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PERSHING OFFERS SELF-DIRECTED 401(k) PLANS

 JERSEY CITY, N.J., April 26 /PRNewswire/ -- The Pershing Division of Donaldson, Lufkin & Jenrette said today that it has introduced a unique new product that allows its 650 correspondent brokerage firms to offer "self-directed" 401(k) accounts to their corporate clients. A self- directed account allows participating employees to manage their own 401(k) investments, buying and selling stocks, bonds, mutual funds and other traditional securities products. Pershing is the first clearing firm to make self-directed 401(k) accounts available to correspondent brokerage firms.
 According to Alton C. Jones, managing director of Pershing, "The technology and record keeping requirements for self-directed 401(k) accounts made it impractical for small or independent regional firms to market them to their corporate clients. Now, however, Pershing's correspondents can offer employers of virtually any size a state-of-the- art 401(k) package. We have designed our program to incorporate maximum flexibility because our correspondent firms represent a variety of customer bases and market segments."
 Mr. Jones continued, "Pershing can transmit the account data to any third-party administrator or trustee the corporate client selects for its 401(k) plan. We have even developed an age-weighted 401(k) plan for employers with a mature workforce." An age-weighted plan allows an employer to make proportionally larger contributions to the accounts of older employees with longer records of service.
 Pershing, the nation's largest provider of correspondent brokerage services, is a division of Donaldson, Lufkin & Jenrette Securities Corporation. Pershing executes and clears equity, fixed income, mutual fund and option transactions for more than 650 independent brokerage firms and banks and provides account administration, management information and investment-related services to the securities industry. Pershing's network of correspondent firms accounts for more than 12 percent of the daily reported volume of shares traded on the New York Stock Exchange.
 -0- 4/26/93
 /CONTACT: Alton C. Jones, 201-413-3343, for Donaldson, Lufkin & Jenrette/


CO: Donaldson, Lufkin & Jenrette ST: New Jersey IN: FIN SU: PDT

SH -- NY032 -- 0518 04/26/93 09:49 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
Words:330
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