DES MOINES (AP)--In an effort to keep small businesses from reducing employee benefits, Principal Financial Group says it is freezing rates for more than 30,000 of its customers that have 50 or fewer employees.
The company made the announcement on Monday. The move could help it retain customers after about a decade of rates trending up.
Amy Friedrich, vice president of specialty benefits for Principal Financial Group, says small-business clients with renewal dates from July 1 through Jan. 31, 2010, will have no rate increase on life, vision, short-term and long-term disability coverage.
Dental coverage rates will increase 3 percent, but Friedrich says that is below the industry average.
Principal's health insurance rates are not affected.
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