Principal® completes integration of Wells Fargo Institutional Retirement business (2024)

FAQs

Did Principal take over Wells Fargo 401k? ›

Principal Financial Group^®, a global leader in retirement plan services and investment management, recently completed the integration of the Wells Fargo Institutional Retirement business.

On July 1, 2019, Principal Financial Group acquired Wells Fargo Bank's Institutional Retirement and Trust (IRT) business, which provides certain administrative services to assist Wells Fargo Bank N.A., which is the current recordkeeper and trustee for the 401(k) Plan.

Principal completes integration of Wells Fargo's trust and custody business. Principal Financial Group has completed the integration of Wells Fargo's trust and custody business, effective Tuesday, the final step of the larger integration of Wells Fargo's retirement business that Principal announced in August 2021.

To withdraw money from your account, log in or call us at 800-222-5852. If you don't currently have a bank account on file and want to do a direct deposit to your bank account, complete and return the Electronic Funds Transfer form (PDF). The form is processed within three business days after receiving it.

Keep in former employer's plan

Once you leave your job, you can't take out a loan from your account. But you might be able to withdraw part of your contributions as long as the remaining account balance remains above the plan's limit. Taxes and fees may apply to any amount withdrawn.

This article outlines the history of Wells Fargo & Company from its merger with Norwest Corporation and beyond. The new company chose to retain the name of "Wells Fargo" and so this article is about the history after the merger.

Search databases for unclaimed assets

By entering your Social Security number, you can quickly see if there are any unclaimed 401(k) funds that belong to you. The money may still be held in the employer's plan, or the company may have opened a special IRA account in your name to hold the funds.

Access your plan online at any time by signing on at My Retirement Plan. (Note: If you create a plan using the public version of My Retirement Plan, you cannot save or access your plan online.) Visit My Retirement Plan Tips to learn how to make the most of your selected retirement savings plan.

How do I contact Wells Fargo retirement? ›

Call 1-877-4WF-IRAS (1-877-493-4727) to speak to a Retirement Specialist today. Are you considering the various options for the savings you have accumulated in your qualified employer sponsored retirement plans (QRPs), such as a 401(k), 403(b), or governmental 457(b)?

The 4% rule for retirement budgeting suggests that a retiree withdraw 4% of the balance in their retirement account(s) in the first year after retiring, and then withdraw the same dollar amount, adjusted for inflation, every year thereafter.

Generally speaking, you can't withdraw from a workplace retirement plan until one of the following happens: You leave your job due to death or become disabled. The plan is terminated and isn't replaced by a new one. You reach age 59 ½

You can also call us at 800-986-3343 if you'd rather talk to our customer service team.

Wells Fargo became the first major US financial services firm to offer internet banking, in May 1995. After its string of acquisitions, in 1998, Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis, with the combined company assuming the Wells Fargo name.

Wells Fargo Asset Management (WFAM) today announced that it will be changing its company name to Allspring Global Investments upon the closing of the previously announced sale transaction of WFAM by Wells Fargo & Company (NYSE: WFC) to GTCR LLC and Reverence Capital Partners, L.P.

Account Takeover is another serious fraud threat where fraudsters use your online credentials to gain access to your bank account, “taking over” as you to make and authorize payments.