Tax Advisor Retirement Plan
Resume:
This completed document is for restricted use only. No part may be copied nor disclosed without prior consent of Principal®. MM1304-28 12/2021 Classification: Public page 1 of 9
• Use this form to make a beneficiary election regarding a decedent’s account. We strongly recommend working with a qualified legal or tax advisor when completing this form.
• This form must be completed in it’s entirety for any death distribution option selected in section 3. If you are not moving your proceeds into an existing retirement account with Principal Funds, you must establish a new Principal Funds retirement account in your name.
• An original signature is required on this form. In addition, a Medallion Signature Guarantee stamp is required for death distributions. Please contact your Financial Professional or Principal Funds for more information.
• Please note that additional contributions into Beneficiary IRAs are NOT allowed.
• An Inheritance Tax Waiver may be required by the state in which the decedent resided. Please refer to IRS Publication 590 or consult your tax advisor.
• Please type or print clearly.
1. Account information (Please provide the decedent’s information) Account number Account type Prior year 12/31 Market Value (for assets from an outside company) Decedent’s first name, middle initial, last name Date of birth (MM/DD/YYYY) XXX-XX-
Social Security number (last 4 digits) or taxpayer identification number Date of death (MM/DD/YYYY) Street address (no PO box addresses) City State Zip 2. Registration for new account owner (This section is required) Beneficiary’s first name, middle initial, last name OR name of non-person entity Social Security number OR taxpayer identification number U.S. citizen Resident alien
Date of birth (MM/DD/YYYY) Country of citizenship
Legal address (no PO box addresses) City State Zip Mailing address (if different from above) City State Zip Contact phone number E-mail address
If the beneficiary is a non-person entity please complete the information below for the authorized signer. If the beneficiary is a minor, please complete the information below for the Responsible Individual (must be the minor’s parent or legal guardian). Authorized signer/responsible individual first name, middle initial, last name Social Security number U.S. citizen Resident alien
Date of birth (MM/DD/YYYY) Country of citizenship
Legal address (no PO box addresses), City, State, Zip Mailing address (if different from above), City, State, Zip Daytime phone number Evening phone number
Retirement plan beneficiary form
Principal Funds
PO Box 219971
Kansas City, MO 64121-9971
Overnight Mail:
430 West 7th Street, Ste 219971
Kansas City MO 64105-1407
PrincipalFunds.com
page 2 of 9
3. Death distribution options
Payments must begin by 12/31 of the year following the death of the decedent. If the Life Expectancy option is chosen below, your automatic payments will begin in the year following the decedent’s date of death. Important transfer restrictions for decedents that were over the Required Minimum Distribution (RMD) Age: The RMD age is 72. In the year of the decedent's death, any unpaid RMD amounts for that year cannot be transferred to your Inherited IRA. These amounts must be paid directly to you. The Required Beginning Date for the RMD is April 1 of the year following the year the decedent attained the RMD age. If transferring your account to another company, select “Take a lump sum distribution”. Spouse beneficiary options:
Transfer decedent IRA into my existing IRA. Account number Transfer decedent IRA into a new IRA registered to me. Select one of the following options if you are the sole beneficiary and you are not electing to treat as your own IRA. (1st Gen EDB-Sole Spouse). Establish a beneficiary IRA and distribute the account over my life expectancy as indicated in section 9, distribution payment options. Establish a beneficiary IRA under the 10-year rule. (If the decedent passed prior to 01/01/2020, the 5-year rule applies instead.) Establish a beneficiary IRA and take a lump sum distribution, as indicated in section 9, distribution payment options. If the Decedent's date of death was before the Required Beginning Date for the RMD, you have this additional option: I am the sole beneficiary and choose to defer the Required Minimum Distribution (RMD) until my spouse would have reached the RMD age. I will notify Principal Funds when distributions are to begin OR I have completed section 9, distribution payment options, to establish systematic payments. Non-spouse eligible designated beneficiary options If the beneficiary is an "eligible designated beneficiary," such beneficiary may receive payments calculated with reference to his or her life expectancy. An "eligible designated beneficiary" is an individual who is a child of the decedent who has not attained the age of 18 (upon such child attaining the age of majority, any remaining assets must be distributed no later than the end of the tenth calendar year after the calendar year in which the child reaches the age of 18); certain disabled and chronically ill individuals, and an individual not listed above who is not more than 10 years younger than the decedent. Please consult with your tax advisor to determine if you qualify as an eligible designated beneficiary. Select this option if the inherited IRA is for a minor (under the age of 18) who is a direct descendent (son or daughter) of the deceased shareholder.
