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  • A Direct Rollover into another Retirement Account has no tax consequences
  • Rollovers can be processed online through the "Distributions" tab of your account or by calling Principal's Client Contact Center 1-800-547-7754. Principal can mail rollover forms to you  (email or fax may also be an option)
  • All your money stays in one place, so it's easier to track as well as to know how much you have set aside for retirement

Stay with Principal - IRA

(move the funds into an IRA - Individual Retirement Account)

  • No tax consequences (the money stays in an approved retirement vehicle, so you won't incur early withdrawal penalties or be issued a 1099)
  • Options to add money (up to annual IRA limits) 
  • Continued service from Principal Financial Group
  • Some fees may apply

Stay with Principal - PRA

(leave the balance in the account, if no rollover action is

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taken funds in excess of $5,000 automatically roll into a PRA - Personal Retirement Account)

  • No tax consequences (the money stays in an approved retirement vehicle, so you won't incur early withdrawal penalties or be issued a 1099)
  •  No option to add money to the account unless it's rolled into an IRA (see above)
  • Continued service from Principal Financial Group
  • Some fees may apply

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