From: James P. Murray


January 20th, 2004




To Whom It May Concern:

To many people 401K investments are their only hope for a secure, peaceful and work free life after retirement. By imposing an early cutoff on trading in 401K plans a second class of investors will have been created.

Let's suppose that a 3:30PM Eastern Time there is a News Flash of the possibility of Nerve Gas having been released in the New York City Subway system. On the news the Stock Market would begin to drop. This news, if verified at 4:30PM that same day would cause the markets to continue dropping precipitously the following day. People who invest directly at a Fund Company would be able to move their money immediately, possibly to a money market fund, and get that day's closing price.

By forcing 401K investors to wait an extra day to abandon ship while others are filling the lifeboats you will be treating them like second class citizen. Things have changed since the days of the Titanic and I don't think that people will be willing to wait quietly anymore.


James P. Murray