(1st Gen EDB-Minor)
Select this option if you are eligible for a Life Expectancy payment (chronically ill beneficiary, disabled beneficiary, eligible designated beneficiary less than 10 years younger than decedent). (1st Gen EDB-Other) Select one of the following payment options
Establish a beneficiary IRA and distribute the account over my life expectancy as indicated in section 9, distribution payment options. Establish a beneficiary IRA under the 10-year rule. (If the decedent passed prior to 01/01/2020, the 5-year rule applies instead.) Establish a beneficiary IRA and take a lump sum distribution as indicated in section 9, distribution payment options. Non-spouse non-eligible designated beneficiary options Select this option if you are not eligible for Life Expectancy and not considered an eligible beneficiary (Non-spouse or the beneficiary of a qualified trust - Examples: sibling of the deceased, grandchild of the deceased, child over the age of 18). (1st Gen Designated Beneficiary) Establish a beneficiary IRA under the 10-year rule. (If the decedent passed prior to 01/01/2020, the 5-year rule applies instead.) Establish a beneficiary IRA and take a lump sum distribution as indicated in section 9, distribution payment options. Non-person beneficiary options
Select this option if the inherited IRA is being transferred to an entity beneficiary (estate, charity, trust). (1st Gen NBD) Decedent's date of death was before the Required Beginning Date for the RMD Establish a beneficiary IRA under the 5-year rule. Establish a beneficiary IRA and take a lump sum distribution as indicated in section 9, distribution payment options. Decedent's date of death was on/after the Required Beginning Date for the RMD Establish a beneficiary IRA and distribute the account over the remaining life expectancy of the decedent as indicated in section 9 distribution payment options.
Establish a beneficiary IRA and take a lump sum distribution as indicated in section 9, distribution payment options. page 3 of 9
3. Death distribution options continued
Beneficiary of a deceased eligible designated beneficiary An "eligible designated beneficiary" is an individual who is a child of the decedent who has not attained the age of 18 (upon such child attaining the age of majority, any remaining assets must be distributed no later than the end of the tenth calendar year after the calendar year in which the child reaches the age of 18); certain disabled and chronically ill individuals, and an individual not listed above who is less than 10 years younger than the decedent. Please consult with your tax advisor to determine if you qualify as an eligible designated beneficiary. Select this option if you are a second generation or greater beneficiary when the first-generation beneficiary was a spouse. (2nd or > Gen EDB- Sole Spouse)
Select this option if you are a second generation or greater beneficiary when the first-generation beneficiary was a minor son or daughter (under the age of 18) of the original account owner. (2nd or > Gen EDB-Minor) Select this option if you are a second generation or greater beneficiary when the first-generation beneficiary was an eligible designated beneficiary and was eligible for Life Expectancy payments and was not the spouse or minor direct decedent of the original account owner. (2nd or > Gen EDB-Other)
Select one of the following payment options
Establish a succeeding beneficiary IRA under the 10-year rule. Establish a beneficiary IRA and take a lump sum distribution as indicated in section 9, distribution payment options. Beneficiary of a deceased, non-eligible designated beneficiary Select this option if you are a second generation or greater beneficiary when the first-generation beneficiary was a non-eligible designated beneficiary who was not eligible for Life Expectancy payments. (2nd or > Gen DB) Select one of the following payment options
