SEPTEMBER 4 CONFERENCE CALL TO DISCUSS ERISA ADVISORY COUNCIL'S REVIEW OF "OPTIONAL PROFESSIONAL MANAGEMENT" IN DEFINED CONTRIBUTION PLANS

[16460] August 22, 2003 TO: PENSION COMMITTEE No. 29-03 PENSION OPERATIONS ADVISORY COMMITTEE No. 52-03 RE: SEPTEMBER 4 CONFERENCE CALL TO DISCUSS ERISA ADVISORY COUNCIL’S REVIEW OF "OPTIONAL PROFESSIONAL MANAGEMENT" IN DEFINED CONTRIBUTION PLANS A conference call has been scheduled for Thursday, September 4, 2003 at 2:00 p.m. EDT to discuss the ERISA Advisory Council’s review of “optional professional management.”1 As you may be aware, a Working Group formed by the ERISA Advisory Council is developing a report on discretionary management services in defined contribution plans under which participants may delegate investment allocation responsibilities to professional investment advisers. The Working Group’s study is primarily intended to identify the advantages, disadvantages, fiduciary implications and industry practices relating to these “managed accounts.” As part of its review, the Working Group is also considering the general topic of investment advice in participant-directed plans and other approaches to assist participants in managing their retirement assets, such as proposals to provide regulatory relief in the area of default plan investments for certain types of diversified investment vehicles. We plan to discuss these and other related matters during the call. If you would like to participate, please complete the attached response form by Wednesday, September 3, 2003 and fax it to Brenda Turner (at 202-326-5841) or, alternatively, provide a response by email to bturner@ici.org. To participate in this call, dial 888-942-8131 and ask for the ICI call, passcode “Advisory Council” with the undersigned as moderator. Thomas T. Kim Associate Counsel Attachment (in .pdf format) 1 The ERISA Advisory Council, established by section 512 of ERISA, consists of representatives appointed by the Secretary of Labor to advise and develop policy recommendations with respect to the implementation of ERISA.