Deals & People January 18, 2007

JPMorgan Hires Musto and Dial Away From Pru and Merrill

JPMorgan Funds has hired David Musto, formerly of Prudential Retirement, as Managing Director of its Retirement and Defined Contribution Investment Only (DC/IO) business and Glenn Dial, formerly of the Princeton Retirement Group, as a Senior Retirement Sales Specialist.
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According to a press release from JPMorgan, the two hires are part of a plan to increase asset flows to 401(k), individual retirement accounts (IRA) and pension accounts.

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Musto formerly worked in a senior management position at Prudential Retirement and Dial held a national sales manager post at the Princeton Retirement Group, a recordkeeping subsidiary of Merrill Lynch. Prior to that, Dial was Vice President and National Sales Manager for Ceridian Corp.

Data & Research January 17, 2007

Workers Gain Plan Eligibility More Quickly

New employees are being allowed to get up to speed in their company’s 401(k) plan more quickly than a year ago, according to a new survey.
Reported by
A news release from the Profit Sharing/401k Council of America (PSCA) said its eligibility “mini survey”, which covered 427 profit sharing and 401(k) plans, found 69% of 401(k) plans allowworkers to start saving their own money within three months of being hired. That is up from 65% a year earlier.

The PSCA said fast eligibility for deferrals is even greater in large companies with 1,000 or more employees, where 85% of companies offer eligibility within 90 days – up from 79% a year earlier.

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According to the news release, eligibility periods have improved slightly for company contributions. Some 49% of plans provide eligibility for company matches within the first three months, up a tick from 48% a year earlier. Additionally, 25% of plans provide eligibility for company profit sharing contributions within the first three months – up from 24% last year.

Among plans with 1,000 or more employees, 61% provide eligibility for matching contributions during the initial 90 days and 35% provide eligibility for employer profit sharing contributions during employees’ initial three-month period.

More information about the PSCA is at http://www.psca.org.

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