Comment Letters

June 18, 2002

Dear Mr. Portman and Mr. Cardin:

The Committee on Investment of Employee Benefit Assets, (CIEBA) strongly supports enactment of H.R. 4931, The Retirement Savings Security Act of 2002. CIEBA is the voice of the Association for Financial Professionals (AFP) on employee benefit plan asset management and investment issues. CIEBA represents more than 120 of the country's largest pension funds.  Its members manage more than $1.3 trillion of plan assets, covering 16 million plan participants and beneficiaries.

H. R. 4931 makes permanent the retirement plan changes adopted as part of the Economic Growth and Tax Relief Act of 2001.  CIEBA believes that these changes will strengthen the employment-based retirement system and enhance retirement security for millions of plan participants.  Retirement plan sponsors, who make long-term commitments to their employees and retirees, need to know that the rules will not be changed arbitrarily.  H. R. 4931 provides necessary certainty to plan sponsors and participants.

We commend you on your continuing leadership on retirement security issues.

Sincerely,

Robert E. Angelica
Chairman and Chief Executive Officer
AT&T Investment Management Corporation
Chairman, CIEBA