Did Wells Fargo sell their retirement accounts?

Principal Financial Group closed the acquisition of certain assets of the Wells Fargo Institutional Retirement and Trust business (IRT) on July 1, 2019. The transition, transfer, and conversion of IRT business operations, employees, and clients will occur over the following 12-24 months.

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Also know, who took over Wells Fargo Retirement?

Principal Financial Group

People also ask, what happened to Wells Fargo Retirement Account? Wells Fargo is saying goodbye to its retirementplan business as the bank continues to grapple with penalties, legal fees and a backlash over its scandals. Principal Financial (PFG) signed a $1.2 billion deal on Tuesday to acquire Wells Fargo’s (WFC) institutional retirement and trust business.

Then, does Wells Fargo offer pension?

Wells Fargo, a company that announced record earnings of $3.05 billion in April, is freezing its traditional pension plan for employees. … “We must manage expenses prudently to help Wells Fargo continue our long track record of profitable growth,” wrote a company spokesperson in an e-mail to U.S. News.

Why is my Wells Fargo 401k unavailable?

Access to your 401(k)’s employer contributions may be denied because your tenure was too short for those funds to vest to you. Access to the entire balance may be blocked, at least temporarily, due to issues related to your departure or a change of record keepers for the plan.

Is Wells Fargo a good 401k?

Wells Fargo 401k Plan has high ratings on various platforms, including the 3.6-star rating on Glassdoor and 80/100 on BrightScope. The 401k plan offered by Wells Fargo falls in the top 15% of plans for Account Balances and Total Plan Cost.

Is principal owned by Wells Fargo?

Principal Financial Group Inc – Principal Completes Acquisition of Wells Fargo Institutional Retirement & Trust Business.

Is principal a good 401k provider?

Historically, Principal has touted their 401k services as exemplary, and most 401k investors believe they are making acceptable returns in their 401k retirement plans. … All of these managed/sub-managed fees eventually end up in Principal’s general account.

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