Q. How do I contact the Client Contact Center at Principal Financial Group?
A. You may contact the Principal Finanical Group at 1-800-547-7754 or through the web site, www.principal.com.
Q. Is the interest paid back to yourself from a 401(k) loan tax deductible?
A. No.
Q. Do we continue to earn interest on the amount of money we have borrowed as a loan?
A. No.
Q. When will the company match (if any) be deposited into my account?
A. The plan provides for a stated match which is deposited to the account of the participant on a per pay basis using the graduated scale up to the maximum company match of 3.5%.
Q. Are hardship withdrawals available from the 401-K plan?
A. Hardship withdrawals are available, where certain criteria is met, but the employee must use the loan feature first, if loan money is available.
Q. Can I withdraw after-tax dollars from investment/savings before taking a loan?
A. Yes, in accordance with rules regarding withdrawals.
Q. Does the interest on loans from your investment savings account go back into your accounts or to the bank?
A. You will pay yourself back the interest and the principle.
Q: Does my credited service begin when the plans begin on Jan. 1, 2002?
A: The credited service requirement for the Spectrum Investment Savings Plan begins on your date of hire as long as you maintain full-time status.
Q. What is the eligibility for participation in the Investment Savings Plan with regard to part time employees?
A. Part time employees must work at least 1,000 hours during their first seniority (not calendar) year in order to be eligible to participate in the Investment Savings Plan. The vesting for company match is the same as a full time employee. Employees must have two (2) years of continued credited service to be vested in the company portion. A part time employee must work at least 1,000 hours in a given year to receive a year of continued credited service.
