out sent out sooner since we are now three days past the date that we were told to expect our pay out.   It is not the members fault that bad info is being shared, that is a internal problem at Principal, and that Principal should be doing anything and everything needed to make good on their word and get me and the other seven members our payout within a couple days and not a couple weeks from the date we were told.  I asked this manager if she or anyone else from Principal had even contacted Franklin Building Supply to try and work out a plan of action to send out the ESOP pay outs as presented by her company to be completed by the end of September   The Principal manager then disconnected the call by hanging up on me.  At this time Principal has not taken any action to make good on the word of their company
  
  Sincerely,
  
  Cory Bridgewater

  

  Business response

  10/03/2024

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

• Initial Complaint

  09/30/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This has to be the worst experience I have ever had with a company. Absolutely no one will help, and I keep getting the run around. I call and they are asking security questions that I don't remember setting up and they are offering no solutions to resolve. I tried to reset the password myself, but the account is attached to an old number and the site and customer offers absolutely no solutions to resolve the matter. I am stuck in a cycle of hopelessness, and no one is willing help. This is beyond a nightmare and at this point my money is being held hostage because no one is offering a resolution. If these people can't offer different ways to access your own account, then they should not be in business. They could at least update my information so I could try to rest my password myself. Having no options to get access to my account and my money is ridiculous. With all the complaints about this company someone needs to file a civil suit, how they are still operational is beyond me.

  

  Business response

  09/30/2024

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

• Initial Complaint

  09/25/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  Applied for a hardship withdrawal on 8/20/24 due to closing costs for a primary residence. Forwarded builder contract and bank loan closing documents to Principal. They requested changes to the contract. I am now on my third iteration of the contract, removing all instances of "Proposal" and replacing with "Contract", adding "will be completed within 12 months". The builder has previously successfully used this contract with over 5 different banks with no issues. My own bank (loaning $355,750) accepted this contract without issue. My request was closed with no notification in violation of ERISA.8/1/24 - Called about Hardship withdrawal for primary residence. Was told to take a loan before a hardship would be considered. Took maximum loan.8/20/24 - Applied for a hardship withdrawal 8/26/24 - Received "Please submit documentation from your contractor stating that they will build your primary residence on the land within 6-12 months. Please submit official contract from the contractor"8/29/24 - Faxed updated contract stating home to be completed within 12 months 9/9/24 - Received "We need the contract between the buyer and the contracting company building the home". I Requested builder update verbiage from "Proposal" to "Contract"9/13/24 initial request expired 9/16/24 Submitted new request 9/17/24 Resubmitted contract. Received confirmation email that documents were received but that "previous request closed on 9/16/24" - ERSIA - Closed with no notification 9/17/24 called and opened a new request over the phone 9/23/24 received email saying "Your plan allows online withdrawals. You will need to submit a request online" - Submitted online application 9/24/24 - Received "we received a proposal contract. Please provide the final purchase agreement with purchase price and closing date signed by all parties"I am to close on the loan in 42 hours. I have called/emailed/faxed every day for 3 weeks. The bank did its due diligence and approved this loan. Why aren't they?

  

  Business response

  09/25/2024

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

  Customer response

  09/25/2024

   
  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. Sad that 3 weeks of a run-a-round is magically solved 12 hours after contacting the BBB. Thank you BBB.
  
  Sincerely,
  
  **** ****

• Initial Complaint

  09/25/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  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

  09/25/2024

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

*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. ↩