Iowa › Finance and insurance › 25,000 or more participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Principal Ease 401(k) Plan
Sponsored by Principal Life Insurance Company, Des Moines, IA
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2024, Principal Ease 401(k) Plan covered 163,954 participants and held $651M in net assets. The plan is a 401(k) plan sponsored by Principal Life Insurance Company of Des Moines, Iowa. It is a multiple-employer plan covering the employees of more than one employer.
Net assets came to $3,970 per participant, well below the $62,774 median for defined contribution plans with 25,000 or more participants and well below the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $40.9M during the year, or $254 per active participant against a same-size median of $2,417; participants contributed $100M and $27.6M arrived as rollovers and other contributions. Benefits paid out totalled $79.3M.
Schedule C lists 15 service provider organisations paid $5,000 or more, with reported compensation of $6.6M: $40.43 per participant, above the same-size median of $36.41. Administrative expenses charged to the plan were $5.8M. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $42.7M in 2021 to $651M in 2024 (up 1424%), and participants from 11,500 to 163,954 (up 1326%).
The independent accountant's opinion on the financial statements was unmodified (unqualified), from an audit whose scope was limited under ERISA section 103(a)(3)(C) to exclude investment information certified by a bank or insurer.
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $3,970 | $62,774 | $92,294 | $53,102 |
| Employer contributions per active participant | $254 | $2,417 | $3,564 | $2,175 |
| Schedule C compensation per participant | $40.43 | $36.41 | $137 | $123 |
| Schedule C compensation, share of net assets | 1.0% | 0.07% | 0.17% | 0.26% |
| Administrative expenses per participant | $35.43 | $38.81 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 25,000 or more participants (608 plans), finance and insurance (4,391) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 163,954 | $651M | $3,970 | $40.9M | $100M | $6.6M |
| 2023 | 108,334 | $384M | $3,546 | $24.7M | $62.3M | $3.1M |
| 2022 | 54,992 | $154M | $2,794 | $11.7M | $28.5M | $1.2M |
| 2021 | 11,500 | $42.7M | $3,713 | $1.2M | $3.4M | $95K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$384,157,839
- Employer contributions$40,878,656
- Participant contributions$100,155,683
- Rollovers and other contributions$27,575,259
- Total contributions$168,609,598
- Total income, including investment results$229,908,022
- Benefits paid$79,276,723
- Administrative expenses$5,808,667
- Total expenses$86,276,726
- Net income$143,631,296
- Net transfers$123,088,577
- Net assets, end of year$650,877,712
Participants
- Active participants161,040
- Retired or separated, receiving benefits0
- Retired or separated, entitled to future benefits2,904
- Participants with account balances27,194
- Total participants, end of year163,954
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Life Insurance Company | Contract Administrator; Participant loan processing | $5,119,861 | $0 |
| Principal Securities Inc. | Other services | $0 | $211,100 |
| Osaic Wealth Inc. | Other services | $57,819 | $43,337 |
| LPL Financial LLC | Other services | $0 | $79,632 |
| Ameriprise Financial Services Inc. | Other services | $0 | $73,466 |
| Park Avenue Securities | Investment advisory (plan); Other services | $1,135 | $60,910 |
| Northwestern Mutual Investment Serv | Other services | $0 | $58,693 |
| Ameriprise Financial Services LLC. | Investment advisory (plan) | $48,869 | $62 |
| LPL Financial LLC - RPCP | Investment advisory (plan) | $45,654 | $45 |
| RBC Capital Markets LLC | Other services | $0 | $44,785 |
| Global Retirement Partners LLC | Direct payment from the plan | $41,473 | $28 |
| New York Life Securities | Other services | $0 | $41,350 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. 3 smaller rows are not shown. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$5,120,431
- Investment advisory and management fees$624,846
- Other administrative expenses$45,016
- IQPA audit fees$18,374
- Total administrative expenses$5,808,667
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Common/collective trusts$473M · 72.6%
- Registered investment companies (mutual funds)$107M · 16.5%
- Pooled separate accounts$38.8M · 6.0%
- Insurance company general account$17.4M · 2.7%
- Participant loans$9.9M · 1.5%
- Cash (interest and non-interest bearing)$4.9M · 0.8%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)Yes
- Accounting firmCliftonLarsonAllen LLP
- Participant contributions reported as transmitted lateYes, $4,272,048
- Covered by a fidelity bondNo
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2AAge/service weighted or new comparability or similar plan2EProfit-sharing plan2GTotal participant-directed account plan2JCode section 401(k) feature2KCode section 401(m) arrangement2S401(k) plan or 403(b) plan that provides for automatic enrollment2TTotal or partial participant-directed account plan with a default investment account3DPre-approved pension plan2WMultiple-employer pension plan that is a pooled employer plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 524140: Direct Life, Health, & Medical Insurance Carriers.
Other plans of Principal Life Insurance Company
| Plan | Participants | Net assets |
|---|---|---|
| Thrivewise Pooled Employer Plan | 9,531 | $732M |
| The Navigator 401(k) Plan | 617 | — |
Similar plans in Iowa
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| The Principal Select Savings Plan | Principal Financial Group, Inc. | 17,643 | $4.58B | $259,567 |
| Transamerica 401(k) Retirement Savings Plan | Transamerica Corporation | 14,137 | $2.72B | $192,437 |
| Thrivewise Pooled Employer Plan | Principal Life Insurance Company | 9,531 | $732M | $76,786 |
| Choice Pooled Employer Plan III | Administrative Group, LLC DBA Transamerica Fiduciary Services | 3,224 | $53.0M | $16,438 |
| Employers Mutual Casualty Company 401(k) Savings Plan | Emc Insurance Companies | 2,956 | $555M | $187,761 |
| Excelwise Pooled Employer Plan | Administrative Group, LLC DBA Transamerica Fiduciary Services | 2,866 | $55.9M | $19,498 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Principal Ease 401(k) Plan?
163,954 participants at the end of the plan year ending 31 Dec 2024, of whom 161,040 were active employees, with net assets of $650,877,712. Among defined contribution plans that places it in the 25,000 or more participants band, which held 608 plans in plan year 2024.
What does Principal Life Insurance Company contribute per participant?
The filing reports $40,878,656 in employer contributions for the year, which is $254 per active participant; the median for plans of the same type and size was $2,417 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $6,628,845 in compensation to service provider organisations, $40.43 per participant or 1.0% of net assets. The same-size median among plans reporting any Schedule C compensation was $36.41 per participant. Administrative expenses on Schedule H were $5,808,667. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Principal Life Insurance Company. Recordkeeping or administration: Principal Life Insurance Company. Investment advisory or management: Park Avenue Securities, Ameriprise Financial Services LLC. and LPL Financial LLC - RPCP. The financial statements were audited by CliftonLarsonAllen LLP. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion from a limited-scope audit, in which the accountant did not audit investment information certified by a bank or insurance company. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 15 Sep 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 42-0127290, plan 334, received 15 Sep 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.