March 13, 1990
TO: PENSION COMMITTEE NO. 5-90
RE: INSTITUTE LETTER TO VENTURA COUNTY CONCERNING
HOLD-HARMLESS AGREEMENT
__________________________________________________________
Attached is a copy of the Institute's letter to Ventura
County, California concerning its Attachment No. 6 (Company
Qualification Agreement to Sell and Service Tax-Sheltered
Custodial Accounts for Regulated Investment Company Stock).
The letter asserts that offerors of custodial accounts
should not be required to calculate the maximum exclusion
allowance or to hold employers harmless with respect to other
than the offeror's own errors or negligence.
We will keep you informed of further developments.
Kathy D. Ireland
Associate General Counsel
Attachment