Deals & People June 17, 2019

Principal Announces Incoming Wells Fargo Members to Leadership Teams

Joe Ready is taking a new role as head of Trust and chief fiduciary officer for Wells Fargo Wealth & Investment Management, and will remain connected to the integration of Principal and Wells Fargo Institutional Retirement & Trust, supporting client and employee transitions.

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In April, Principal Financial Group announced a definitive agreement with Wells Fargo & Company to acquire its Institutional Retirement & Trust business, and now it is announcing additions to its Retirement & Income Solutions leadership teams—bringing those from Wells Fargo Institutional Retirement & Trust (Wells Fargo IRT) and establishing a team to lead the integrated organization in the future.

“The Wells Fargo IRT leaders who will join Principal have deep expertise, industry knowledge and proven experience that will support our ability to bring more solutions, choice and service to clients – no matter their size or complexity of needs,” says Renee Schaaf, president of Retirement & Income Solutions. “Our focus remains on bringing the best-of-the-best from both businesses together as we build out a leading retirement organization committed to helping people to live their best lives.”

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The incoming Wells Fargo IRT leaders will become part of established leader teams with the Principal Retirement & Income Solutions business headed by Schaaf as president of Retirement & Income Solutions, Jerry Patterson, SVP of Workplace Savings & Retirement Solutions, and Sri Reddy, SVP of Income Solutions.

The following Wells Fargo IRT leaders will assume roles within Principal at appropriate points throughout the integration process, following close:

  • Jon Graff, current director of participant services, will be responsible for administration and operations across Workplace Savings & Retirement Solutions.
  • Angie McDaniel, current lead for Business Solutions, will lead a new team at Principal, Business Planning and Solutions, for Workplace Savings & Retirement Solutions.
  • Brian Jirak, current director of Trust & Custody, will join the Income Solutions leader team and will have responsibility for trust, custody and pension services.

The following individuals will join the Customer Care group in Principal’s Workplace Savings and Retirement Solutions:

  • Mary Hollingsworth, current director of product strategy and positioning, will transition to the Customer Care leadership team.
  • Marcia Wepfer, current director of relationship management, will transition to the Field Service leadership team.
  • Bob Millikin, current head of institutional services for investment contact centers, will join the contact center leadership team.

The following individuals will join the Employer Services and Operations group in Principal’s Workplace Savings and Retirement Solutions:

  • Sheila Cox will be responsible for larger plan administration efforts.
  • James Rossini will lead operations across Workplace Savings & Retirement Solutions.

Joe Ready, current head of Wells Fargo IRT, is taking a new role as head of Trust and chief fiduciary officer for Wells Fargo Wealth & Investment Management. Ready will remain connected to the integration of Principal and Wells Fargo IRT, supporting client and employee transitions.

Additional leadership appointments will be made post-closing and throughout the transition process. Further details regarding the leadership structure and integration of the Wells Fargo deferred executive compensation and discretionary asset advisory businesses will be shared in the weeks to come as the two businesses continue to work toward integration.

Principal and Wells Fargo IRT are well-positioned to close the acquisition in early third quarter, pending regulatory approval.
Compliance June 17, 2019

Rhode Island Moves Closer to Church Pension Transparency

Both chambers of the state assembly have passed legislation that would require religious organizations that manage pension plans to send regular updates on the financial health of the pensions to plan participants.

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The Rhode Island House of Representatives and the State Senate have each passed legislation that would require religious organizations that manage pension plans in Rhode Island to send regular updates on the financial health of the pensions to their plan participants.

Specifically, the State Senate version would require all pension plans not covered by the Employee Retirement Income Security Act (ERISA) with at least 200 members to submit to a public reporting of all its liabilities and assets.

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Last July, Rhode Island General Treasurer Seth Magaziner joined retired members of the St. Joseph Health Services of Rhode Island pension plan to propose new transparency requirements for pension plans managed by religious organizations. At that time, he announced that he will seek legislation in the 2019 General Assembly session that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the pensions to their plan participants.

The legislation was pushed after the $85 million St. Joseph pension plan—which covers current and former employees of Our Lady of Fatima and Roger Williams hospitals—was left insolvent when contributions to it ceased following the sale of Fatima and Roger Williams to Prospect Medical Holdings in 2014.

Each chamber will now consider and vote on the other’s legislation. If passed by both the House and the Senate, the legislation will be sent to Governor Gina Raimondo.

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