Anniversaries are great reasons to celebrate. Anniversaries signify, among other things, relationships and commitment. There are all kinds of anniversaries: wedding (what most people think of first), employment, graduation, etc. Anniversaries are as important to companies as they are to people.
January is the tenth anniversary of the acquisition of BCI Group by the Principal Financial Group®. This acquisition greatly expanded the Employee Stock Ownership Plan (ESOP) capabilities of The Principal® and has led to growth in capabilities and the number of ESOPs engaged.
The traditional tenth anniversary gift is tin or aluminum (which is much more affordable than the contemporary tenth anniversary gift of diamond jewelry). It represents the flexibility and durability of the relationship. Tin and aluminum can bend without being broken.
These characteristics are significant in relationships between businesses, and with their employees as well. ESOPs in particular have long recognized the importance of these factors.
The BCI Group was a leader in providing ESOP consulting and administration services to companies.
According to the June 2011 Record keeping Survey by PLANSPONSOR, nearly 80 percent of the defined contribution market is covered by the top 15 service providers. The Principal serves more ESOP plans and has more ESOP assets under administration ($20 billion) than the other 14 service providers combined. This is not surprising given the focus of The Principal on flexibility, durability, commitment, and relationships.
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