Deferred Comp - SERP Submission Guidelines

Take advantage of complimentary administrative services from Principal^® by making sure your business is submitted to our Business Market Administration (BMA) team.

Note:  In addition to administering the life insurance policies, our BMA team will provide Deferred Comp – SERP administrative tracking and reporting services for both the employer and participants, provided the documents identified in items 2 and 3 below are received in good order. Financial professionals are encouraged to work with our National Sales Desk and/or Business and Advanced Solutions department (800-654-4278, option 2) to receive pre-sale support, including plan design assistance and formal, customized proposals. 

Guidelines

1. Complete life insurance applications and accompanying Consent to be Insured forms (one per proposed insured), along with life insurance illustrations or corresponding disclosures.

• The employer (or a trust on behalf of employer) should be the policy owner.
  • If employer-owned (corporate-owned), have an authorized officer, other than proposed insured, sign as policy owner*.  
  • If trust-owned, submit Trust Certification and Indemnification form (RF 971).
• Sex-distinct rates should apply.
• If endorsement split dollar will apply in pre-retirement years:
  • In beneficiary section of each application, write “Refer to Endorsement Split Dollar Benefit Instructions.”
  • With each application, complete an Endorsement Split Dollar Benefit Instructions Form (DD914E).
  • Obtain life insurance applications via these Quick Link options.

2. Have employer (and participants, where applicable) complete the following documents:

• Sample Resolution (BB12165)
• Deferred Comp - SERP Adoption Agreement (BB11130)
• Deferred Comp - SERP Plan Document (BB11131)
• Deferred Comp - SERP Enrollment Packet (BB11129)—(one per participant)
• Deferred Comp - SERP Roles and Responsibilities (BB11141)
• Sample Endorsement Split Dollar Agreement (BB10998)—(one per participant, if applicable)

3. Complete the Deferred Comp – SERP Nonqualified Plan Service and Expense Agreement (BB12723)

4. Complete Business Plan Submission Checklist (DD849R) and Key Decision Maker Authorization (DD9699)

5. For Simplified Issue Underwriting, include a copy of the Principal home office email or letter which granted approval for using this underwriting program.

6. Include a cover letter/memo describing any special instructions or requests (if applicable).

7.Submit above items via email, fax, or mail:

• Email: PrincipalBusiness@exchange.principal.com
• Fax: 866-542-1359
• Mail:    
  Principal Financial Group
  Life New Business & Underwriting
  ATTN:  IDPC
  711 High Street
  Des Moines, IA  50392 

* If proposed insured is the only one authorized to sign as policy owner, include either a copy of Articles of Incorporation or explanatory letter on company letterhead.

Important Information