Establish a succeeding beneficiary IRA continuing the 10-year rule from the original beneficiary. Establish a beneficiary IRA and take a lump sum distribution as indicated in section 9, distribution payment options. 4. Designation of beneficiary(ies)
The following individual(s) or entity(ies) shall be my primary and/or contingent beneficiary(ies). If neither primary nor contingent status is indicated, the individual(s) or entity(ies) will be deemed my primary beneficiary(ies). If more than one primary/contingent beneficiary is designated and no distribution percentages are indicated, the beneficiaries will be deemed to own equal share percentages in the Beneficiary IRA. If any primary or contingent beneficiary predeceases me, his or her interest and the interest of his or her heir(s) shall terminate completely, and the percentage share of any remaining beneficiary(ies) shall be increased on a pro rata basis, unless I have indicated otherwise by checking the “per stirpes” box. A per stirpes beneficiary designation means that the interest of any primary and/or contingent beneficiary who predeceases me will go to his or her heir(s) in equal shares, unless otherwise specified. If no primary beneficiary(ies) survives me, the contingent beneficiary(ies) shall acquire the designated shares of my Beneficiary IRA. If no beneficiary(ies) survives me, my beneficiary shall be my estate, or if none, the individual(s) who would have inherited my estate had one existed. Check here for per stirpes beneficiary designation. By selecting this option, you are negating the standard per capita beneficiary designation. Additional information may be required from the executor or personal representative of your estate for final distributions. To name additional beneficiaries, please check here, then complete and attach a new copy of this page. Choosing beneficiaries and methods of distribution can be very complex and can have significant impacts on various tax situations. We strongly recommend working with a qualified legal or tax advisor when making your selections. Primary Contingent
Name of beneficiary Social Security number / Taxpayer identification number Relationship: Spouse Non-spouse Non-person (trust, estate, charity, etc.) % Date of birth (MM/DD/YYYY) Share
Primary Contingent
Name of beneficiary Social Security number / Taxpayer identification number Relationship: Spouse Non-spouse Non-person (trust, estate, charity, etc.) % Date of birth (MM/DD/YYYY) Share
Primary Contingent
Name of beneficiary Social Security number / Taxpayer identification number Relationship: Spouse Non-spouse Non-person (trust, estate, charity, etc.) % Date of birth (MM/DD/YYYY) Share
page 4 of 9
4. Designation of beneficiary(ies) continued
Primary Contingent
Name of beneficiary Social Security number / Taxpayer identification number Relationship: Spouse Non-spouse Non-person (trust, estate, charity, etc.) % Date of birth (MM/DD/YYYY) Share
If you reside in a community or marital property state, you and/or your spouse must complete this section. (Complete only if you reside in AZ, CA, ID,LA, NV, NM, TX, WA, WI)
Current marital status
I am not married (Check this box if you are unmarried or widowed.) – I understand that if I become married in the future, I must complete a new Beneficiary Designation form.
I am married – I understand that if I choose to designate a primary beneficiary other than my spouse, my spouse must complete the Spousal Consent section below.
Special laws apply to the designation of an IRA beneficiary by a married person residing in a “community property” or “marital property” state. If you are married, reside in one of these states, and have not designation your spouse as your sole primary beneficiary, your spouse must sign the Spousal Consent stating that you are may name someone other than your spouse as beneficiary. The Spousal Consent must be medallion signature guaranteed.
