Form 11-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 11-K

 

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT of 1934

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File No. 1-12043

 

A. Full title of the plan and address of the plan, if different from that of the issuer named below:

OPPENHEIMER & CO. INC. 401(k) PLAN

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

OPPENHEIMER HOLDINGS INC.

125 Broad Street

New York NY 10004

 

 

 


Table of Contents

REQUIRED INFORMATION

Item 1. Not applicable

Item 2. Not applicable

Item 3. Not applicable

Item 4. Financial Statements and Supplemental Information


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Financial Report

December 31, 2011


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

     Contents  

Report Letter

     1   

Statement of Net Assets Available for Plan Benefits

     2   

Statement of Changes in Net Assets Available for Plan Benefits

     3   

Notes to Financial Statements

     4-11   

Schedule of Assets Held at End of Year

     Schedule 1   


Table of Contents

Report of Independent Registered Public Accounting Firm

To the Participants and the Administrator

Oppenheimer & Co. Inc.

401(k) Plan

We have audited the accompanying statement of net assets available for plan benefits of Oppenheimer & Co. Inc. 401(k) Plan (the “Plan”) as of December 31, 2011 and 2010 and the related statement of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Plan as of December 31, 2011 and 2010 and the changes in net assets for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held at end of year as of December 31, 2011 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

Auburn Hills, Michigan

June 19, 2012

 

1


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Statement of Net Assets Available for Plan Benefits

 

     December 31  
     2011      2010  

Assets

     

Participant-directed investments:

     

Money market funds

   $ 30,273,122       $ 33,409,519   

Mutual funds

     177,439,925         174,686,019   

Oppenheimer Holdings Inc. - Common stock

     20,401,324         30,197,432   

Cash surrender value of life insurance policies

     430,049         404,474   
  

 

 

    

 

 

 

Total investments at fair value

     228,544,420         238,697,444   

Contributions receivable:

     

Employer

     2,321,010         3,335,515   

Employees

     —           223,731   
  

 

 

    

 

 

 

Total contributions receivable

     2,321,010         3,559,246   

Cash

     27,098         66,882   

Participant notes receivable

     6,198,980         6,122,991   
  

 

 

    

 

 

 

Net Assets Available for Plan Benefits

   $ 237,091,508       $ 248,446,563   
  

 

 

    

 

 

 

See Notes to Financial Statements.

 

2


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Statement of Changes in Net Assets Available for Plan Benefits

 

     Year Ended December 31  
     2011     2010  

Additions

    

Contributions:

    

Employees

   $ 21,298,572      $ 21,200,365   

Employer

     2,277,929        3,149,115   

Rollover

     2,477,592        2,533,166   
  

 

 

   

 

 

 

Total contributions

     26,054,093        26,882,646   

Investment income (loss):

    

Interest and dividends

     4,568,068        3,237,496   

Net realized and unrealized gains (losses):

    

Mutual funds

     (9,061,296     18,947,172   

Common collective funds

     —          407,260   

Oppenheimer Holdings Inc. - Common stock

     (10,288,257     (7,555,513
  

 

 

   

 

 

 

Total investment (loss) income

     (14,781,485     15,036,415   

Interest from participant notes receivable

     320,633        322,965   
  

 

 

   

 

 

 

Total additions

     11,593,241        42,242,026   

Deductions

    

Benefits paid to participants and beneficiaries

     22,858,848        16,142,167   

Administrative expenses

     76,088        70,428   

Life insurance premiums

     13,360        13,636   
  

 

 

   

 

 

 

Total deductions

     22,948,296        16,226,231   
  

 

 

   

 

 

 

Net (Decrease) Increase in Net Assets Available for Plan Benefits

     (11,355,055     26,015,795   

Net Assets Available for Plan Benefits

    

Beginning of year

     248,446,563        222,430,768   
  

 

 

   

 

 

 

End of year

   $ 237,091,508      $ 248,446,563   
  

 

 

   

 

 

 

See Notes to Financial Statements.

