Pershing Streamlines Annuity Processing
Pershing affiliate iNautix is introducing paperless annuity processing for introducing broker-dealers.
The new program is designed to reduce costs and improve efficiency, accuracy and compliance oversight by automating the application process.
Available on Pershing's "Subscribe" platform, the system allows approved client documents to be sent electronically to the Depository Trust & Clearing Corporation for their transmission to carriers instead so that clients will not have to mail or fax paper documents.
OppenheimerFunds Awarded Plan
OFI Private Investments Inc., a subsidiary of OppenheimerFunds Inc., will oversee the operations and investments of the Private College 529 Plan, which allows participants to prepurchase tuition at more than 275 U.S. private colleges and universities.
The Tuition Plan Consortium recently re-launched the Independent 529 Plan as the Private College 529 Plan and at the same time transitioned operations and investments to OFI.
The Private College 529 Plan allows families to purchase tuition credits at private institutions that may be redeemed at any participating school for up to 30 years. Participants lock in tuition rates when they purchase but don't have to commit to a school until the student applies to college. If the student decides not to go to college or chooses a school not in the plan, the participant can change the beneficiary to an eligible family member, roll the account into another 529 plan or request a refund.
For more information, visit www.privatecollege529.com.