Sally Beauty Holdings Inc., Denton, Texas, hired J.P. Morgan Retirement Plan Services as record keeper of its $198 million 401(k) plan, confirmed Arnold Pellacani, manager employee benefits.
J.P. Morgan replaces Prudential. Mr. Pellacani said an RFP was issued in July to ensure the plan was getting the best products and fees for plan participants. Prudential was invited to rebid.
A blackout period for participants will run from March 26 to April 13.
The 401(k) plan will have 23 investment options with J.P. Morgan, including target-date fund options for the first time in several years, Mr. Pellacani said.