ESTABLISHMENT OF A VOLUNTARY EMPLOYEE SAVINGS AND INVESTMENT PROGRAM

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP84-00780R003000070004-0
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 57
• Document Creation Date: December 19, 2016
• Document Release Date: May 23, 2006
• Sequence Number: 4
• Publication Date: August 21, 1969
• Content Type: MF

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00C 69.1491
21 August 1969
MEMORANDUM TOR: Executive 3ireetor-Comptro.U,er
SUBJECT: Establishment of a Voluntary Employee
Savings and investment Program
1. This memorandum contains a recommendation in para-
graph 17 for the approval of the Executive Director-Comptroller.
2. The special task force authorised by the Executive
Director-Comptroller to develop a plan for a vohmtary employee
savings and investment retirement program has developed such a
plan which is described below and in the attachments.
DO....2ent of Program
3. Since 4 October I%$? the task force and its predecessors
have investigated the kinds of tax exempt retirement and savings plans
available end the experience of many plans in effect in other organisa-
tions. Particular attention was demoted to the TAKE STOCK Plan of
the Teniesesee Valley Authority which, as far as can be determined,
is the only voluntary investment plan sponsored by a U. S. Govern-
ment employer. Two visits were made to TVA in Knoxville.
Tennessee, and TVA.** retirement board permitted is to examine
their program in detail.
4. For advice on investments the task force has consulted
tvdo New York stock Exchange member brokers, officers of Bankers
Trust Company in charge of pension trusts, the Senior Vice-President
(Investments) INA Corporation and INA officers in charge of pension
trusts and mutual fund distribution, the investment advisory and
mutual fund management firm of Scudder, Stevens and Clark, and
the Chairman. Presidents and senior 'toff of the Fidelity Management
and Research Company and the Crosby Corporative, their wholly
mead mutual fund distributor.
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S. The OCR mambor of the task force and an Office of Finance
representative have examined the accounting program of the TVA plan
and are satisfied that a satisfactory accounting and computer program
can be developed by the Agency. Legislative Counsel has briefed the
staff chiefs of all four CIA subcommittees, and they foresee no
objection to the program. The OGC member of the task force has
consulted the Chief, Pension Trust branch. IRS, who Imes no problem
In qualifying the type of plan we propose. The Office of Security has
no objection to the proposal provided that the identities of members
of the plan are not di/wisp/red outside of the Agency. This requirement
can be met with little difficulty.
________of Plan
6. Drafts of the proposed trust and plan are at Attachment A.
This is an internally trusteed plan like that of TTA. Six trustees will
be appointed from among Agency employees by the Deputy Director.
The trustees bear legal responsibility for operation of the plan and
investment of the members' contributions. Investments are owned by
the/ trust for the benefit of the members who hold units in the trust.
ilkpenses are borne by the Agesery mem* that sales commissions and
Isprestment management fees are paid by the members through charges
deducted from each investment and from the net assets invested. CIA
may terminate the plan at any time.
7. Participation in the plan is limited to V. ft. citizen
employees who have at least three year, of Agency service and who
are monsbers of the Civil Service or CIA Retirement Systems.
Members of the retirement systems aim the vast majority of Agency
emplOyees, but this requirement will eliminate most short-term or
temporary employees. The three-year service limitation is included
to reduce the adntinistrative burden by excluding those employees
amens whom turnover is gr./Asst. The citizenship requirement will
eliminate tax and security problems which inclusion of aliens might
C83180.
8. While the board of trustees will be responsibl. for invest-
ment of members' contribations, they are limited to investment in
epecifted mutual funds or short-term U. S. Government securities
and, thus, will harm no responsibility ter purchase and sale of
individual stocks. They will consult the broker-dealer and the mutual
had management company periodically and from time to time may
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ether changes or additions to the iavesbneet options available to
members. The plan provides for one of its savings funds to invest
In short-term Government securities so that members who wish to
frees(' their investments in prieparation for retirement or at a time
when the stack market seems unusually risky, may have an alternative
other than .witiedrawing from the plan.
9. The minimum contribution is est at $10 per biweekly pay
period in order to avoid the administrative hordes, and expense of
very small invertmeots. The maximum contribution is 10 percent
of basic salary. Internal Revenue regulations limit the maximum to
10 percent of gross compensation. but aCs and the Office of Memo
feel that the basic salary standard will be much easier to administer.
A farther exception will permit a member who has contributed less
than 10 percent of his basic salary to make additional contributions
at a later date to bring his aggregate contributions up to the 10 percent
limit for all the years in which he has been a member of the plan. This
exception was made possible by a Revisme Ruling issued in May 1969,
and the task force feels it is a desirable option to permit employees
to pat additional funds into this tax sheltered investment when their
persona financial circumstances permit.
