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) department.
Note: In addition to administering the life insurance policies, our BMA department will provide Deferred Comp - SERP administrative tracking and reporting services for both the employer and participants, provided the documents identified in items 3 and 4 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 regarding plan design, and to obtain a formal Proposal containing the documents identified in items 3 and 4 below.
Guidelines
- Complete life insurance applications and accompanying Consent to be Insured forms (one per proposed insured), along with life insurance illustrations or corresponding Disclosures, per NAIC regulations.
- The Employer (or a trust on behalf of Employer) should be the policy owner.
- If employer-owned (corporate-owned), have authorized officer other than client sign as policy owner*. (For variable life insurance, submit documents identified in required Customer Identity Verification Form (MM2580).)
- 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 the life insurance applications by using the Create Application Packet utility; or Principal Advisor Network offices may use Life E-App (for Term and Universal Life products only).
- The Employer (or a trust on behalf of Employer) should be the policy owner.
- 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)
- Enrollment Packet (BB11129) – (one per participant)
- Sample Endorsement Split Dollar Agreement (BB10998) – (one per participant, if applicable)
- Roles and Responsibilities Acknowledgement (BB11141)
- Complete Deferred Comp - SERP Submission Checklist (DD849S).
- For Simplified Issue Underwriting, include a copy of the Principal home office correspondence (email or letter) which granted approval for using this underwriting program.
- Include a cover letter/memo describing any special instructions or requests (if applicable).
- Submit above items via fax or mail using the information in the Contact Us section below.
* If client is the only one authorized to sign as policy owner, include either a copy of Articles of Incorporation or explanatory letter on company letterhead.
Fax
866-542-1359
- Write policy number and clients name in upper right of both fax cover sheet and first page of application.
- Fax all documents in proper page order. If you have a payment, make photocopy of check and fax with application. Mail original check immediately to home office at one of the addresses below.
- Mail ONLY the following ORIGINAL documents to home office at one of the addresses below (always include cover sheet with policy number and client name):
- Initial premium payments, if paid by check;
- All 1035 exchange requirements, including Absolute Assignment (DD747) and Lost Policy Statements.
PrincipalBusiness@exchange.principal.com
Principal Financial Group
P.O. Box 10431
Des Moines, IA 50306-0431
Overnight mail
Principal Financial Group
ATTN: IPDC M-001-E10
711 High Street
Des Moines, IA 50392
Call your BMA Administrator at 800-654-4278, options 4, 2, 3 with any questions.
Important Information
Insurance issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal National and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392.