Principal Trust Company

I am in receipt of your January 21 , 2015 letter regarding the above referenced ID. I researched the matter and am providing additional information as well as a form that can help correct the situation.Principal Trust Company5M (Principal Trust) previously provided trust services for...

self-directed tax­ advantaged savings accounts. According to our records, this client established an Individual Retirement Account (IRA) with us in January 2006 through the firm [redacted] Company . In addition to the brokerage assets with [redacted] Company, the client had assets invested in CNL Lifestyle Properties, Inc. [redacted] Company closed the clients account in November 2006 and our records reflect that they instructed the assets in CNL Lifestyle Properties to be taken out of our name at that time as well.While this client's account has been closed on our records since November 2006, in October and December 2014 we received dividend payments from CNL Lifestyle Properties for the client's benefit. Because the client no longer had a valid IRA with Principal Trust, we paid the dividend out as a distribution to the customer. In doing so, we are required to withhold 10% for Federal tax withholding.Upon receipt of your letter, I contact CNL Lifestyle Properties. They indicated that this asset was never removed from Principal Trust's name as we previously believed. The client will need to transfer this asset to a successor IRA at this time by having the existing custodian of their IRA complete the enclosed form. We have completed the form for all information necessary of the current account custodian/trustee .Principal Trust made the strategic business decision to end our support for these types of self-directed tax­ advantaged savings accounts effective December 31, 2014. We are no longer in the business of acting as trustee of self-directed tax-advantaged savings accounts. As such, we can only assist this client in transferring this asset to a successor custodian. Please refer the client to me directly with any additional questions - [redacted]

Review: Principal Trust started to send checks from my IRA which I did not ask for nor requested any funds from my IRA and they even withheld Federal Taxes. I have tried to call Principal Trust with -0- response and written them letters with -0- response to get my IRA out of this company and they will not respond to me nor will they release any of my IRA Funds to transfer to another company.

I want away from this poorly run company. I spoke with a [redacted] from [redacted] Company she says cannot find my name in the system. I have a copy of a check from Principal Trust with plan number 0703/dw G and T number 001959545.

I want my account credited and the Federal Taxes reimbursed.

Business

Response:

I am in receipt of your January 21 , 2015 letter regarding the above referenced ID. I researched the matter and am providing additional information as well as a form that can help correct the situation.Principal Trust Company5M (Principal Trust) previously provided trust services for self-directed tax­ advantaged savings accounts. According to our records, this client established an Individual Retirement Account (IRA) with us in January 2006 through the firm [redacted] Company . In addition to the brokerage assets with [redacted] Company, the client had assets invested in CNL Lifestyle Properties, Inc. [redacted] Company closed the clients account in November 2006 and our records reflect that they instructed the assets in CNL Lifestyle Properties to be taken out of our name at that time as well.While this client's account has been closed on our records since November 2006, in October and December 2014 we received dividend payments from CNL Lifestyle Properties for the client's benefit. Because the client no longer had a valid IRA with Principal Trust, we paid the dividend out as a distribution to the customer. In doing so, we are required to withhold 10% for Federal tax withholding.Upon receipt of your letter, I contact CNL Lifestyle Properties. They indicated that this asset was never removed from Principal Trust's name as we previously believed. The client will need to transfer this asset to a successor IRA at this time by having the existing custodian of their IRA complete the enclosed form. We have completed the form for all information necessary of the current account custodian/trustee .Principal Trust made the strategic business decision to end our support for these types of self-directed tax­ advantaged savings accounts effective December 31, 2014. We are no longer in the business of acting as trustee of self-directed tax-advantaged savings accounts. As such, we can only assist this client in transferring this asset to a successor custodian. Please refer the client to me directly with any additional questions - [redacted]