October 1, 1990
TO: PENSION COMMITTEE NO. 24-90
RE: LOS ANGELES UNIFIED SCHOOL DISTRICT HOLD HARMLESS
AGREEMENTS
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As you recall, the Institute has attempted to negotiate
with California and other state public school systems to change
their hold-harmless and minimum exclusion allowance calculation
requirements for 403(b) accounts. (See Institute Memoranda to
Pension Committee Nos. 9-90 and 14-90, dated April 27, 1990 and
July 6, 1990, respectively.) Attached in this regard is a copy
of the Institute's letter dated June 21, 1990 to the Los Angeles
Unified School District Business Services Division requesting the
District to revise its 403(b) Regulated Investment Company
Custodial Account Agreement.
In its response dated September 24, 1990, the District
stated that it is unwilling to alter its agreement in any manner.
We will address this issue at the Pension Committee meeting on
October 16, 1990. A copy of the District's letter is attached.
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
Attachments