Wells Fargo has announced that they have entered into an agreement to sell their Institutional Retirement & Trust (IRT) business to Principal Financial Group. IRT is the division of Wells Fargo that provides record-keeping and trustee services for our employee benefit plans.
Talk of a sale has been industry news for several months. ABC has taken this time to explore several potential companies to service our employee benefit plans.
The sale is expected to close early in the third quarter, pending regulatory approval. We will continue to meet with the other vendors and ultimately chose a provider that the ABC Board of Directors and staff feel will provide the best services for participants in the plans.
If you have any questions, please feel free to contact us.