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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
Minimum Summit Balance Select Services
Enhanced Personal Services
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:
Roth and Traditional individual retirement accounts (IRAs)
Single-participant small business retirement plans (SARSEP, SEP-IRA, SIMPLE IRA)
Owner-only Individual 401(k)
T. Rowe Price College Savings Plan
Maryland College Investment Plan
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 eligibility of benefits for each.
The 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.
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.
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 shares, the shares may be converted back to Investor Class shares.
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 and indicate your desire to link your retirement plan accounts. To complete the process, you will need 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.
*T. Rowe Price Summit Program membership includes clients invested in 529 plans managed by us. 529 portfolios managed by T. Rowe Price invest in I Class shares of the underlying mutual funds where available and have access to closed T. Rowe Price funds, regardless of participation or status in the Summit Program.
1As of 9/30/2022. This calculation is based on a hypothetical $500,000 investment in Investor Classes with an average expense ratio of 0.64% (for an annual cost of $3,200) versus I Classes with an average expense ratio of 0.50% (for an annual of cost of $2,500). These expense ratios are net of fee waivers. Fund expenses change over time; please refer to our mutual fund prospectuses for complete information about expenses, fees, and other information to consider before investing.
2Morningstar gives its best ratings of 5 or 4 stars to the top 32.5% of all funds (of the 32.5%, 10% get 5 stars and 22.5% get 4 stars) based on their risk-adjusted returns. The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics. As of 12/31/2022, 5 of 6 of our closed funds (Investor Class only) rated by Morningstar received an overall rating of 5 or 4 stars. Past performance cannot guarantee future results.
The Morningstar Rating™ for funds, or "star rating," is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
3Consider all available options, which include remaining with your current retirement plan, rolling over into a new employer's plan or IRA, or cashing out the account value. When deciding between an employer-sponsored plan and IRA, there may be important differences to consider, such as range of investment options, fees and expenses, availability of services, and distribution rules (including differences in applicable taxes and penalties). Depending on your plan's investment options, in some cases, the investment management fees associated with your plan's investment options may be lower than similar investment options offered outside the plan.
Summit Program benefits may be provided through T. Rowe Price Services, Inc., or its affiliates.
T. Rowe Price Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.