Spousal consent
I am the spouse of the account owner named in Section 2. I acknowledge I have received a fair and reasonable disclosure of my spouse’s property and financial obligations. Due to the important tax consequences of giving up my interest in this IRA account, I have been advised to see a tax advisor. I hereby consent to the beneficiary designation(s) indicated in this section. I assume full responsibility for any adverse consequences that may result. No tax or legal advice was given to me by the Custodian, Principal Shareholder Services, Inc, or its Agents. Signature of spouse Date (MM/DD/YYYY) Medallion signature guarantee 5. Document delivery preferences
Electronic delivery (eDelivery) Consent
By providing your email address, you consent to receive email notifications when your regulatory documents (prospectuses, annual and semi-annual reports), quarterly statements, tax forms, and proxy statements are ready to be viewed online at principalfunds.com1. You will be notified by email when a document becomes available for you to view. All documents posted to the website will be available in HTML format and/or Portable Document Format (PDF). If using the PDF version, the Adobe Acrobat Reader software required to view them is available free of charge from Adobe's website adobe.com. Email address (required for eDelivery):
Paper delivery selection
If you prefer to receive any of the documents in paper form, please select the applicable box(es) below: Quarterly statements
Tax forms
Proxy statements
Regulatory documents (prospectuses, annual and semi-annual reports) Prospectuses
Annual and semi-annual reports Receive postcard via mail that report is online OR Receive full booklet via mail
(If you do not elect to have eDelivery, you will receive notification via postcard if no selection is made.) Your consent will remain in effect until revoked by you. If at any time eDelivery is not possible, you will be notified by mail with instructions to restore the service. Delivery of mutual fund documents following initial notification will be mailed to your address of record in paper form if service is not restored. You must have a valid, active email address to be eligible for this service. You may change your consent, update your email address, or opt to receive paper communication at any time by visiting us at principalfunds.com/edelivery or by calling us at 1-800-***-**** Monday-Friday from 7:00 am to 7:00 pm Central Time.
1Certain entity accounts such as estate accounts may not be eligible for eDelivery of quarterly statements or tax forms. page 5 of 9
6. Designated contact
Principal Funds mails a written notice to the last known address of account owners to inform them that, either due to no activity in the account or an invalid address, the assets in the account may be delivered to the state in which the account owner resides. This notice is based on each state's unclaimed property rules.
As an account owner, you may designate an individual as a contact, in the event your account is considered unclaimed property, either due to an invalid address or inactivity in your Principal Funds' account. This designated contact would receive notice by mail, in an attempt to notify you of the possibility of assets being delivered to the state. An account owner is not required to designate a contact and the contact does not have any rights to the account. To designate a contact to receive this unclaimed property notice, please complete the section below: Contact name
Legal street address (no PO box addresses), City, State, Zip) Contact phone number Email address
7. Reduced sales charges
If you are investing $50,000 or more, your purchases of Principal Funds Class A shares may qualify for a Rights of Accumulation (ROA) discount. It is the responsibility of the shareholder and the Financial Professional to notify Principal Funds at the time of purchase if the initial sales charge should be reduced. Please review the prospectus for detailed information regarding your ROA options. If you have Principal Funds held directly with a brokerage firm or a Scholars Edge 529 Plan, please include your most recent account statement(s) with the new application and any future purchases. Rights of Accumulation (ROA) for Class A Shares
I own Class A, C, or J shares in other Principal Funds accounts (excluding initial purchases in Principal Funds Money Market Class A shares) which may entitle this purchase to have a reduced sales charge under the provisions in the current Principal Funds prospectus. My other account numbers, including accounts held by my spouse, domestic partner, children under 25, dependents for whom I serve as legal guardian, and trusts created by or primarily for the benefit of such persons, are listed below. Applicable account number(s)
I/We own Class A, C, or R units in the Scholars Edge 529 plan which may entitle this purchase to have a reduced sales charge under the provisions in the current Principal Funds prospectus. My account numbers, including accounts held by my spouse, domestic partner, parent, legal guardian, child, sibling, stepchild, and father- or mother-in-law are listed below. Applicable Scholars Edge 529 Plan account number(s) 8. Investment direction
The funds will be invested in the same allocation as the decedent's account unless otherwise indicated below.
%
Fund name Fund number
%
Fund name Fund number
%
Fund name Fund number
page 6 of 9
9. Distribution payment options
Please indicate if you would like a one-time distribution –OR– to establish systematic distributions. To take your distribution in installments, please indicate the beginning date and method of distribution. If you do not select a withdrawal frequency, Principal Funds will establish a monthly withdrawal. If you do not select a day, we will process your withdrawal on the 15th day of each withdrawal period. If you selected a Life Expectancy option in Section 3, you must complete this section.
