Dennis Myhre has spent his career in investigative research, complex loss analysis, and high‑stakes fact‑finding. His early work included pre‑trial investigations for defense firms, accident reconstruction, and major‑loss settlements. He later conducted transportation‑related investigations that influenced rail‑based automobile transport standards, and uncovered life‑threatening defects in diesel motorhomes that helped expand federal recall requirements.
From 1991 through 2010, Dennis and his wife Audrey worked for a national catastrophe‑services organization, adjusting and supervising thousands of insurance claims arising from nearly every major U.S. disaster beginning with Hurricane Andrew. Their final assignment before retirement was the Deepwater Horizon oil spill, where they worked for more than two years.
In the early 1990s, their employer offered a 401(k) plan administered by Principal Life Insurance Company. For sixteen years, Dennis and Audrey contributed the maximum allowable amount. In 2008, they transferred their entire retirement savings into the Principal U.S. Property Separate Account, a fixed‑income option within Principal’s 401(k) annuity platform.
On September 26, 2008, Principal imposed a withdrawal restriction on the account. Withdrawals remained blocked for three years. At age 65, Dennis and Audrey believed they were fully vested and eligible to withdraw their funds under the plan’s definition of “retirement,” which allowed continued employment. After months of discussion, Principal informed them that the company had “redefined” retirement to require separation from employment. To protect their remaining balances, both were forced to resign.
Between September 2008 and December 2009, the net asset value of the Separate Account fell by nearly 50 percent. Through extensive research, Dennis uncovered evidence of self‑dealing and structural irregularities in Principal’s handling of the account during the restriction period.
He submitted his findings to the U.S. Department of Labor and Principal’s Chief Compliance Officer. No action was taken. In 2024, after the Department of Justice announced a new whistleblower program, Dennis submitted his evidence to the DOJ and later to the Securities & Exchange Commission. Both agencies declined review. After a year of monthly follow‑up inquiries, his Congressman received a brief notice from the DOJ stating that the submission had been reviewed and denied.
Because of the lack of regulatory enforcement, this website was created to help investors understand the risks associated with insurance‑based annuity contracts used inside 401(k) plans. The goal is education, transparency, and a clearer understanding of how these products function — and how they fail.