the Investment Manager, as defined in ERISA, for the purpose of managing funds in the Separate Account.
PrinREI will act as investment manager of the Fund and the Portfolio. Through its ownership of the GP, PrinREI will have indirect general partner fiduciary responsibility under state law to the Fund and the Portfolio. Because of PrinREI's ownership of the general partner of the Portfolio, and its role as the Portfolio's investment manager, it will be involved in the management of the REIT LLC's and REIT Subs.
If I want to invest more money, where will my new contributions be invested? Additional contributions will be invested in the Separate Account. The Separate Account in turn will invest in the Portfolio or use the contributions to invest in properties.
Plan sponsors with the Separate Account active in their investment option lineup need to provide their affirmative approval or disapproval of the transaction. How do I approve or disapprove of the changes to the Separate Account?
Please call your Principal® representative indicating your approval or disapproval no later than Dec. 15, 2020.
If you provide affirmative approval, your organization's plan will remain invested in the Separate Account, subject to the changes described in this notice.
If you disapprove of the transaction, you must request a redemption of your Plan's units as described in your Plan's group annuity contract with Principal Life prior to Dec. 15, 2020.
Your redemption request may be subject to a withdrawal limitation until such time as the withdrawal limitation is lifted.
o The Fund will not invest in the Portfolio until such time that any plans that do not approve the transaction have redeemed their units.
If you do not provide affirmative approval or disapproval prior to Dec. 15, 2020, you will remain invested in the Separate Account and will be deemed to have approved the Separate Account structure changes described in this notice.
If you have any questions about the changes to the Separate Account, you should contact your Principal® representative.
If you're a plan sponsor with the Separate Account active in your investment option lineup, your Principal representative, Principal Life, or its affiliates will not provide you advice regarding whether to approve or disapprove the changes, or whether to remain invested in the Separate Account. Any information that we provide you about the changes to the Separate Account is not intended to be investment advice for purposes of ERISA or any other applicable law. You should consult your Plan's advisers to aid you in making these determinations.
Before directing retirement funds to a separate account, investors should carefully consider the investment objectives, risks, charges and expenses of the separate account as well as their individual risk tolerance, time horizon and goals. For additional information contact us at 800-547-7754 or by visiting principal.com.
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