 

3


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

Note 1 - Description of the Plan

The following description of the Oppenheimer & Co. Inc. 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the plan agreement for a more complete description of the Plan’s provisions.

General - The Plan is a defined contribution plan covering all eligible employees of Oppenheimer & Co. Inc. (the “Company”). Employees of the Company who are at least 18 years of age shall be eligible to make elective deferrals into the Plan upon date of hire. Participants who are at least 18 years of age and who have completed one year of service and are employed on the last day of the plan year shall be eligible to receive a discretionary contribution.

During the plan years ended December 31, 2011 and 2010, as permitted under the plan agreement, the Plan adopted new formulas used in computing the discretionary contributions from the Company.

Contributions - Employees may make salary deferral contributions up to 50 percent of compensation subject to tax deferral limitations established by the Internal Revenue Code. Participants who have reached the age of 50 by the end of the plan year may also make catch-up contributions to the maximum allowed by the Plan. Participants may also make contributions to the Plan in the form of a rollover of funds from another qualified plan (excluding any after-tax contributions) or IRAs.

The Company may contribute to the Plan a discretionary amount (the “Employer Discretionary Contribution”). The Employer Discretionary Contribution is determined by the Company’s Board of Directors and is subject to guidelines set forth in the Plan agreement.

Employer Discretionary Contributions, including amounts allocated for rebates received, for the year ended December 31, 2011 were determined as follows:

 

   

1.50% of the first $40,000 of a participant’s compensation

 

   

0.65% of the next $25,000 of a participant’s compensation

 

   

0.6725% of the next $35,000 of a participant’s compensation

 

   

0.1575% of the next $65,000 of a participant’s compensation

Employer Discretionary Contributions, including amounts allocated for rebates received, for the year ended December 31, 2010 were determined as follows:

 

   

2.00% of the first $40,000 of a participant’s compensation

 

   

1.00% of the next $25,000 of a participant’s compensation

 

   

0.90% of the next $35,000 of a participant’s compensation

 

   

0.207% of the next $65,000 of a participant’s compensation

 

4


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

 

Note 1 - Description of the Plan (Continued)

 

The Plan receives rebates of certain mutual fund stockholder service fees. These rebates are placed in a non-settlor account. All amounts in the Plan’s non-settlor account will be allocated to participants based on the formula outlined above.

To the extent that the total amount in the Plan’s non-settlor account is less than the amount to be allocated, the Company will make up the shortfall. For the year ended December 31, 2011, the total employer discretionary contribution was $2,592,062, of which $271,052 was allocated from rebate amounts and the remaining was contributed by the Company. For the year ended December 31, 2010, the total employer discretionary contribution was $3,500,370, of which $164,855 was allocated from rebate amounts and the remaining was contributed by the Company.

Vesting - All participants are immediately and fully vested in all Employee Elective Deferrals and the income derived from the investment of such contributions.

Participants will be vested in Employer Discretionary Contributions plus the income thereon upon the completion of service with the Company or an affiliate at the following rate:

 

Years of Service

   Vested Percentage  

Less than 2 years

     0

2 years but less than 3

     20

3 years but less than 4

     40

4 years but less than 5

     60

5 years but less than 6

     80

6 years or more

     100

All years of service with the Company or an affiliate are counted to determine a participant’s nonforfeitable percentage except years of service before the Plan was restated in 1991. Prior to January 1, 2007, participants could receive a supplemental discretionary contribution (“Employer Stock Contribution”). Effective January 1, 2007, the Plan was amended and no longer allows for supplemental discretionary contributions including the Employer Stock Contribution. Participants will be 100 percent vested in the Employer Stock Contributions only upon completion of five years of service.

At December 31, 2011 and 2010, forfeited nonvested accounts totaled $413,572 and $314,132, respectively. These accounts will be used to reduce future employer contributions.

