Principal
recordkeeper293 known aliases resolved via the canonical alias map
Market position · 2024
Plans served6,999-175 YoYRank #3 of mapped providers
Assets under administration$711.9B0.8%Market share · rank #16
Fees received$686MMedian $54,787/planSum across Schedule C direct + indirect
Net wins YoY-135717 won · 852 lostPlan-level switch detection
Plans served · 5-year trajectory
Market-share plans percent annotated. Bar height is raw plan count.
Customer-base shape
What does a typical Principal plan look like?
Service mix · median fees per plan
Count of plans where Principal ships each service code, and the median compensation they report under it.
| Service | Plans | Median fees | Distribution |
|---|---|---|---|
Trustee (directed); Participant loan processing; Direct payment from the plan; Investment management fees paid indirectly by plan; Trustee (bank, trust company, or similar financial institution); Sub-transfer agency fees; Recordkeeping and information management (computing, tabulating, data processing, etc.); Contract AdministratorCode 13 | 6,401 | $56,269 | |
Trustee (discretionary); Recordkeeping fees; Sub-transfer agency fees; Trustee (bank, trust company, or similar financial institution)Code 21 | 193 | $34,197 | |
Other services; Other fees; Other commissionsCode 49 | 153 | $13,748 | |
Other services; Other commissions; Direct payment from the plan; Investment advisory (plan)Code 27 | 130 | $17,796 | |
Valuation (appraisals, etc.); Trustee (bank, trust company, or similar financial institution); Recordkeeping and information management (computing, tabulating, data processing, etc.)Code 15 | 98 | $53,700 | |
Soft dollars commissions; Securities brokerage commissions and fees; Investment management; Investment management fees paid indirectly by plan; Investment management fees paid directly by planCode 28 | 93 | $0 | |
Trustee (discretionary); Custodial (securities); Direct payment from the planCode 19 | 70 | $29,252 | |
Trustee (directed); Recordkeeping fees; Direct payment from the plan; Custodial (other than securities); Investment management fees paid directly by plan; Trustee (bank, trust company, or similar financial institution); Sub-transfer agency feesCode 18 | 27 | $41,920 |
Competitor overlap
Percent of Principal's plans that also list each competitor on Schedule C. High numbers = co-living partners; low numbers = direct displacement targets.
Plans won in 2024
Appeared this year; did not appear last year under Principal.
| Sponsor | From | Assets |
|---|---|---|
WESTROCK COMPANYGA · 473335141-027 | Mondrian Investment Group | $4.4B |
BOARD OF TRUSTEES OF NATIONAL INTEGRATED GROUP PENSION PLANPA · 226190618-001 | Prudential | $1.6B |
EQUIFAX, INCGA · 580401110-003 | SEE NOTE *6 | $1.5B |
SECURIAN FINANCIAL GROUP, INC.MN · 411919752-001 | StanCorp Financial Group | $1.2B |
EVAPCO, INC.MD · 521059673-001 | (new plan) | $1.1B |
SECURIAN FINANCIAL GROUP, INC.MN · 411919752-004 | StanCorp Financial Group | $981M |
GROUP HEALTH PLAN, INC.MN · 410797853-001 | Wells Fargo | $819M |
ANDERSEN CORPORATIONMN · 410123208-001 | State Street | $773M |
PACIFIC HIDE & FUR DEPOT D/B/A PACIFIC STEEL AND RECYCLINGMT · 810246538-001 | Vanguard | $442M |
MID-SOUTH INDEPENDENT SCHOOL BUSINESS OFFICERS, INC.GA · 582057721-005 | EQUITABLE | $395M |
Plans lost in 2024
Appeared last year under Principal; not this year.
| Sponsor | To | Assets |
|---|---|---|
TRUIST FINANCIAL CORPORATIONNC · 560939887-001 | L&G Investment Management | $14.6B |
DILLARD'S, INC.AR · 710388071-111 | Grant Thornton | $2.9B |
LAND O' LAKES, INC.MN · 410365145-017 | Strategic Advisers | $2.0B |
MATTEL, INC.CA · 951567322-002 | Strategic Advisers | $1.2B |
PACTIV EVERGREEN SERVICES INC.IL · 270147082-004 | Fidelity Investments | $981M |
PATTERSON COMPANIES, INC.MN · 410886515-045 | Fidelity Investments | $928M |
ASSUREDPARTNERS, INC.FL · 275176829-001 | Empower | $878M |
BREAD FINANCIAL PAYMENTS, INC.OH · 133163498-001 | T. Rowe Price | $824M |
TRUSTEES OF IBEW LOCAL UNION NO.126 RETIREMENT PLANPA · 232156093-001 | Morgan Stanley | $730M |
GE HEALTHCARE TECHNOLOGIES INC.IL · 882515116-004 | PLANT & MORAN PLLC | $714M |
Top plans by assets
Searchable full list lands with the commercial layer.
