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Wellmark® Selects Principal® as Workplace Retirement Plan Provider
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DES MOINES, Iowa--(BUSINESS WIRE)--
Principal Financial Group®, a global leader in retirement plan services and investment management, announced it has been selected by Wellmark as its retirement and income plan provider. Principal will help Wellmark to continue to provide its 1,800 employees in Iowa and South Dakota with tools and resources to focus on their financial health goals.
Wellmark names Principal® its plan provider at an important time in the health insurer’s 80+ year history as its employees continue to navigate through the ramifications of the COVID-19 pandemic. Wellmark conducted an extensive review of its employees’ retirement and financial wellness needs before selecting Principal. The relationship brings together two companies with headquarters in Des Moines, Iowa coupled with strong legacies of providing best-in-class health and world-class financial security, respectively.
“Finding the right provider to deliver a key employee benefit is essential to attract and retain a talented workforce,” said Cory Harris, President and CEO of Wellmark. “We are excited to work with Principal, a company that shares our deep Iowa roots while bringing world-class expertise and service to our retirement offerings for current and future employees.”
Wellmark employees will benefit from Principal® Total Retirement Solutions with the backing of a single, experienced provider to help them manage multiple retirement plans. Through its integrated offerings and services, Principal will provide defined contribution, defined benefit (including actuarial services), and nonqualified deferred compensation services customized to help improve retirement saving outcomes.
“We are thrilled to be partnering with this company that has done so much good for communities in the states of Iowa and South Dakota,” said Dan Houston, chairman, president, and CEO of Principal. “We look forward to helping Wellmark employees feel more secure in their retirement planning and overall financial well-being. Principal will be their provider as they continue to help as many people as possible in Iowa and South Dakota have access to premium health insurance and care.”
The retirement solutions offered to Wellmark employees will include:
Retirement plan onboarding and management services proven to increase participation rates.
Experienced retirement specialists to assist participants virtually and onsite.
A premier investment program, including easy-to-use asset allocation tools.
Educational webinars covering a variety of topics.
A Retirement Wellness Planner and Retirement Wellness Score—providing a holistic look at every individual's retirement savings.
An award-winning participant website and mobile app.1
Recent Principal surveying of plan sponsors shows that employees view retirement plans as a top three workplace benefit, and over half of plan sponsors offer them to attract and retain employees.2 Wellmark’s commitment to offering retirement and other quality benefits is an important step in recruiting, rewarding and retaining talent at a time when employee retention is at a premium.
About Wellmark
Wellmark, Inc. (Wellmark.com) does business as Wellmark Blue Cross and Blue Shield of Iowa. Wellmark and its subsidiaries and affiliated companies, including Wellmark Blue Cross and Blue Shield of South Dakota, Wellmark Health Plan of Iowa, Inc. and Wellmark Value Health Plan, Inc., insure or pay health benefit claims for more than 2 million members in Iowa and South Dakota. Wellmark Blue Cross and Blue Shield of Iowa, Wellmark Blue Cross and Blue Shield of South Dakota, Wellmark Health Plan of Iowa, Inc. and Wellmark Value Health Plan, Inc. are independent licensees of the Blue Cross and Blue Shield Association.
Principal Financial Group® (Nasdaq: PFG) is a global financial company with 18,000 employees[1] passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 49 million customers[2] plan, insure, invest, and retire, while working to support the communities where we do business, improve our planet, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the World’s Most Ethical Companies[3], a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management[4].” Learn more about Principal and our commitment to sustainability, inclusion, and purpose at principal.com.
[1] As of September 30, 2021.
[2] As of September 30, 2021.
[3]Ethisphere Institute, 2021.
[4] Pensions & Investments, 2020.
