Principal®

Defined Benefit

pre-migration guide

Principal® Defined Benefit

pre-migration guide

Principal® Defined Benefit

pre-migration guide

We believe a better retirement begins with a better customer experience.

We’re focused on providing the customer care you expect along with best-in-class enhancements to help make your job easier and help drive outcomes.

Your service team will continue to support you each step of the way. In addition, we’re focused on making the retirement plan management easier while keeping your plan and participant data secure. Your plan administration tasks will be streamlined for efficiency, and our online access will give you the ability to easily and efficiently take action when it fits best in your schedule.

 

The focus of this guide is the administrative services provided by Principal® through our plan sponsor secure website at principal.com and to provide you with an overview of how you’ll manage some of the key defined benefit (DB) plan management responsibilities after migrating to Principal. Once your plan has migrated to Principal, these details and many more will be available through a robust help feature on the plan sponsor secure website providing in-the-moment answers to your how-to questions. And, your service team contact will be available to help, too.

 

Any services provided to you by Wells Fargo Trust & Custody will remain with Wells Fargo Institutional Retirement & Trust (IRT) and migrate at a time later in 2021.  You should have received separate communications on that. As a result, there’ll be no changes to the trust reports, trading process, or overall investment management structure you currently have in place. You’ll continue to use the Wells Fargo Trust & Custody website to manage those assets. 

 

If you are currently using Findley to manage some of the DB plan administrative or actuarial services, there’ll be no changes to those services and no material changes to the billing process for those services; as a result, some of the DB plan administrative services Principal provides may not be applicable to you.  

 

Your expense invoices will continue to be provided by Wells Fargo until such time services provided to you by Wells Fargo Trust and Custody moves to Principal Trust CompanySM