Federation of California Racing Associations Selects the Principal Financial Group for Defined Benefit Pension Plan.
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Des Moines (pronounced /dɪˈmɔɪn/ in English, -- The Principal Financial Group([R]), one of the nation's 401(k) leaders and the top defined benefit service provider in the nation1, announced it was selected as the defined benefit pension plan service provider for the Federation of California Racing Associations, Inc., effective September 1, 2007. The Federation of California Racing Associations plan has more than $53 million in transfer assets plus estimated annual deposits of $2.5 million, and serves 750 participants.
The Principal([R]) has managed a portion of the defined benefit assets for the Federation of California Racing Associations plan since 2004, and is now providing a fully bundled defined benefit solution that includes recordkeeping, investment and actuarial services. The financial professional advising the Federation of California Racing Associations' defined benefit plan Defined benefit plan
A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan is Guy Muranaka of AlphaPoint Inc.
"We decided to move our entire defined benefit plan to The Principal based on the excellent plan administrative and actuarial consulting services they are able to provide," said Ken Walker, Executive Director for the Federation of California Racing Associations. "We're also very impressed with the local service, competitive pricing and flexible investment lineup offered by The Principal. Our first hand experiences plus their proven expertise and commitment in delivering integrated defined benefit services makes The Principal the ideal choice for us."
The Federation of California Racing Associations is a not-for-profit organization whose members include California's eight racing associations and nine racing fairs. Among the tracks belonging to the Federation of California Racing Associations are Santa Anita Santa Anita may refer to:
"We're excited about the opportunity to expand our services to the member organizations of the Federation of California Racing Associations and further help them support their plan participants' retirement goals," said Paul Brown, vice president for the institutional market segment, the Principal Financial Group. "We are pleased they recognize our commitment to personal service and our defined benefit expertise. Our actuaries, who have an average experience of more than 20 years, are able to meet their distinct requirements and we deliver those services through dedicated personnel in our local offices."
In total, The Principal services more than 2,700 defined benefit plans and 357,000 participants. Federation of California Racing Associations plan participants Plan participants
About the Principal Financial Group
The Principal Financial Group([R])(The Principal ([R]))5 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $306 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. 6 and serves some 18.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol
An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors PFG PFG Principal Financial Group
PFG Performance Food Group (Richmond, VA)
PFG Pinnacle Financial Group
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PFG Perfluoroguanidine . For more information, visit www.principal.com.
1 The Principal is the #1 service provider of defined benefit plans in the nation (Investment Advisor Investment Advisor
1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission.
2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and Magazine, March 2007).
2 Awarded Dalbar Communication Seal of Excellence, January 2005
3 Received Chatham Partners 2006 Best in Class Awards for Relationship Managers, Actuaries and Client Service Managers
4 As of September 30, 2007
5 "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
6 As of September 30, 2007