 

5


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

 

Note 1 - Description of the Plan (Continued)

 

Notwithstanding the vesting schedule specified above, a participant shall be 100 percent vested in his or her Employer Discretionary Contribution and Employer Stock Contribution upon the attainment of normal retirement age, death, or disability if still employed with the Company or an affiliate upon the occurrence of one of these events.

Participant Accounts - Each participant’s account is credited with the participant’s contribution and allocations of the Company’s contributions and plan earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Participants may direct the investments of their account balances into various investment options offered by the Plan.

Payment of Benefits - Payment of vested benefits under the Plan will be made in the event of a participant’s termination of employment, death, retirement, or financial hardship and may be paid in either a lump-sum distribution or over a certain period of time as determined by IRS rules or by participant election.

Termination - While it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in the plan document and the Employee Retirement Income Security Act of 1974 (ERISA). Upon termination, participants become 100 percent vested in their accounts.

Participant Notes Receivable - Active participants may borrow from their account balances and must be adequately collateralized using not more than 50 percent of the participant’s vested account balance. Interest is stated at a reasonable rate determined on the note date. The notes receivable and interest repayments are reinvested in accordance with the participant’s current investment selection.

Administrative Expenses - Administrative expenses of the Plan are paid by the Plan as provided in the Plan document.

Note 2 - Summary of Significant Accounting Policies

Investment Valuation - The Plan’s investments are stated at fair value. Life insurance contracts are valued at fair value based on the cash surrender value of the policies. All other investments are valued based on quoted market prices. See Note 6 for additional information.

 

6


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Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

 

Note 2 - Summary of Significant Accounting Policies (Continued)

 

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Participant Notes Receivable - Participant notes receivable are recorded at their unpaid principal balances plus any accrued interest. Participant notes receivable are written off when deemed uncollectible.

Benefit Payments - Benefits are recorded when paid.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risk and Uncertainties - The Plan invests in various securities including mutual funds and Oppenheimer Holdings Inc. common stock. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility.

Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for plan benefits.

Reclassification - Certain prior year amounts have been reclassified to conform to the current year presentation, see Note 6 for additional information.

New Accounting Pronouncement - In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The standard clarifies existing fair value measurement and disclosure requirements and changes existing principles and disclosure guidance. Clarifications were made to the relevancy of the highest and best use valuation concept and measurement of an instrument classified in an entity’s shareholder’s equity. Changes to existing principles and disclosures included measurement of financial instruments managed within a portfolio, the application of premiums and discounts in fair value measurement, and additional disclosures related to fair value measurements. The updated guidance and requirements are effective for financial statements issued for the first annual period beginning after December 15, 2011. The adoption of this standard is not expected to have a material effect on the Plan’s financial statements.

 

7


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

 

Note 3 - Concentration of Investments

Significant individual investments of the Plan’s net assets are separately identified as follows:

 

     December 31, 2011      December 31, 2010  

Investments - At fair value:

     

Growth Fund of America

   $ 17,548,150       $ 19,431,673   

Washington Mutual Investors Fund

     20,263,186         19,266,884   

Advantage Primary Liquidity Fund

     26,902,985         30,982,913   

Oppenheimer Holdings Inc. - Common stock

     20,401,324         30,197,432   

Wells Fargo Advantage Small Cap Value Fund

     14,848,779         16,646,621   

Vanguard Interim Term Treasury

     12,965,957         13,063,250   

EuroPacific Growth Fund

     19,164,895         22,514,419   

Note 4 - Tax Status

The Plan obtained its latest determination letter on June 24, 2010, in which the Internal Revenue Service stated that the Plan, as designed, is in compliance with the applicable requirements of the Internal Revenue Code (IRC). Therefore, no provision for income taxes has been included in the Plan’s financial statements.

In accordance with guidance on accounting for uncertainty in income taxes, management evaluated the Plan’s tax position and does not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The plan administrator believes it is no longer subject to tax examinations for years prior to 2008.

