The
Principal Financial Group of Des Moines, Iowa reports that there was record volume for online transactions among its 401(k) plans for 1999. The vendor noted that 12,000 sponsors were using the Web for cash and data transactions. This figure is up 700% in one year.
Officials at the company credit enhancements to the Web site for the strong showing.
It is designed to provide both participants and plan sponsors with all their informational and transactional needs.
In 1999, sponsors made 41.6 million cash transactions online through
Principal Direct Connect, which is the firms Internet offering. In December 1998, 7% of transactions occurred online. By December 1999, that figure was 81%.
"Over the past few years we have seen a significant increase in small to medium-size companies moving toward an electronic workplace," stated
Bill Kelly, vice president and cio.
On the participant side, 1999 saw 8.9 million site visits by employees with 1.9 million resulting in electronic transactions.
Kelly reports that he is looking to add further enhancements to the Web offering and to double the number of electronic transactions by the end of 2000.
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