Building on its leadership in providing comprehensive retirement services to top employers across the nation, The Principal Financial Group® has been selected as the recordkeeping service provider for the defined benefit plan of CB Fleet Company, Inc., effective September 1, 2007. In addition, CB Fleet Company will receive strategic asset allocation guidance from Principal Financial Advisors, Inc., a registered investment adviser and member company of The Principal. ® The retirement program covers 450 CB Fleet Company employees
Founded as a small family-owned pharmacy in 1869, CB Fleet Company today provides personal health and beauty care products to customers in more than 100 countries. The Principal has serviced the CB Fleet Company defined contribution plan since 1993.
“We’re confident that we will achieve efficiencies by consolidating our defined benefit plan with the provider that has serviced our defined contribution plan so well over the past 15 years,” said Tom Sherrier, director of human resources, CB Fleet Company. “The actuarial consulting expertise of The Principal will be a great asset to our retirement program, as will its state-of-the-art participant services. We can now provide our employees with a consolidated, easy-to-understand view of their retirement savings through both plans with The Principal Total Retirement Statement.”
“By utilizing the consulting expertise of our independent actuaries who average 20 years of defined benefit experience, we’re well equipped to help CB Fleet maximize the potential of their retirement program,” said Chris Mayer, vice president, Retirement and Investor Services at The Principal. “Having already built a strong knowledge base of this client’s needs, business strategy and goals, we’re thrilled to expand upon our trusted relationship with CB Fleet.”
CB Fleet Company plan participants will benefit from a comprehensive package of services and tools including online account information and education through the award-winning The Principal Retirement Service Center® (www.principal.com) 1 Web site, interactive educational and asset allocation tools, Morningstar investment information, on-site investment education and retirement planning seminars, toll-free access to retirement specialists, rollover assistance and the award-winning quarterly magazine Plan Ahead. Get Ahead.®2 These tools complement award-winning actuarial support, customer relations3 and leading technology services. For the past 10 years The Principal has appeared on the Information Week Top 500 Most Innovative Users of Information Technology list, coming in at No. 22 in 2007.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®)4 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $311.1 billion in assets under management5 and serves some 18.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG