Shiloh Industries, Inc. Selects The Principal Financial Group to Provide Bundled Retirement Plan Services; The Principal to Service Unique Combination Plans
DES MOINES, Iowa--July 8, 2002--The Principal Financial Group(R), the nation's 401(k) leader, today announced it has been selected to provide bundled retirement plan services for Shiloh Industries, Inc. , a leading supplier of engineered metal products to the automotive, truck and industrial markets. Based in Cleveland, Ohio, Shiloh is helping to secure the financial futures of its salaried and union employees by providing a unique combination of 401(k), cash balance and traditional defined benefit plans from The Principal(R)."We selected The Principal in large part due to their expertise in servicing combination plans like ours," said Stephen E. Graham, chief financial officer at Shiloh. "We were also impressed by The Principal's record keeping and administration capabilities, as well as their award-winning communication tools."
Shiloh Industries is a $600 million publicly traded company with operations in Ohio, Georgia, Michigan, Tennessee and Mexico. The 2,500 Shiloh employees will have access to several institutionally priced investment options from The Principal and funds from other leading U.S. money managers.
According to Paul Brown, vice president, The Principal, "With nearly 60 years of experience servicing retirement plans, we know what it takes to build a successful retirement program. We're pleased to help Shiloh Industries attract and retain strong employees by providing services for their comprehensive retirement program."
The Principal's retirement plan package offers:
| -- | Industry-leading technology, online administrative support and recordkeeping services including daily valuation, electronic data reporting, benefit distributions and executive summaries. |
| -- | Employee services providing easy paths to information including: electronic enrollment; 24/7 online Retirement Service Center (www.principal.com) and telephone voice response for account information, fund transfer, interactive educational and asset allocation tools; Morningstar investment information; award-winning benefit plan reports; on-site investment education and retirement planning seminars; toll-free counseling, financial planning and rollover assistance; and the quarterly magazine Plan Ahead Get Ahead. |
| -- | Employer compliance tools including top-heavy determination and minimum contribution calculations, 415 limit calculations, nondiscrimination tests, Form 5500 series annual reports and related schedules, employee booklets, summary of material modifications and summary annual report. |
The Principal Financial Group(R) (The Principal (R))(1) 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 mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States(2). A member of the Fortune 500, the Principal Financial Group has $120.2 billion in assets under management(3) and serves some 13 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. For more information, visit www.principal.com.
(1) "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
(2) CFO Magazine, April/May 2002 based on total plans served in 2001 by insurance companies, banks and investment firms.
(3) As of March 31, 2002.