Principal® Custody Solutions web experience
Topics of interest
Your new experience
Terminology
Statements
Reporting
Cash movement
Benefit payments
Stale-dated checks
Your new experience
Key functionalities and enhancements include:
You’ll no longer need to select different applications to conduct the business at hand – one system, one login, one streamlined web experience.
All users will migrate with the same permissions access (ability to make changes, transactions, reporting, etc.) as they have today at Wells Fargo IRT.
Through the account access authentication process, you’ll no longer need a physical token (e.g., key fob) to access your account.
Streamlined for efficiency, the new dashboard will show a summary of available real-time account information (both cash and transactions) and statements. You’ll have the ability to click on each topic to get the additional details you’re looking for. You’ll also be able to customize the account you want to see by setting a default view. And alerts will display if there’s been any new activity.
Terminology
| Wells Fargo IRT terminology | Principal® Custody Solutions terminology |
|---|---|
| CEO | Principal web experience |
| Retirement Plan Payments (RPP) | Benefit payments |
| Trust Information Delivery (TID) | Statements |
| Trust Portfolio Reporting (TPR) | Reports |
| Benefit Payments Online (BPO) | Retirement payment center |
| Discretionary Asset Management (DAM); services offered through Institutional Asset Advisors (IAA) | Outsourced Chief Investment Office (OCIO); services offered through Principal Global Advisors (PGA) |
| Clearwater Analytics** | Trust analytics** |
| Cash Movement | Cash transactions |
| Performance IQ** | Performance reporting** |
| InvestOne Performance Reporting** | Performance reporting** |
Statements
Reporting
Reports will also be consolidated in one place with the ability to build your own custom reports. You’ll also have the ability to filter data to meet your specific needs.
Custom reports you previously created at Wells Fargo IRT will migrate to Principal® Custody Solutions. We continue to test the auto-scheduling functionality of scheduled reports and expect it to be available shortly after migration. This means they won’t automatically be delivered to you. They will be available, but you’ll need to run your scheduled reports in the Reports tab on the website. Ten years of historical reports will migrate to Principal® Custody Solutions. Contact your Relationship Manager for assistance with historical reports not on the website.
You’ll have access to your current benefit payments’ report along with eighteen months of historical data, including the monthly Suspected Decedent Report.
Cash movement
You’ll have the ability to:
Transfer funds between custody accounts
Transfer funds between custody accounts and Wells Fargo Demand Deposit Account (DDA) accounts
Enforce daily and cumulative transaction limits requiring secondary approval
Move funds real-time cash transfers between custody accounts and DDAs (see cash processing times below)
You’ll have the ability to:
Transfer funds between custody accounts
Transfer funds between custody accounts and Wells Fargo Demand Deposit Account (DDA) accounts
Enforce daily and cumulative transaction limits requiring secondary approval
Move funds real-time cash transfers between custody accounts and DDAs (see cash processing times below)
You can find your custody account available cash to transfer balance in four different places on principal.com:
On the home page dashboard banner
On the home page Real-time available cash balances widget
On the home page dashboard banner
Under the Cash transactions tab, Available to transfer section
You can find your custody account available cash to transfer balance in four different places on principal.com:
On the home page dashboard banner
On the home page Real-time available cash balances widget
On the home page dashboard banner
Under the Cash transactions tab, Available to transfer section
The custody account available cash to transfer balance is the total of the uninvested cash and the cash sweep. These funds are available for transfer as they are today in accordance with your sweep asset’s operational cutoff and market close. You will see your available cash to transfer balance equal to zero daily after your sweep asset’s operational cutoff, on weekends, and on bank holidays.
When initiating a cash transfer from your Wells Fargo DDA into your Principal® Custody Solutions account, you’ll be notified if it’s past your sweep asset cutoff time. Funds transferred will sit uninvested until the next sweep run. We’ll request confirmation you’d like to proceed to complete the transfer. This is the same functionality as you know today.
On Feb. 22, disbursement transactions will be processed as a wire transfer to the DDA to ensure proper timing.
Benefit payments
Benefit payments provides most of the same functionality available today through Wells Fargo IRT’s Retirement Plan Payments, including a recent enhancement allowing the ability to access and print the last three years of retiree tax forms. Some preferences will be set for you. For instance, your default time zone will be set to Central Time and your overnight carrier will be FedEx®. As you create new payments, keep in mind that you will need to start and complete the process in one session.
If you issue a stop payment order and then find that you need to reverse it, simply call your service team at Principal® Custody Solutions to assist you. Additionally, they can help if you would like to add a bulk message to your retirees’ checks.
Direct interface clients will use the same file layouts used today at Wells Fargo IRT. Transmission testing is near completion for all existing incoming and outgoing interface files.
Stale-dated checks
Here's what you can expect:
- A stop payment will be issued, and the net amount will be returned to the trust.
- All tax reporting for the checks will remain.
- The net amount can be reissued by contacting your Client Service Specialist.
If your plan follows escheatment** rules:
- For any checks issued prior to 2021, the escheatment process will be initiated by Wells Fargo prior to Feb. 18, 2022, and will be completed by Wells Fargo.
- For any remaining outstanding checks, a stop payment will be issued, and the net amount will be wired to Principal® Custody Solutions. A check will be reissued and/or the escheatment process will be initiated.
* A stale-dated check is one that is 90-days or more past the issue date of the check.
** Escheatment is the process of turning custody of abandoned assets or accounts over to a state authority.
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