 

8


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

 

Note 5 - Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of the net increase (decrease) in net assets available for Plan benefits to participants per the financial statements to Form 5500:

 

     Year Ended December 31  
     2011     2010  

Net change in assets available for Plan benefits per the financial statements

   $ (11,355,055   $ 26,015,795   

Add:

    

Amounts allocated to withdrawing participants at December 31, 2010 and 2009

     —          1,156   

Adjustment to fair value for stable value fund

     —          459,883   
  

 

 

   

 

 

 

Net income per Form 5500

   $ (11,355,055   $ 26,476,834   
  

 

 

   

 

 

 

Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2011 and 2010 but not yet paid as of that date.

There were no differences in net assets available for Plan benefits per the financial statements compared to Form 5500 at December 31, 2011 or 2010.

Note 6 - Fair Value

Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

The following tables present information about the Plan’s assets measured at fair value on a recurring basis at December 31, 2011 and 2010, and the valuation techniques used by the Plan to determine those fair values.

Level 1 - In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets that the Plan has the ability to access.

 

9


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

 

Note 6 - Fair Value (Continued)

 

Level 2 - Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 - Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset.

In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Plan’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset.

Assets at Fair Value as of December 31, 2011

 

     Quoted Prices in
Active Markets for
Identical Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Balance at
December 31,
2011
 

Mutual funds:

        

U.S. equities

   $ 96,955,971       $ —         $ 96,955,971   

International equities

     32,657,585         —           32,657,585   

World allocation funds

     20,210,485         —           20,210,485   

Bond and fixed-income investments

     27,615,884         —           27,615,884   

Common stock - Oppenheimer Holdings Inc.

     20,401,324         —           20,401,324   

Short-term investments

     30,273,122         —           30,273,122   

Cash surrender value life insurance policies

     —           430,049         430,049   
  

 

 

    

 

 

    

 

 

 

Total assets at fair value

   $ 228,114,371       $ 430,049       $ 228,544,420   
  

 

 

    

 

 

    

 

 

 

 

10


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Notes to Financial Statements

December 31, 2011 and 2010

 

Note 6 - Fair Value (Continued)

 

Assets at Fair Value as of December 31, 2010

 

     Quoted Prices in
Active Markets for
Identical Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Balance at
December 31,
2010
 

Mutual funds:

        

U.S. equities

   $ 95,574,267       $ —         $ 95,574,267   

International equities

     38,374,008         —           38,374,008   

World allocation funds

     17,373,432         —           17,373,432   

Bond and fixed-income investments

     23,364,312         —           23,364,312   

Common stock - Oppenheimer Holdings Inc.

     30,197,432         —           30,197,432   

Short-term investments

     33,409,519         —           33,409,519   

Cash surrender value life insurance policies

     —           404,474         404,474   
  

 

 

    

 

 

    

 

 

 

Total assets at fair value

   $ 238,292,970       $ 404,474       $ 238,697,444   
  

 

 

    

 

 

    

 

 

 

Certain prior year mutual fund investments have been reclassified to conform to the current year presentation. In 2010, investments totaling $1,450,887 were reported as U.S. equities mutual funds. In 2011, these investments were determined to be bond and fixed-income mutual funds, therefore, the investments have been reclassified above.

The Plan’s policy is to recognize transfers between levels of the fair value hierarchy as of the beginning of the reporting period. There were no significant transfers between levels of the fair value hierarchy during 2011 and 2010.

The Plan also holds other assets not measured at fair value on a recurring basis, including contributions receivable, participant notes receivable, and cash. The fair value of these assets approximates the carrying amounts in the accompanying financial statements due to either the short maturity of the instruments or the use of interest rates that approximate market rates for instruments of similar maturity.

 

11


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

Schedule of Assets Held at End of Year

Form 5500, Schedule H, Item 4i

EIN 13-5657518, Plan Number 001

December 31, 2011

 

(a)(b)

Identity of Issuer, Borrower,

Lessor, or Similar Party

  

(c)

Description of Investment Including Maturity Date, Rate of

Interest, Collateral, Par, or Maturity Value

  

(d)

Cost

   (e)
Current Value
 

Oppenheimer Holdings Inc.

