OppenheimerFunds said the enhancements eliminate installation fees and reduce proprietary fund requirements for certain plans. Pinnacle and Record(k)eeper Pro installation fees have been eliminated for all plans with at least $3 million in total assets.
According to a release, for Pinnacle plans, the reduced proprietary fund requirements allow more flexible fund selection and greater diversification among fund managers. The Pinnacle updates include:
- Plans with $500,000 or less in total assets: 10 of 20 funds may be from outside managers.
- Plans with $500,000 to $3 million in total assets: 14 of 20 funds may be from outside managers.
- Plans over $3 million in total assets: no requirements.
More information is availabe at www.oppenheimerfunds.com.