February 01, 2015 4:57 AM ET

Insurance

Company Overview of Principal Life Insurance Company

Company Overview

Principal Life Insurance Company provides insurance products and services to businesses and individuals. Its products include medical insurance with prescription drug, vision insurance, disability insurance, dental insurance, health insurance, and life insurance. The company enables its clients to manage their benefits online. It serves the customers through a network of subsidiaries, agents, brokers, and financial service-oriented satellites. Principal Life Insurance Company was formerly known as Principal Mutual Life Insurance Company and changed its name in July 1998. The company was founded in 1879 and is based in Des Moines, Iowa. Principal Life Insurance Company operates as a subsidiar...

711 High Street

Des Moines, IA 50392-0300

United States

Founded in 1879

Key Executives for Principal Life Insurance Company

Chief Executive Officer
Age: 63
Executive Chairman of the Board and Chairman of Executive Committee
Age: 65
Chief Investment Officer and Senior Vice President
Age: 54
Executive Officer
Senior Vice President of Principal Financial Group Inc and Corporate Secretary of Principal Financial Group Inc
Compensation as of Fiscal Year 2014.

Principal Life Insurance Company Key Developments

Joseph Ruppert Reaches Settlement with Principal Life Insurance Company over Violation of ERISA

Circuit Court of Appeals held in part that the plaintiff's voluntary dismissal of his individual claims after reaching a settlement with the Principal Life Insurance Company rendered the case moot. Fairmount Park Inc., the owner and operator of a racetrack, offered its employees a 401(k) retirement savings plan. Principal Life Insurance Co. was the plan's service provider. One of the plan's trustees, Joseph Ruppert, sued Principal alleging violation of ERISA. Ruppert claimed that Principal received revenue-sharing payments from mutual funds that it offered to the plan and failed to disclose receipt of the payments. Ruppert moved to certify a class of all trustees and plan sponsors to which Principal provided services that included investment options from which Principal received revenue sharing payments. The trial court denied certification, finding that a determination of whether Principal was a fiduciary that breached its duties required individualized inquiries. Ruppert and Principal settled Ruppert's individual claims. The terms of the settlement included a reservation of Ruppert's purported right to appeal the district court's class certification ruling. The district court entered a consent judgment in Ruppert's favor in the amount of $80,000 and incorporated the terms of the settlement agreement. Ruppert subsequently appealed the denial of class certification. He contended that he had a continuing interest in the outcome of the litigation, that is his right to participate in any future recovery by a certified class and to shift costs and attorneys' fees to the class. The Eighth Circuit concluded that dismissal of the appeal was required. There was no final appealable order. The Eighth Circuit reasoned that the settlement agreement and consent judgment allowed Ruppert to revive his individual claims in order to petition the district court for additional recovery should the denial of class certification be reversed.

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February 4, 2014
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