10. Normally, a member will withdraw his equity in the plan at
the time he separates from the Agency. If he waits until separation to
withdraw, the excess of the value of his equity over his contributions
will be taxed as a long term capital gain. There ie also a provision
for partial or metre withdrawal at a member's equity while he is still
employed.. However in such a case the iacrement in his investment
will be taxed as ordinary income, and there will be a limitation on his
eight to again become a member if the plea.. A member who needs or
wishes to discontians Ms periodic contributions may do so without with-
drawing his equity and may reinstate his contributions at any time. The
member may name his beneficiary and may elect distribution of his
amaity to himself or his beneficiary in a lump sum, in lastallments or
M shares of a mutual fund in which ths trust is invested or another
mutual fund sponsored by the same investment adviser.
11. The plan also provides for the member to borrow against
his slaty meter such term* as may be prescribed by the board of
trustees. This is net a common privilege in such plans, but the task
force tools that a member needing cash should be in a position to use
Me *aft in the Pinnyrithotet suffering the penalties of premature
withdrawal. Louis woad not be made by the trust, but rather by
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bank, credit union, or other lendiar appr.ved by the trustees. The
task force has discussed this provision with the manager et the
Northwest Federal Credit Union and the task force member who is
a director of the Credit Union. They believe the Credit Union wiU
be able to accommodate loan requirements under this provision and,
therefore, there need be no security problem for any employee of
the Agency who wishes to borrow against his equity.
Selection of st
12. The basic premise of the task force was that the invest-
ment responsibility of the task force and of the trustees should be
limited to the selection of competent professional investment managers.
In the case of mutual funds, the selection of a manager may automati-
cally include the selection of a particular fund, het in no case would
the trustees recommend or select Ledivietud investment securities.
Accordingly, the task force met with officers ef five investment
specialist* representing stockbrokers, trust companies, insurance
companies. investment edvisers and mubsal funds. Several of these
companies magi* thoughtfal presort sties* vetch were responsive to
our 'weds and resulted in the decision to offer mutual funds as the
Initial investment medium. The teak force and all of its advisers felt
that either mutual funds or a managed portfolio of stocks and bonds
were the *sly appropriate investment mediums for a plan of this kind,
at least in the beginning. Mutual fends offer some advantages over the
special portfolio. Some funds are available which are managed by
arganiaatians responsible for the investment of billions of dollars for
mutest Spatte, institutions and individuals. Such organisations can
afford the best laver:truest managemeet talent which is scarce and
expansive. They also may have the best entree to the rest of the
baldness and investment community which provides much of the infer-
nal:lee essential to productive investment. A large mutual fund family
offers flexibility to the plan or individual who may wish to switch or
expand Ms investment objectives. Funds have appeal to many people
who hare net had the time or inclination to invest ist stocks. Quotations
are printed daily in meet newspapers, sad the comparative performance
of wort' Sand is a matter of public record. Finally, they offer the most
conclusive means of placing investment management in the hands of
Independent professionals rather than under the central of Agency
employee trustees. A special portfolio supervised by a professional
brimitmant adviser ale* has some advantages and may be preferred
by more sophisticated investors. The decision to start our plan with
mutual funds does not procbade the later addition, of a separate portfolio.
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13. INA fly Corporation as selected as our broker-dealer
(Attachment 8), and after further consultation they recommended use
of the Fidelity Group of Mutual Funds. managed by the Fidelity Manage-
ment and Research Company of boston (Attachment C). After spending
a day with Fidelity officers, portfolio managers. and analyst., the task
force concurred in INA's recommendation and *elected the Fidelity
Trend Fund and the Everest Fund as the investment mediums to be
offered initially to employees (Attachments D and JE).
I& The Fidelity Group. which was established in 1930 is well
known mad respected in the investment community. It supervises over
four billion dollars* worth of investments for more than five hundred
thousand investor* through six mutual funds currently Wing offered to
the public, five mutual fends not sold publicly, and through Fidelity
Management ami Remarch Company, a registered investment adviser
serving individual and institutional clients (Attachment F). The six
mutual funds currently offered provide a wide choice of investment
objectives should the Agency plan wish to offer additional options.
Theee funds may be exchanged for eseh other without commission
curses and, therefore, will permit a retiring employee to take his
equity in a fund not available in the plan but which may better meet his
retirement needs. Fidelity can be expected to offer new mutual funds
from time to time as their investment theories are proven through
trial periods of private investmeet. The task force was impressed
with the breadth and diversity of investment methods and theories
among Fidelity** analysts sad portfolio managers, the initiative and
LadePendanne of the staff encouraged by the company, and the fact that
there appeared to be many able and talented employees in all levels
and age groups, promising continuity of good management.
15. The task force proposes that the Agency investment program
isitielly offer the Fidelity Trend Fund and the verest Fund, as well as
the option of investment in short-term Government securities. Fidelity
Trend is a large fund with the primary objective of capital appreciation.