A. Please select one of the following distribution payment options. Section B must be completed for Partial Distributions or Systematic Withdrawals. Balance of account
Partial distribution Dollar amount $
Systematic withdrawal plan (SWP) beginning on (MM/DD/YYYY) Distribution Method Frequency
Life expectancy (distributions will be made pro-rata) Monthly Semiannually Fixed amount $ Quarterly Annually
B. Please select one of the partial distribution options below. Systematic Withdrawals must meet the $100.00 per fund minimum. Note: If no allocation is selected, your distribution will be taken from your account Pro Rata1. Take my partial distributions: Pro rata* – OR – All funds in equal amount – OR – As indicated below:
$ – OR – %
Fund name Fund number
$ – OR – %
Fund name Fund number
$ – OR – %
Fund name Fund number
1Pro Rata distribution will be taken from your account based on share balances at the time the distribution is processed. Please allow up to 3 business days if the proceeds are being sent electronically or up to 10 calendar days to receive a check. 10. Proceeds instructions
Principal Funds offers several payment methods for your distribution. Please review and choose one of the options below. To verify if your account is already linked to a bank account, please call Principal Funds at 800-***-****. If transferring money to another company, please consult with that custodian to obtain appropriate account transfer paperwork. Deposit into bank account ON FILE1 ACH Wire ($10.00 fee) Deposit into bank account NOT ON FILE1 ACH Wire ($10.00 fee) Direct proceeds into new non-retirement account (Please attach a completed application) Direct proceeds into existing Principal Funds non-retirement account # Mailing address of record
Overnight check to address of record ($15.00 fee)
1If no option is elected, we will send the proceeds via ACH 11. Bank information
Automated Clearing House (ACH) redemptions are transferred free of charge on the second business day following the request. Bank Wire redemptions are transferred the following business day, if requested before the close of the New York Stock Exchange. Principal Funds charges a $10 fee each time funds are sent by Bank Wire. Your bank may also charge a fee. It may take additional business days for your bank account to reflect this activity. If establishing a Systematic Withdrawal Plan (SWP), please allow 3 business days for your bank account information to be established and validated. Bank name ABA routing number Bank account number
Checking account (please tape a preprinted voided check below) Savings account (please tape a preprinted deposit slip or proof of account1 from your banking institution) 1Proof of account must include bank account registration, bank account number, ABA routing number and include a bank employee signature on bank letterhead. page 7 of 9
12. Tax withholding
I have reviewed the below “Withholding Notice”. If tax withholding applies, it will be taken from the distribution amount requested. If CDSC applies, it will be taken above the distribution amount requested. Federal tax withholding
I understand that 10% of my distribution will be withheld for Federal Income Tax unless I make a different election below. No tax will be withheld from a Roth IRA unless instructed to do so. I elect NOT to have federal income tax withheld.
Please withhold federal income tax at the following percentage: % (whole percentage only) State tax withholding
Check one of the following boxes to indicate whether you wish to have state income taxes withheld. State tax withholding may apply even if you do not check a box below. Also, some states do not offer state tax withholding. Refer to the Withholding Notice below for specific information concerning your state.
Please indicate your state of residence for state tax withholding purposes: I elect NOT to have state income tax withheld.
Please withhold state taxes in the amount of $ OR % (whole percentages only) Note: You are urged to discuss distributions from a Roth IRA with your tax advisor before making a withholding election. Many Roth IRA distributions are partially or wholly nontaxable.
Withholding notice
Tax withholding elections are designated with each transaction request. Withholding elections for Systematic Withdrawal plans remain in effect until instructions are received to change it.
Federal Tax Withholding
Distributions from your IRA are subject to federal income tax withholding in the amount of 10% unless you elect not to have withholding apply. Distributions from your Roth IRA are not subject to income tax withholding unless you elect to have withholding apply. State Tax Withholding
If federal income tax withholding is applied to your distribution, your state may also require state income taxes to be withheld. State laws regarding tax withholding are subject to change at any time without notice. Please see your tax advisor for additional information. Depending on your state of residency, the following rules apply:
If your state of residence has: Your options for state tax withholding are: Mandatory State Withholding If you elect federal tax withholding, state tax withholding will be applied, and will be calculated based on your state’s applicable minimum requirements. You may also elect a specific dollar amount, however, your requested amount must be equal or greater than your state’s minimum withholding requirement, otherwise we will apply your state’s applicable minimum withholding requirement. Non-Participatory State Withholding You may not elect state tax withholding. State tax withholding is not available even if your state has state income taxes.
