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Your migration experience

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Topics of interest

Migration weekend

Communications you can expect

Here are the communication details of your migration experience.

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Nov. 18, 2021: A migration email was sent and included the migration date, a link to this guide, an invitation to the migration webinar, and resources that are available once you authenticate your account access at Principal® Custody Solutions.

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Jan. 6, 2022: We’ll check in with you and provide another opportunity to register for the Jan. 13 migration webinar.

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Jan. 13, 2022: We’ll host a migration webinar that includes the authentication process and details you’ll need to know prior to the migration.

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Starting Jan. 18, 2022: The account authentication process kicks off by sending the set-up email* discussed earlier in this guide.

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Jan. 20, 2022: You’ll receive an invitation to two upcoming training webinars**:

  • Feb. 1 - Principal® Custody Solutions web experience
  • Feb. 3 Benefit payments web experience (if applicable)
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Jan. 20, 2022: You’ll receive an invitation to two upcoming training webinars**:

  • Feb. 1 - Principal® Custody Solutions web experience
  • Feb. 3 Benefit payments web experience (if applicable)
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Feb. 10, 2022: You’ll receive a migration reminder email with a few final checklist items to prepare for the migration.

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Feb. 14, 2022: You’ll receive an email with your Relationship Manager’s new Principal® Custody Solutions’ contact information, your specific Service Center’s new mailing address, email, phone and fax numbers, as well as the new cash and trade transaction request forms. As a reminder, your Service Center is not changing just the contact information.

Migration weekend

Clients with trust portfolio reporting and trust information delivery

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No new transactions will be available at Wells Fargo IRT after close ofthe market on Friday, Feb. 18, 2022. You’ll continue to have inquiry-only access on the Wells Fargo Commercial Electronic Office (CEO) for a period of time after migration weekend.

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On Tuesday, Feb. 22, 2022, you’ll receive an email from Principal® Custody Solutions welcoming you and inviting you to access your trust and custody services through the Principal® Custody Solutions web experience.

Clients with benefit payments services

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Access to Retirement Plan Payments will be available until the close of business on Friday, Feb. 18, 2022.

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On Tuesday, Feb. 22, 2022, you’ll receive an email from Principal® Custody Solutions welcoming you and inviting you to access your benefit payment information through the Principal® Custody Solutions web experience

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For monthly periodic payments dated Feb. 25, 26, 28, and Mar. 1, 2022, the cutoff will be Thursday, Feb. 17 and payments will be created on Friday, February 18, prior to migration. Checks and ACH statements will be issued by Wells Fargo Bank, N.A. March 1, 2022 will be the last periodic payroll issued by Wells Fargo IRT. Lump sum, off-cycle periodic, and reissued checks will be issued by Principal Bank beginning February 22, 2022.

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Note: The migration will be executed over Presidents’ Day weekend, helping ensure that when assets transfer, they won’t be out of the market during trading hours.

* The email from Principal uses one of these two email addresses: webrequest@exchange.principal.com or theprincipalfinancialgroup@exchange.principal.com.

** Additional support will be available through your service team.

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:

  • Not Insured by the FDIC or Any Federal Government Agency
  • Not a Deposit or Other Obligation of, or Guaranteed by, Principal Bank or Any Bank Affiliate
  • Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested

 

1859445-102021 | 02/2022

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Principal Global Advisors is a specialized investment management group within Principal Global Investors. Principal Global Investors leads global asset management at Principal®.

 

Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal® Custody Solutions, a division of Principal Bank. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, Iowa 50392.

 

When Principal Custody Solutions is providing investment management services, Principal Custody Solutions serves as the investment manager or discretionary trustee but leverages the investment expertise of Principal Global Advisors. Customers may also contract directly with Principal Global Advisors for investment management services. In those instances, Principal Custody Solutions serves solely in a custodial or trustee capacity. Please refer to your underlying service agreements for details.

 

Wells Fargo Bank, N.A., SEI Investments Company (“SEI”), Clearwater Analytics, FedEx Corporation, The Bank of New York Mellon, Depository Trust & Clearing Corporation (“DTCC”), FIS, SWIFT, PricewaterhouseCoopers (“PwC”), Ernst & Young, and KPMG are not affiliates of any company of the Principal Financial Group®.

 

Principal Global Investors, Principal Bank, and Principal Trust Company are members of the Principal Financial Group®, Des Moines, Iowa 50392. Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

 

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