Exciting News for Retirement Plan Participants
February 24, 2021
CoolSys has partnered with Wells Fargo Institutional Retirement and Trust since 2017. During that time, the CoolSys, Inc., 401(k) has performed exceptionally well, maintaining the highest ranking and lowest-cost funds for our employees to invest in. 90% of our employees participate in the Coolsys 401(k), and 1/3 of participants contribute 10% or more. These statistics show how important our employees believe a good retirement plan is to their future.
Over a year ago, global investment management company Principal acquired Wells Fargo Institutional Retirement and Trust. As a result, our CoolSys plan will convert to the Principal platform in late May.
The conversion will be internal between the two companies, so CoolSys retirement plan participants will be affected in only two minor ways. First, there will be a brief blackout period during the weekend of the conversion. Second, participants will need to establish a new login on the Principal site after the conversion is complete. All the other features of the Coolsys 401(k) plan will remain the same. The investment line up will remain and the Coolsys will remain the same at 50% of the first 8% you contribute. Click here to read more about our current plan.
Starting in June, Principal will make additional services available to our participants, these include:
- Customizable dashboard
- Easy beneficiary assignment and change
- Mobile investment experience
- Spanish language education, enrollment and transactions
- Account aggregation of outside assets, enabling participants to link other financial accounts to their Principal dashboard
- Mobile app and Principal flash briefing through Amazon Alexa
- Quick contribution changes
- Retirement Wellness Planner and Score, which will help participants plan and budget for retirement.
Thank you for investing in your future through the CoolSys, Inc., 401(k) retirement plan!