Complaints
This profile includes complaints for Principal Financial Group's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 313 total complaints in the last 3 years.
- 99 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. 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.
Initial Complaint
Date:02/24/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I am seeking to contribute more to my 401k and no one is able or willing to assist me.
Business Response
Date: 02/25/2025
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:02/20/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Injury requiring surgery required me to be off work. Filed for short-term disability through my employer. Principal Group handles it. Since filing over a month ago there have been constant delays including my case being denied. Most of this is due to communication issues and paperwork issues between Principal Group, my employer, and my provider. On at least three occasions I was told by Principal that they had not received documents that my provider assured they had sent and upon further review they had received the documents. Now my case is finally approved medically but I was told they are lacking documentation still from my HR department that they requested on 2/14. After calling Principal I was told that they had received the said documents on Monday 2/17 so they did have them before my case was reviewed on Tuesday 2/18. On two different calls at two different times today they were unable to connect me to a supervisor or anyone actively working on my case because they are offline. This company seems very poorly run and has been extremely detrimental to my mental health in what is already a trying time.Business Response
Date: 02/26/2025
This is a response to ******** Principal Life Insurance Company takes our responsibility to protect our customers confidentiality very seriously. Therefore, we will respond to the claimant directly. Please let me know if you have further questions.
Initial Complaint
Date:02/11/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I was laid off by my former employer. I had a 401k and loan from Principal. I was told multiple times on a recorded line that I was able to roll my 600k balance to my new employers 401k and keep my loan at Principal. THEY LIED. Now I have to take the loan as income, pay the taxes and penalty. THIS IS FRAUD!!!! Please help me bc they will not do anything. Also, I have made multiple payments on the loan that Principal has keep. This is an absolute travesty.Business Response
Date: 02/12/2025
Thank you for forwarding. Principal will respond directly to the complainantCustomer Answer
Date: 02/12/2025
Complaint: 22926680
I am rejecting this response because:
I was told incorrect information multiple times (on a recorded line) and now, I have to deal with the tax implications. Principal is 100% to blame for this and completely liable. BBB please help me understand why they are allowed to act fraudulently.Sincerely,
****** ******Business Response
Date: 02/13/2025
Thank you for forwarding. Principal will respond directly to the complainantInitial Complaint
Date:02/10/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
In August of this year I had Periodontal maintenance done at the recommendation of my long time dentist Dr. ***** *******. 3 separate appointments. After reviewing my policy, it stated that within my policy that periodontal maintenance is covered 100%. After reviewing the original claim, they denied it. At the advice of their costumer service representative, ******************* sent a corrected claim. Which they one again denied for lack of bone loss. The representative stated it was sent to a dental consultant, that they employ, to make that decision. Dr. ******* has show me the bone loss within the X-rays along with periocharting. I also have a diagnoses of osteopenia.Business Response
Date: 02/18/2025
Please find response for ********. Thank You.Initial Complaint
Date:02/05/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I resigned from my position at my job in July 2023. In January 2025, I attempted to withdraw my funds from my 401(k). This was supposed to be resolved within 5 to 10 days. It was not resolved within 20 days, so I called principal. They notified me that they have not released my funds because they did not my date of separation from the employer, which I had already provided to principal.They said they were booked into it and get back to me within five business days. Theyre refusing to release the funds that are rightfully mine.The market is declining, and I am losing money daily.Business Response
Date: 02/06/2025
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:02/04/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Date of transactions: December 20th, 2024, January 15th, 2025, and January 29th, 2025 The amount of money that has not been distributed: $133,999.56 (rollover **** and $100,155.20 (****).The business committed to provide distribution/rollovers of funds.The nature of the dispute is the low and unacceptable waiting period (going on two months) with lost opportunity related to no interest income to me.The representatives that were spoken with were polite but limited in escalating this matter and unable to reverse any fees incurred (such as ACH transfer fees of $25 etc..)Business Response
Date: 02/04/2025
Thank you for forwarding. Principal will respond directly to the complainantInitial Complaint
Date:02/03/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I withdrew my balance from Principal and never received it. I filed a claim with the fraud department and they said it was dispersed but the account they gave me was not my account and I am in no way associated with that account. They said there's nothing they can do about it.Business Response
Date: 02/04/2025
Thank you for forwarding.Principal will respond directly to the complainant.Customer Answer
Date: 02/05/2025
Complaint: 22893282
I am rejecting this response because:They offered no solution. They apologized. That does not return the funds to me. They need to figure out where the funds went, investigate their employee, and return my funds.
Sincerely,
**** *******Business Response
Date: 02/06/2025
Thank you for forwarding.Principal will respond directly to the complainant.Initial Complaint
Date:01/29/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I inherited part of my mother's 401K when she died in 2014. Based on my understanding I am supposed to receive RMDs based on my life expectancy. Principal Financial issued me a RMD check of $20,447.08 (approx account value) on 12/23/24. The check says Plan ***********. Planholder: ******************* 401(k). I called them on 1/6/25 to tell them I thought there was an error. The ***resentative said looking at my account there could be a problem and that I hadn't received an RMD since 2016. She said not to cash the check and she would refer it for investigation and someone should get back to me in 3 to 5 days. Principal does call back but it is just a recording saying my issue is still being investigated. I have called their number several times to check on the status and to let them know I have received RMDs through 2019 which is when Principal took over the account. In my last call, I asked them why it was taking so long. The *** informed me they were waiting on the plan administrator. I said I thought they were the plan administrator and asked him to give me the name and phone number of the plan administrator so I could call the company. The ***resentative said he didn't have that information. This is part of my retirement savings. The company is supposed to keep track of my account and send the correct RMD every year. I don't believe this has been done. I had no intention of taking out $20,000 when my past RMDs have been around $900. I am sitting with a check I'm not suppose to cash and can't get an answer from Principal Financial. It has bee 22 days not 3 to 5 . I believe I'm entitled to an answer by now. I can't do anything with the check and I can't file my taxes until this issue is resolved. If there is an error, base on my experience, I do not believe they will handle/correct the problem in a timely manner.Business Response
Date: 01/29/2025
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:01/27/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
In October of 2024 I requested Principal rollover the 401K account I had inheroted from my spouse. They told me the first form was the wrong form and had me download a different form. I did as they requested and then everytime I called to check on the status it was a new line of BS such as you need spousal consent, excuse this was the account from my dead spouse so he obviously can't sign the form and it is not required since there is no other spouse. Then they said we will process it but we need a third party actuary to verify the amount of the account. So they manage the account but can't say how much the account is? That is where they have been stuck for over a month now. Each time I call they try to expalin a little more why they need a third party to tell them whatthe value of the account is. ALl they are doing is finding a way of keeping my money as long as possible.Business Response
Date: 01/27/2025
Thank you for forwarding. Principal will respond directly to the complainant.Initial Complaint
Date:01/23/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
On 12/23/2024 I transfered money from my Applied 401k plan through Principal Financial to my Ambaflex 401k plan through Principal Financial. My money has been removed from my old retirement account but hasn't showed up in my new retirement account. I've been calling Principal Financial looking for answers and no one has found a solution yet. I have created several work orders with Principal Financial within this month of not having access to my money. No solution has been found.Business Response
Date: 01/23/2025
Thank you for forwarding. Principal will respond directly to the complainant.Customer Answer
Date: 01/25/2025
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.
The funds are now in my account.
Sincerely,
****** *********
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