Dennis Myhre has spent his career in investigative research, complex loss analysis, and high‑stakes fact‑finding. His early professional work included specialized training and active employment in pre‑trial investigations on behalf of defense firms, accident reconstruction, and major‑loss settlements.
His investigative assignments have ranged from transportation‑related damages to new production automobiles originating from Detroit—research that contributed to the design standards still used today in rail‑based automobile transport—to the identification and resolution of life‑threatening defects in diesel motorhomes manufactured in the late 1990s. His findings helped expand federal recall standards for motorized recreational vehicles.
In 1991, Dennis and his wife Audrey contracted with a national catastrophe‑services organization. For the next twenty years, they adjusted and supervised thousands of insurance claims arising from virtually 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 to the plan. In early 2008, they transferred their entire retirement savings into the Principal U.S. Property Separate Account, a fixed‑income investment option offered through Principal’s 401(k) annuity platform.
On September 26, 2008, Principal announced a withdrawal restriction on the account. Withdrawals remained restricted for the next three years. At age 65, Dennis and Audrey believed the plan’s definition of “retirement” allowed them to access their funds while continuing to work. After months of discussion, they were informed that Principal had reinterpreted the plan’s definition of retirement to require separation from employment. To protect their remaining account balances, both were forced to resign from their positions.
Between September 26, 2008 and December 31, 2009, the net asset value of the U.S. Property Separate Account declined by nearly 50 percent. Through extensive research, Dennis uncovered evidence of self‑dealing and structural irregularities involving Principal’s handling of the account during the withdrawal restriction.
His findings were presented to the Chief Investigator of the U.S. Department of Labor in Kansas City, Missouri, and to Principal’s Chief Compliance Officer. No action was taken by either party.
Because of the lack of regulatory enforcement under ERISA, this website was created to help investors understand the risks associated with annuity contracts backed by pooled separate accounts offered by insurance companies. The goal is education, transparency, and a clearer understanding of how these products function—and how they can fail.