1 See Institute Memorandum to Pension Committee No. 5-00, dated January 20, 2000. There was also a
previous conference call regarding this issue held on November 17, 1999, and a meeting on December 14, 1999.
See Institute Memorandum to Pension Committee No. 62-99, dated November 3, 1999 and Institute
Memorandum to Pension Committee No. 67-99, dated November 23, 1999.
[11668]
February 23, 2000
TO: PENSION COMMITTEE No. 17-00
AD HOC COMMITTEE ON INVESTMENT ADVICE
RE: REVISED PROPOSAL ON INVESTMENT ADVICE
______________________________________________________________________________
Attached for your review and comment is a revised version of a legislative proposal regarding
the provision of investment advice. The proposal is based on prior discussions with members, including
a January 27th conference call.1 The proposal would create a statutory exemption from ERISA’s
prohibited transaction rules for the provision of investment advice to plan participants.
The attached materials include a description of the proposal, proposed statutory language (for
both ERISA and the Code), and a redline version that compares the current proposed ERISA language
with prior language referenced during the January 27th conference call.
Please review the proposal and contact me with any comments or suggestions by Monday, March 6, 2000. I can
be reached by phone (202/326-5837), by e-mail (tkim@ici.org), or fax (202/326-5839).
Thomas T. Kim
Assistant Counsel
Attachments