NU Online News Service, Aug. 2, 4:58 p.m. – Principal Life Insurance Company, Des Moines, Iowa, has licensed the RetireMENTOR system for managing retirement assets from Golden Retirement Resources Inc., New York.
Principal wants to use the system to develop a new individual retirement account product, the Principal Income IRA, by mid-2002.
The product will allow retirees to convert retirement assets into income, life insurance, long-term care insurance or estate assets in a rollover IRA account, Principal says.
Principal expects to sell the IRA through its existing distribution system.
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