Federation of California Racing Associations Selects the Principal Financial Group for Defined Benefit Pension Plan.
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 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, Hollywood Park, Golden Gate Fields, Fairplex Park in Pomona, and the Del Mar Thoroughbred Club.
"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 will benefit from a comprehensive package of services and tools including: online account information and education through an award-winning website, The Principal Retirement Service Center([R]) (www.principal.com)2, interactive educational tools, easy-to-understand Total Retirement Statements that feature a consolidated view of all retirement plans through The Principal, on-site investment education and retirement planning seminars, toll-free access to retirement specialists, rollover assistance and a quarterly magazine Plan Ahead. Get Ahead.([R]) These tools complement award-winning actuarial support, customer relations3 and leading technology services. The Principal was ranked number one on a list of InformationWeek magazine's Top 500 Most Innovative Users of Information Technology4.
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 management6 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 under the ticker symbol PFG. For more information, visit www.principal.com.
1 The Principal is the #1 service provider of defined benefit plans in the nation (Investment Advisor 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