April 15, 1993
TO: PENSION COMMITTEE NO. 13-93
RE: PENSION CONFERENCE KEYNOTE ADDRESS BY SEC COMMISSIONER BEESE
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Attached is a copy of the text of the keynote address
delivered by SEC Commissioner Beese at the Institute's 1993
Pension Conference.
The address charts the growth of defined contribution
plans, and describes the necessity of educating employees
concerning the investment of their accounts in participant-
directed plans. Commissioner Beese reiterated the theme of an
earlier speech, the need to revise the securities laws to insure
that sufficient investment information is provided to such
employees. (See Institute Memorandum to Pension Committee No. 8-
93, dated March 11, 1993.) For example, he noted that under
current law, "no one--including mutual funds regulated by the
SEC--is required to provide any information directly to plan
participants." In addition, he suggested the use of the off-the-
page approach to disclosure in the retirement plan context.
We will keep you informed of developments.
Kathy D. Ireland
Associate Counsel - Pension
Attachment