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Products April 6, 2001
OppenheimerFunds Rolls Out Small Plan Retirement Program
June 16, 2000 (PLANSPONSOR.com) - OppenheimerFunds
Friday announced the recent launch of a new retirement
program for businesses with fewer than 50
employees.
Reported by editors@plansponsor.com
The plan, named Pinnacle Ascender, is a full-service, bundled turnkey program. Plan participants will be able to get daily valuations of their accounts as well as conduct transactions online. The plan features diversified investments, employee communications, recordkeeping and administration and trustee services.
“Historically, smaller businesses haven’t been able to offer 40l(k) plans to their employees, while companies with more than 50 employees have been well served for years,” said John Stoma, senior vice president and director of retirement plans at Oppenheimer. “In most cases, employers believed the plans to be too costly. With Ascender, we plan to change that perception.”
Stoma added that during Ascender’s first week of operations, targeted companies and their advisors requested over 230 plan proposals. The plan was introduced June 1.