PAi Extends Relationship with OppenheimerFunds
DE PERE, WI, November 28, 2006 -- PAi, a firm specializing in outsourcing administration solutions for payroll and retirement plan services, has partnered with OppenheimerFunds, Inc. (OFI) to administer the company's Genesis 401k start up program.
"We're excited to be able to expand our relationship with OppenheimerFunds," said PAi President Michael Kiley. "Oppenheimer is a known and trusted name in the asset management industry. It was very satisfying that they decided to call on us to administer this program. This expanded partnership fits perfectly with our plans for continued growth."
The Genesis 401k program from OppenheimerFunds and PAi is offered in two full service programs: the PLAN4TEN is designed for employers with 10 or fewer employees, while the PLAN4MOST is available for all other plan sponsors and offers more plan design flexibility. The plan permits up to 15 fund investment options and plan sponsors can select up to 50% of their funds from outside fund groups. PAi supports the program with a range of communication tools through its Web site, call center and other communication avenues. Employers can also bundle the Genesis 401k program with PAi's full-service payroll solution PLANPAYROLL.
"We're extremely pleased to continue to work with PAi and build on our long-standing partnership," said John Stoma, Senior Vice President, Director of Retirement Plans, OFI. "PAi provides us with the administrative support we need to provide the products and services that financial advisors want, effectively and efficiently.
About PAi
PAi provides the financial services industry with payroll and retirement plan outsourcing administration solutions tailored for small business, servicing more than 6,500 employers with $3.3 billion in assets under administration and supporting more than 475,000 employees. For more information, visit the PAi Web site at www.pai.com.
About OppenheimerFunds
OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies. At September 30, 2006, OppenheimerFunds, Inc., including subsidiaries and controlled affiliates, managed more than $220 billion in assets, including mutual funds having more than 6 million shareholder accounts.
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