Date: 11/1/99 8:18 AM FROM: Ralph Amadio, President Public Agency Financial Services SUBJ: Pay to Play I would suggest that further restriction be placed on elected and executive officers of Retirement Systems based on delaying their ability to receive remuneration after leaving office. Many of these System employees move into immediate jobs with the Advisory firms upon leaving the System. In fact, some leave immediately after completion of a large transaction. After 35+ years in the Retirement Plan business, I still get agree over this particular form of "deferred compensation".