  

Oppenheimer Holdings Inc. - Common stock**

   *    $ 20,401,324   

Reich & Tang

  

Advantage Primary Liquidity Fund - Money market fund

   *      26,902,985   

Federated

  

Governmental Obligations Institutional - Money market fund

   *      3,358,294   

MainStay

  

MainStay Cash Reserves - Money market fund

   *      11,843   

Artisan Investments

  

Artisan Mid Cap Fund - Mutual fund

   *      9,069,533   

American Funds

  

Growth Fund of America - Mutual fund

   *      17,548,150   

Columbia

  

Columbia Large Cap Index - Mutual fund

   *      10,523,407   

Delaware

  

Delaware Infl-Prof Bond Fund - Mutual fund

   *      2,994,722   

EuroPacific

  

EuroPacific Growth Fund - Mutual fund

   *      19,164,895   

First Eagle

  

First Eagle Global Fund - Mutual fund

   *      2,030,509   

Invesco

  

Invesco Small Cap Growth Fund - Mutual fund

   *      6,682,783   

Invesco

  

Invesco Real Estate Fund - Mutual fund

   *      9,388,212   

IVA

  

IVA Worldwide Fund - Mutual fund

   *      9,423,245   

Ivy

  

Ivy Assett Strategy Fund - Mutual fund

   *      8,756,731   

Janus

  

Janus Forty Fund - Mutual fund

   *      5,476,930   

JP Morgan

  

JP Morgan Core Bond Fund - Mutual fund

   *      4,101,275   

Loomis Sayles

  

Loomis Sayles Bond Fund - Mutual fund

   *      7,553,930   

MFS Investment Management

  

MFS International New Discovery Fund - Mutual fund

   *      7,559,758   

Oakmark

  

Oakmark Equity & Income Fund - Mutual fund

   *      744,054   

Oppenheimer Funds Inc.

  

Oppenheimer Developing Markets - Mutual fund

   *      5,932,932   

Perkins

  

Perkins Mid Cap Value - Mutual fund

   *      725,325   

Pioneer

  

Pioneer Cullen Value Fund - Mutual fund

   *      1,685,612   

Vanguard

  

Vanguard Interim Term Treasury - Mutual fund

   *      12,965,957   

Wells Fargo

  

Wells Fargo Advantage Small Cap Value Fund - Mutual fund

   *      14,848,779   

Washington Mutual

  

Washington Mutual Investors Fund - Mutual fund

   *      20,263,186   

Insurance contracts

  

Policy Number 4000364

   *      91,155   
  

Policy Number 4000306

   *      82,614   
  

Policy Number 4000338

   *      19,593   
  

Policy Number 4000335

   *      5,088   
  

Policy Number 4000370

   *      106,495   
  

Policy Number 4000371

   *      102,594   
  

Policy Number 4000353

   *      13,749   
  

Policy Number 4000347

   *      8,761   

Participants

  

Participant notes receivable with interest rates ranging from 4.25 percent to 9.24 percent

   —        6,198,980   
        

 

 

 
  

Total

      $ 234,743,400   
        

 

 

 

 

* Cost information not required
** Party-in-interest, as defined by ERISA

Schedule 1


Table of Contents

Oppenheimer & Co. Inc. 401(k) Plan

 

SIGNATURES

The Plan: Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.

OPPENHEIMER & CO., INC. 401(k) PLAN

/s/ A.G. Lowenthal

Albert G. Lowenthal, as Chairman and CEO of

Oppenheimer & Co. Inc., the Plan Administrator

/s/ Lenore Denys

Lenore Denys, as Managing Director of

Oppenheimer & Co. Inc., the Plan Administrator

Date: June 19, 2012


Table of Contents

EXHIBIT INDEX

Exhibit 23 - Consent of Independent Registered Public Accounting Firm