1 See Institute Memoranda to Pension Members No. 47-96, dated September 25, 1996 and Pension Committee No. 32-96, dated July 10, 1996.
September 26, 1996
VIA FAX
TO: PENSION COMMITTEE No. 40-96
RE: OCTOBER 4 MEETING ON BUNDLED SERVICES AND DOL ADVISORY
OPINION REQUEST
______________________________________________________________________________
The Institute has scheduled a meeting on October 4 at 2:30 pm. to discuss an advisory
opinion request that it intends to submit to the Department of Labor regarding the payment of
12b-1 and other fees from mutual funds to custodial trustees in bundled services arrangements.
As you were previously informed1, the Institute has had several meetings with the
Department to discuss this issue. Recent discussions have focused on the Departments
possible response to the "Frost Bank" letter request currently before the Department. The
Institute, together with the American Bankers Association, plans to file a joint submission
seeking an advisory opinion on facts more prevalent in the bundled services market than those
set forth in the Frost Bank letter, and will request that the Department issue a response to both
letter requests simultaneously. We urge all interested members to attend this meeting if
possible.
The meeting will be held at the Institutes offices at 1401 H Street, NW in Washington.
Please respond by fax on the attached response sheet so that we can obtain an accurate count of
those planning to attending.
Russell G. Galer
Assistant Counsel - Pension
Attachment