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Principal Financial Group buying pension business

Principal Financial Group of Des Moines announced that it will acquire Professional Pensions Incorporated (PPI) of East Haven, Conn.

PPI is a provider of pension and health plans that specializes in the 501(c)(3) market of tax-exempt organizations. Operating primarily in the eastern U.S., PPI has annual revenue of about $8 million and manages $600 million in assets.

PPI will become part of the Principal Financial Group pension business unit, which handles the largest of the company's businesses.