The new service, Tru(k)ourse, packages three features of the PPA – automatic enrollment, automatic deferral increases, and qualified default investment alternative (QDIA) fiduciary relief – in an easy to implement solution.
Tru(k)ourse offers the following capabilities:
- Automatic enrollment of eligible employees into the plan at a minimum deferral rate,
- Increasing of participants’ deferral rates annually until they reach a maximum rate, and
- Investing of plan contributions in the designated OppenheimerFunds QDIA if a participant fails to select his or her own plan investments, including the ability to automatically select funds for participants based on their ages.
“Consistent with our “Plans that Work’ approach, we believe it is crucial to be forward looking when it comes to evaluating and providing fiduciary tools that will help plan sponsors manage their obligations more efficiently,” said Rick Fuerman, VP, OppenheimerFunds Retirement Services, in a news release.
More information about OppenheimerFunds can be found at their Web site: www.oppenheimerfunds.com.