Wells Fargo 401(k) Rollover: Complete Guide
How to roll over your Wells Fargo retirement plan to an IRA when you leave your employer.
Wells Fargo sold its institutional retirement business to Principal Financial in 2019, so your 401(k) may now be administered by Principal. Check your latest statement to confirm your current plan administrator. Whether with Wells Fargo or Principal, you can request a direct rollover to any IRA, and the process takes 7-10 business days.
- Wells Fargo sold its institutional retirement and trust business to Principal Financial in 2019
- Many former Wells Fargo 401(k) plans are now administered by Principal Financial Group
- Wells Fargo still offers individual IRA services for personal accounts
- Direct rollovers process in 7-10 business days regardless of which administrator holds your plan
Key Takeaways
- 1Wells Fargo administers retirement plans for many employers
- 2Note: Wells Fargo sold institutional retirement to Principal in 2019
- 3Current plans access through wellsfargo.com or transferred provider
- 4Direct rollover avoids 20% tax withholding
- 5Process typically takes 7-10 business days
- 6Gold IRA provides diversification beyond traditional funds
Rolling Over Your 401(k)?
Don't just move it to another stock fund. See why retirees are choosing gold.
Get Free KitWells Fargo Retirement Plans
Wells Fargo has provided banking and retirement services, though their institutional retirement business underwent significant changes in 2019.
- Major bank with retirement plan services
- Sold institutional retirement to Principal in 2019
- Some employer plans may now be with Principal
- Wells Fargo IRA services still available for individuals
- Check your plan documents for current administrator
Important: Plan Administrator Changes
In 2019, Wells Fargo sold its institutional retirement and trust business to Principal Financial. Your plan may have transferred.
- Many Wells Fargo 401(k)s moved to Principal
- Check your statement for current administrator
- Wells Fargo still offers individual IRA services
- Contact HR if unsure about your plan's status
Check Your Provider
If your 401(k) was with Wells Fargo Institutional Retirement, it may now be administered by Principal. Check your latest statement or contact your employer's HR.
How to Roll Over
The rollover process depends on your current plan administrator.
- 1Identify your current plan administrator (Wells Fargo or Principal)
- 2Log into appropriate website
- 3Navigate to withdrawals/distributions
- 4Open destination IRA account
- 5Request direct rollover
- 6Provide new IRA account details
- 7Complete required forms
- 8Submit and track request
- 9Verify funds arrive at new IRA
Before you roll over your 401(k), consider this
Most people roll into another stock-heavy fund. But retirees near retirement are choosing gold for stability. See your options.
Consider a Gold IRA Rollover
Whether your plan is still with Wells Fargo or has moved to Principal, you can roll to a Gold IRA for diversification.
- Physical gold diversification
- Escape bank-focused investment options
- Same direct rollover tax treatment
- No penalties when done correctly
- Augusta Precious Metals handles the transfer
Frequently Asked Questions
1Is my Wells Fargo 401(k) now with Principal?
Possibly. Wells Fargo sold its institutional retirement business to Principal in 2019. Check your latest statement or contact your employer HR to confirm your current plan administrator.
2Can I still roll to a Wells Fargo IRA?
Yes. Wells Fargo still offers individual IRA services. You can roll your 401(k) (from any administrator) to a Wells Fargo IRA if you choose.
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