| Plan | Assets | Participants | Fees | Tenure | Flags |
|---|---|---|---|---|---|
CITIGROUP INC.CT · 521568099-004 | $23.2B | 121,279 | $457,102 | 4y | 1 |
MORGAN STANLEY DOMESTIC HOLDINGS, LLCNY · 208764829-003 | $22.2B | 80,789 | $563,822 | 5y | - |
TRUSTEES OF THE NATIONAL ELECTRICAL BENEFIT FUNDMD · 530181657-001 | $20.4B | 693,723 | $254,687 | 8y | - |
TRUSTEES OF THE NATIONAL ELECTRICAL ANNUITY PLANMD · 526132372-001 | $18.1B | 182,716 | $276,778 | 4y | - |
JPMORGAN CHASE BANK, NATIONAL ASSOCIATIONNJ · 134994650-001 | $16.1B | 202,919 | $249,706 | 2y | - |
BOARD OF TRUSTEES OF THE I.A.M. NATIONAL PENSION FUNDDC · 516031295-002 | $15.0B | 311,750 | $2M | 5y | - |
AMERICAN EXPRESS COMPANY AND ITS PARTICIPATING SUBSIDIARIESNY · 134922250-002 | $9.1B | 38,871 | $2M | 4y | - |
LOWE'S COMPANIES, INC.NC · 560578072-003 | $8.6B | 295,951 | $1M | 4y | - |
WELLS FARGO & COMPANYMN · 410449260-001 | $8.3B | 165,927 | $2M | 3y | - |
HDR, INC.NE · 470663756-007 | $7.7B | 16,282 | $231,413 | 10y | 1 |
Flag exposure
84.1%Market: 89.1%
This provider
Market baseline
Share of this provider's plans tripping any deterministic red flag this year. Lower than market baseline = better risk surface.
Aliases resolved (293)
Raw Schedule C names collapsed into Principal.
- BREAZEALE SAUNDERS & O'NEIL LTD
- BREAZEALE SAUNDERS O'NEIL LTD
- BREAZEALE, SAUNDERS & O'NEIL, LTD.
- BREAZEALE, SAUNDERS, & O'NEIL, LTD.
- BRECKINRIDGE CAPITAL ADVISORS
- BRECKINRIDGE CAPITAL ADVISORS, INC.
- BREDHOFF & KAISER P LLC
- DELAWAR CH GUAR&TRUST DBA PRINCIPAL
- DELAWARE CHARTER DBA PRINCIPALTRUST
- DELAWARE CHARTER GUARANTE AND TRUST
- DELAWARE CHARTER GUARANTEE
- DELAWARE CHARTER GUARANTEE & TRUST
- DELAWARE CHARTER GUARANTEEE & TRUST
- DELAWARE CHARTER PRINCIPAL TRUST CO
- GREAT WEST RETIREMENT
- GREAT WESTERN BANK
- GREAT WESTLIFE ANNUITY INS CO
- GREAT-WEST LIVE & ANNUITY INSURANCE
- GREAT-WEST LIVE & INSURANCE
- GREAT-WESTERN LIFE & ANNUITY INS
- GREAT-WESTERN LIFE & ANNUITY INSURA
- GREAT-WESTLIFE& ANNUITY INS. CO
- GREATBANK
- GREATBANK COLLECTIVE
- GREATE-WEST LIFE & ANNUITY INSURANC
Book composition by plan size
Bars stack to total plans served; segments use the same asset cutoffs as the /plans size filter. Up-and-to-the-right on the bigger segments = moving up-market.
Under $5M$5-50M$50-250M$250M-1B$1B+
Compliance posture vs market
Per-flag share for Principal's book against the same flag's overall prevalence across all filings. Negative delta = under-indexed (cleaner book); positive = elevated risk surface.
| Flag | Plans flagged | Provider % | Market % | Delta |
|---|---|---|---|---|
| Recently terminated | 231 | 3.30% | 7.76% | -4.46 pp |
| Fidelity bond gap | 219 | 3.13% | 26.94% | -23.81 pp |
| Late contributions | 1,705 | 24.36% | 1.71% | +22.65 pp |
| Failed to provide benefit | 16 | 0.23% | 0.14% | +0.09 pp |
| Corrective distributions | 1,587 | 22.67% | 1.76% | +20.92 pp |
| Loss discovered | 17 | 0.24% | 0.00% | +0.24 pp |
New-plan formation share
Share of plans filing for the first time each year that landed with Principal. Compare to the incumbent market share (10.4%) - higher = winning new business, lower = coasting on existing relationships.
0.0%-10.4 pp vs incumbent
Frequent partners by role
Who else shows up on Principal's plans most often. Switch tabs by counterparty role - high-overlap names are either referral channels (advisors, auditors) or competitive blocks (other recordkeepers).
| Partner | Shared plans | % of book |
|---|---|---|
| Wilshire Associates | 1,278 | 18.3% |
| Morningstar Investment Management | 1,225 | 17.5% |
| Global Retirement Partners LLC | 286 | 4.1% |
| Creative Planning | 242 | 3.5% |
| Mercer | 115 | 1.6% |
| WTW | 91 | 1.3% |
| Gallagher Fiduciary Advisors | 87 | 1.2% |
| Aon | 86 | 1.2% |
| Kestra Advisory Services | 82 | 1.2% |
| NFP | 82 | 1.2% |
Geographic penetration index
(Provider plans in state / state plans) divided by the provider's overall share of the market. Index 1.00 = average; > 1 = over-indexed (winning more than their fair share); < 1 = under-indexed (white space).