The Principal Financial Group Selected to Provide Deferred Profit Sharing Plan Services for Magna International's U.S. Employees.DES MOINES, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, -- The Principal Financial Group(R), the nation's 401(k) leader and a total retirement solutions innovator, today announced it was selected to provide custodian and recordkeeping services for the deferred profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of plans (DPSP DPSP Deferred Profit Sharing Plan (Canada) DPSP Deferred Profit Sharing Plan (AccesDirect Financial Products) DPSP Dairy Price Support Program DPSP Developments in Power System Protection ) of the Magna International Inc. group of companies ("Magna"), leading global suppliers of technologically advanced automotive systems, components and modules. Magna is among the largest five institutional plan sponsor clients of The Principal. The DPSP holds assets on behalf of Magna's 18,500 U.S.-based employees. In addition to the new DPSP services, The Principal(R) already manages the 401(k) plans for Magna. Daniel J. Houston, senior vice president at The Principal, commented, "We value this growing relationship and look forward to serving Magna and their employees on this broader basis and helping them achieve their financial goals for retirement." The Principal will begin providing services for the Deferred Profit Sharing Plan by April 2005. About the Principal Financial Group The Principal Financial Group(R) (The Principal (R))(1) 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 $156.0 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. (2) and serves some 14.7 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 PFG Plasma Flood Gun PFG Planning for Growth PFG Pasty Faced Geek PFG Perfluoroguanidine . For more information, visit www.principal.com. (1) "The Principal Financial Group(R)" and "The Principal(R)" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group. (2) As of September 30, 2004. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion