The T. Rowe Price Summit Program is our tiered benefits program designed to equip you with exclusive benefits to help you invest more confidently. As you save more for retirement, college, and other goals, you gain entry to more benefits that reward you for investing directly with T. Rowe Price. We look forward to supporting your efforts with world-class services and expertise.

Assignment to a benefit tier is based on the amount of assets in qualifying accounts and other accounts that you or members of your Summit household have with T. Rowe Price. The program is subject to change without prior notice.

Eligibility for the Summit Program begins when you open and/or maintain a qualifying account with T. Rowe Price. The program offers tiers with expanding benefits. You can qualify for more benefits individually or in combination with others in your Summit household. Your Summit balance automatically includes assets held by you and all members of your Summit household in qualifying accounts. That makes it easier for you to maximize balances for program eligibility.

Summit Program Tiers

The Summit Program is a feature of qualifying accounts. Your Summit balance automatically includes all types of investments held in qualifying accounts by you and members of your Summit household.

Qualifying account types include:

To be included in the Summit Program, the qualifying account first must be owned by one or more individuals. Accounts owned by an entity, with the exception of an account registered in the name of an individual’s revocable trust, do not qualify. Qualifying accounts held for the benefit of a minor (UGMA/UTMA accounts), subject to a power of attorney, or held in the name of a revocable trust are counted as qualifying accounts of the taxable owner of the account (e.g., the minor in the case of an UGMA/UTMA account). Please see the FAQs on Summit households regarding the information that may be made available to the person(s) who controls such accounts. All types of qualifying 529 accounts are counted as the qualifying accounts of the account holder or the custodian, not of the beneficiary (if different).

If you have at least one qualifying account that meets the rules for the Summit Program and you are a participant in certain types of participant-directed workplace retirement plans serviced by T. Rowe Price, such as 401(k) or 403(b) plans, you may also be eligible to authorize us to consider the vested portion of your workplace plan account balance as part of your Summit balance. To authorize us to consider these accounts in your Summit balance, log in to review and agree to the terms and conditions. You also have the option to withdraw this authorization at any time using the same link. Our systems are designed to periodically assess for additional household assets, and your Summit balance will be updated to reflect authorized workplace plan account balances as part of that process. Therefore, upon providing authorization, your workplace plan account balance may not be immediately reflected in your Summit balance and tier status.

Although these retirement plan accounts can contribute to your Summit balance for program tier eligibility, they will not receive product-level benefits.

Log in to view your Summit tier. For many clients, the Summit balance that determines tier status will correspond to the client’s total portfolio balance because their Summit balance reflects the assets they hold in qualifying accounts.

If your tier status differs from what you expect based on your total portfolio balance, it may be because:

The Summit Program is T. Rowe Price’s revamped benefits program that offers preferred access to products and services from T. Rowe Price.

I Class is a lower-cost share class than our Investor Class shares. Fees for I Class shares are 20% lower,¹ on average, than our Investor Class shares. Clients with $500,000 exclusively in I Class shares would save, on average, $650 in the first year alone compared with the same amount in Investor Class shares.

Clients assigned to the Personal Services tier ($500,000 Summit balance) or the Enhanced Personal Services tier ($1 million Summit balance) of the Summit Program have preferred access to I Class shares of T. Rowe Price mutual funds with a lower investment minimum of $50,000 per fund. The investment minimum must be satisfied per qualifying fund account.

Outside the Summit Program, the minimum investment amount for I Class is generally $500,000 per fund for each account registration.

If you do not maintain the investment minimum requirements for I Class, the shares may be converted back to Investor Class shares.

What if I’m a T. Rowe Price ActivePlus Portfolios^® client?

Clients assigned to the Personal Services tier ($500,000 Summit balance) or the Enhanced Personal Services tier ($1 million Summit balance) of the Summit Program are eligible for I Class shares for each ActivePlus Portfolios^® account with a balance of $185,000 or more at the ActivePlus Portfolios^® account level, regardless of individual fund balances.

In most cases, no further action is required by you to take advantage of the automated approach to I Class conversions, when eligible.

Certain circumstances could prevent the automated conversion process from occurring, including:

You may contact us at 1-800-779-4393 if you would like to convert your eligible holdings sooner or to opt out of an automated conversion to I Class.

When eligible, converting from Investor Class to corresponding I Class shares of the same mutual fund is generally free of charge and not a taxable event.

However, the conversion of some Retirement Funds, such as T. Rowe Price Retirement 2030 Fund or T. Rowe Price Retirement Balanced Fund, could create a taxable event. In these cases, the Retirement Funds are not eligible for automatic conversion. We can convert these funds as long as you are aware of and accept any tax consequences of this transaction.

When eligible, converting from Investor Class to corresponding I Class shares of the same mutual fund is free of charge and tax-free (except as noted below) and maintains the same account number.

T. Rowe Price will make reasonable efforts to notify you when one or more of your mutual fund accounts is eligible for I Class. Such notice will provide information about periodic, automated I Class conversion opportunities. The next automated I Class conversion process is planned for the first quarter of 2022.  We expect to send notices to clients with eligible accounts in January to begin the automated process. You also may contact us to request conversion from Investor Class to I Class for eligible accounts.

If a transaction(s) involving your Investor Class shares occurs after-market hours and coincides with converting your shares from Investor Class to I Class, then the transaction(s) will be updated to involve your I Class account, and you will receive a confirmation of the activity.

If you have opted out of the automated transfer of eligible accounts from Investor Class to I Class shares, your decision will apply to future I Class conversion opportunities across your qualifying accounts. T. Rowe Price will not notify you of future I Class eligibility and will not automatically convert shares. You may update this direction at any time by contacting us.

There are circumstances that could prevent the automated conversion process from occurring, including:

If you have questions, please contact us.

Automated I Class conversion processes occur quarterly. T. Rowe Price will make reasonable efforts to notify you when one or more of your mutual fund accounts is eligible for I Class. Such notice will provide information about periodic, automated I Class conversion opportunities. You may contact us at 1-800-779-4393 if you would like to convert your eligible holdings sooner.

If you have opted out of the automated transfer of eligible accounts from Investor Class to I Class shares, your decision will apply to future I Class conversion opportunities across your qualifying accounts. T. Rowe Price will not notify you of future I Class eligibility and will not automatically convert shares. You may update this direction at any time by contacting us.

The key difference between Investor Class and I Class shares are the fees or cost of ownership associated with the shares.  I Class shares of our mutual funds generally have lower costs relative to Investor Class shares. Other than fees, I Class and Investor Class shares reflect the same shareholder rights with respect to the underlying portfolio of securities. When converting from Investor Class to corresponding I Class shares of the same mutual fund, your assets remain invested in the same strategy, the conversion is free of charge and tax-free (except as noted below), and you maintain the same account number. However, ticker symbols differ between share classes of the same fund.

Investments in certain retirement funds, such as T. Rowe Price Retirement 2030 Fund or T. Rowe Price Retirement Balanced Fund, are not eligible for automatic conversion because the conversion could create a taxable event for you. We can convert your fund as long as you are aware of and accept any tax consequences of this transaction.

Certain T. Rowe Price mutual funds (known as “closed funds”) are generally closed to new investors and new accounts. Clients assigned to the Select Services tier ($250,000 Summit balance) or higher of the Summit Program have preferred access to closed funds in their qualifying accounts. Investment minimums and other information about closed funds are specified in each fund’s prospectus.

The 529 portfolios have access to closed T. Rowe Price funds, regardless of participation or status in the Summit Program.

Investors who are not already in the Select Services tier ($250,000 Summit balance) or higher, but who wish to access T. Rowe Price closed funds, may do so with a single- or multi-fund purchase of at least $250,000. This purchase must be made by working directly with a T. Rowe Price associate and cannot be conducted online. Investors may also access T. Rowe Price closed funds via direct IRA rollover. For any questions or to proceed with a qualifying purchase, please contact us.

You can view your current program tier when you log in.

If you have a valid email address on file with us, we will email future notifications about your program status to you. Otherwise, we will mail them to you.

In cases when another individual can act on your behalf, in a role such as a custodian, guardian, or agent under a power of attorney, that individual also will receive notifications to provide awareness when your status within the Summit Program changes.

Starting at the Select Services tier ($250,000 Summit balance), you receive a complimentary Morningstar^® Premium membership. If you already have a Morningstar subscription through T. Rowe Price and maintain eligibility, it remains available to you. If this benefit is new to you, please note that we are updating systems, and you will be able to sign up for the subscription in early 2022.

At the Enhanced Personal Services tier ($1 million Summit balance), you also receive a complimentary subscription to Kiplinger’s Personal Finance magazine.

Access to these benefits requires online access to your T. Rowe Price accounts. If your status in the Summit Program makes you eligible for these benefits, log in to access them.

As a T. Rowe Price College Savings Plan, Maryland College Investment Plan, or Alaska 529 account holder, you have access to the wide range of exclusive Summit Program benefits aligned to your program status. It is important to note that the 529 portfolios invest in I Class shares of the underlying mutual funds where available, and the 529 portfolios have access to closed T. Rowe Price funds, regardless of your participation or status in the Summit Program.

The Summit Program enables clients to aggregate eligible account balances for the purpose of qualifying for program tiers and benefits. This is accomplished through the creation of households. The Summit Program includes an automated household feature designed to combine Summit members who meet certain criteria and maintain households over time, to the best of our ability. Clients can also contact us to request changes to their household. Once a Summit household is created, the assets within the qualifying accounts (and any authorized workplace retirement plan account balances) of all Summit household members count toward a combined Summit balance, which is used to assign each member of the Summit household to the same program tier and determine each of their eligibility for benefits.

Investors with at least one qualifying account held at T. Rowe Price may be automatically grouped into a Summit household if they meet all of the following criteria:

Automated processes are designed to run periodically to identify and maintain Summit households based on these criteria unless the investor opts out of the Summit household feature. T. Rowe Price will endeavor to systematically create Summit households for clients that meet the criteria above based on the information we have on record and maintain systematically created households over time (for instance, if one client leaves an address or changes their last name, their household may change). Generally, T. Rowe Price uses programs to help standardize addresses and last names (including hyphenated names) to increase the likelihood that investors with qualifying accounts will be grouped correctly and automatically. However, T. Rowe Price cannot guarantee this will occur in all cases. While T. Rowe will make its best effort to systematically create and maintain households, it is each client’s responsibility to manage their household status. You can check your Summit tier and contact us with questions or requests about your Summit household, including confirming the current members of your household. To provide you with your Summit balance, we will generally require the consent of all household members.

For clients with legacy households established per request in connection with the Select Client Services program, those households will continue under the Summit Program unless you contact us to opt out. However, we will not make future, automated changes to these households. For instance, we will not systematically add additional members in the future, but we can make manual updates at your request.

Clients will not be automatically combined with other clients as members of a Summit household if they previously opted out of a household in connection with the Summit Program or the Select Client Services Program. If you and all members of your household want to opt back in, please contact us.

If our automatic householding criteria does not apply to you, and you’re interested in being part of a Summit household with another client, we will require the consent of all potential household members. To proceed, please contact us. Please note that our automated householding systems are designed to systematically maintain households over time. For instance, if a household member changes their address or changes their name, they may be moved into a different household, or a new household might be created for the client through periodic automated processes. If you request to have other clients manually added to your household, we may not automatically maintain your household, and you should contact us to request any future changes.

Please note that we periodically calculate the Summit household balance that determines your tier status. Therefore, your Summit tier may not update immediately if the addition of one or more members would qualify your household for a higher tier.

You may opt out of the Summit household feature at any time if you do not wish to have your balances combined with other clients’ balances for purposes of the program. If you opt out of the household feature, your program tier will be based on the total assets you have in qualifying accounts on your own, in any of your authorized workplace retirement accounts, and in any qualifying accounts you own jointly with another person(s). Please note that for such joint accounts, the assets also will be included in determining program tier for the other owner(s) so no owner will be adversely impacted by a decision by any owner to opt out of the household feature. If you would like to opt out of the household feature or prefer not to be included with one or more members of your Summit household, please contact us.

If you have previously opted out of the household feature and would like to opt back in, please contact us.

The ongoing security and confidentiality of your accounts are of the utmost importance to T. Rowe Price.

T. Rowe Price will not share any information with any other members of your Summit household except:

While T. Rowe Price will not directly share your qualifying balance with other members of your Summit household, household members may be able to infer your total balance based on their own balances, your household tier status, and information about the household’s Summit balance.

Individuals who can serve on your behalf, or on the behalf of others in your Summit household, also may have visibility into this information. These persons include:

All other information related to your program membership and your accounts remains confidential. It will not be provided to others who do not otherwise have authority to receive or view your confidential information or perform transactions for you.