Voluntary State Withholding You may elect voluntary state income tax withholding. You must provide a specific dollar amount to be applied for state tax withholding.
Regardless of whether you elect to have federal, and if applicable, state tax withholding apply, you are liable for the payment of federal income tax, any state or local taxes, and any penalties which may apply to your distribution. You also may be subject for tax penalties under the estimated tax payment rules if your estimated tax payments and withholding are not adequate. IRS Publication 505 should be reviewed, especially by new retirees. page 8 of 9
13. Disclosures/taxpayer certification/account owner signatures Important information about procedures for opening a new account. To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify and record information that identifies each person who opens an account. This means that when you open an account, we will ask for your name, legal street address, date of birth, Social Security Number, and/or information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. If we are unable to verify your customer information, we may close your account or take such other steps as we deem appropriate. Disclosures and Agreement
I hereby establish a Principal Funds Traditional Individual Retirement Arrangement (IRA)/Roth Individual Retirement Arrangement (IRA) and appoint Principal Life Insurance Company as Custodian and I acknowledge that Principal Shareholder Services, Inc and its appointed sub transfer agent, act as Agent for the Custodian. I direct that contributions to my Traditional/Roth IRA be invested as specified by this Application. I understand the Disclosure Statement and the Custodial Agreement are parts of this Application and I agree to their terms. I am of legal age, have received and read the IRA Disclosure Statement, Custodial Agreement and prospectus, agree to their terms and understand that by signing below:
(a) neither Principal Shareholder Services, Inc nor Principal Funds is a bank and the fund shares are not backed or guaranteed by any bank nor federally insured; (b) if I have provided other identification as an alternative to a Social Security Number within Section 1 of the Application, I certify the information provided is currently accurate and valid; (c) I hereby ratify any instructions given on this account and any account into which I exchange relating to items on the Application and agree that neither the Funds, Principal Shareholder Services, Inc, nor its Agents will be liable for any loss, cost or expense for acting upon such instructions (in writing, or by telephone or Internet, if telephone or Internet transactions may be effected for this account) believed by it to be genuine and in accordance with the procedures described in the prospectus; (d) by signing below, I consent to having mailings of prospectuses and other fund materials for my account combined with mailings for other accounts held by members of my household to avoid receipt of multiple copies. I also understand that my account information will be included with other household accounts on the same quarterly and annual statements; (e) accounts linked together in the same household for mailing and/or consolidated statement purposes allow the owner(s) of any linked accounts to request address changes and/or address corrections to the entire portfolio; (f) I have been advised by the Custodian or by the Custodian’s Agents to consult with my legal or tax advisor regarding the possible tax consequences of distributions. I acknowledge that the Custodian, Principal Shareholder Services, Inc, and/or its appointed sub transfer agent, shall not be held responsible for the authenticity of instructions received by telephone (which shall be recorded) reasonably believed to be genuine and I will bear the risk of possible losses resulting from an unauthorized and fraudulent telephone transaction; (g) if banking information has been provided in Section 11 of the Application, I understand ACH purchase/redemption proceeds are transferred on the second business day following the request, at no charge, and bank wire purchase/redemption proceeds are transferred on the next business day if requested before the close of the New York Stock Exchange, for a fee; (h) it is my responsibility to read the prospectus; (i) I represent and warrant that I have full right, power and authority to give the foregoing affirmations, certifications and authorizations and to make the investments applied for pursuant to the Application and, if signing on behalf of the beneficial owner, represent and warrant I am duly authorized to sign this Application and to purchase, exchange and redeem shares, or if an account is
Contact this candidate