Check or ACH deposit payment delivery will remain the same.
Service and service center phone numbers will remain the same.
If applicable, online services and access will change to Principal® Custody Solutions after migration.
Each retiree will continue to receive a notification of deposit based on your current direction. Although a notification of deposit can be mailed with each payment, many clients chose to send one only when there is a financial change and with the final payment of the year. The transition to Principal® Custody Solutions won’t produce a notification of deposit.
Payment statements will contain the same information that is provided today in the Principal® Custody Solutions brand.
Retirees will receive one Form 1099-R tax form from Wells Fargo IRT in January 2022, for payments issued from Jan. 1, 2021, through Dec. 31, 2021.
Retirees will receive one Form 1099-R tax form from Principal Bank in January 2023, for payments issued Jan. 1, 2022, through Dec.31, 2022.
Retiree inquiries
Address, direct deposit, and tax withholding changes
Duplicate tax form requests
Stop or reissue of payments
Notification of death
Some items mentioned within this guide may not be applicable to your organization’s trust and custody account(s). We realize you may have questions specific to your relationship that are not covered in this migration guide. Your relationship manager is ready to assist you with those questions.
The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other professionals on all matters pertaining to legal, tax, investment or accounting obligations and requirements.
Information provided is solely for illustrative purposes only and the actual terms of the services are governed by the organization’s applicable service agreement(s).
Principal Financial Group closed the acquisition of certain assets of the Wells Fargo Institutional Retirement and Trust business (IRT) on July 1, 2019. During the transition period, Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company, will continue to operate and service the IRT business for the benefit of Principal®, including providing recordkeeping, trustee, and/or custody services.
Wells Fargo has not reviewed the content of the attached material and makes no judgment of its accuracy.
Investment and Insurance products are:
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