It invests mostly in common stacks of both established companies and
smaller, Iess well known companies (Attachment G). Everest is a
small and newer fund seeking modest but growing income plus capital
appreciation through common stocks and convertible securities as well
as investments in situations which carnet be effectively exploited by
large funds (Attachment Pi). Ve believe these two mutual funds provide
prudent investment management and opportunity for long-term capital
appreciation and offer sufficiently contrasting investment objectives
and methods to give ths employee meaningful options.
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elevation
16. The overall responsibility for day-to-day management
of the Voluntary Investment Plan should be given to the Deputy for
Special Programs of the Office of Personnel. This is consonant with
present functions in the area of employee benefit programs. The
details of accounting and record-keeping are being worked out by the
Offices of Personnel and Finance. The methods used should follow
the TVA system closely. The task force recommends the use of
computer processing to assist in record-keeping. Indeed, there is
no practical alternative other than the broker-dealer providing all
services, -which is not feasible because of security considerations.
Initial costs will include 13 man menthe of programming and system.
work, plus the man hours necessary to promote the plan. enroll
participants, and establish the files. Continuing costs will include
about six hears of computer processing a month and continuing part.
time attention from various personnel in the Offices of riltiltbe Ss
Personnel. and Computer Services. Such part-time service will be
complementary to the present duties of these personae% and TVA has
found it unnecessary to add any personnel or overtime work to
administer its plan. Until the plan 1. 1* operation, we will not be
certain that our experience will be the same; but with the possible
exception of the start up period, it seems unlikely that a substantial
portion of any employee's time will be needed to manage the program.
17. The task force recommends that the Executive Director-
Comptroller approve the establishment of a voluntary employee
savings and investment plan in the form set forth in the draft Trust
Agreement and Pl. u dated 7 August 1969, attached hereto.
Attachments:
A -H
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Deputy Chairman
'sweetmeat Plan Task Force
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CONCURRZNCE:
SIGNED R. L. Bauman
poky Director for Soppo
The recommendation in
paragraph 17 is approved
Exams. ive Director -Cornptrofler
OGC 69-1491
25 SEP 1969
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19 June 1969
MEMORANDUM FOR: Members, Investment Task Force
SUBJECT: John Penland's Comments on Everest Fund
Proposal
1. Penland telephoned me on 18 June to discuss our preference
for the Everest Fund over the Puritan Fund. He said that he might
have recommended Everest except that being a very new fund, small,
and aggressively managed, he did not feel as comfortable with it for
income oriented accounts as he did with Puritan. Personally, he does
not think too much of a mainly income objective for a mutual fund but
felt that we, like perhaps the majority of fiduciaries, thought it
necessary to offer an income fund to balance our plan. He would be
perfectly happy to see the plan offer nothing but the Fidelity Trend
Fund.
2. I mentioned our feeling that we may have misled him in
discussing our proposal to have an income fund. We believe that the
objective of all members of the plan is long term growth, and the
real option is between the means of achieving such growth. From this
point of view, it would make more sense to offer as an alternative to
the capital gains oriented fund another fund which seeks more income
but which does it in a manner which is more likely to also achieve
capital gains than is a strictly income oriented fund. I also said that
another reason for offering a second fund of any kind was the thought
that a voluntary plan should provide the member with some options.
3. In view of my explanation of our reasons for preferring
Everest, Mr. Penland felt that he should not try to talk us out of it.
He pointed out that the yield on Puritan probably would be a little
better than that on Everest. Nevertheless, Puritan has out performed
all but 29 growth funds in the last ten years when a comparison is made
of a $10, 000 investment placed on a withdrawal plan and has out performed
all but 56 growth funds in the same period on the basis of change and net
asset value of an. original investment of $10, 000. In other words,
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Puritan Fund has been a good performer from the point of view of
growth as well as in achieving income. These figures may not be
quite as impressive as one might think since the number of funds
which have been in existence for ten years is only a fraction of those
in existence now.
4. Penland did point out that Everest states as its income
objective a yield equal to that on the Standard and Poors Composite
Index. In 1968 its yield of 3 percent compared to a 2.9 percent yield
on the S&P. In the same year, Puritans yield was about 4 percent.
Mr. Penland feels that as long as Everest remains a small fund
(perhaps under 150 million dollars) and the market remains the kind
it has been for the last several years, Everest can be expected to
out perform Puritan, while at the same time yielding nearly as much.
It is the sort of fund that does not have as much down-side protection
in a falling market such as todayts.
5. Another factor that Penland normally would consider in
recommending a fund is the make-up of the group which will participate
in the plan. We never went into this with him; however, he assumes,
probably correctly, that our participants, as compared to most Govern-
ment or industry employees, will have higher average incomes, better
educations, and be somewhat more sophisticated about investments.
These factors probably favor offering Everest instead of Puritan. He
also pointed out an advantage that we had not discussed; namely, that
Everest will provide an option between a very large fund and a very
small one which may be a meaningful option to many people.
6. It was agreed that this was a subject for discussion with
Fidelity next week, and he has arranged for the portfolio managers
of Fidelity Trend, Puritan, and Everest to be available. We will meet
with William Kallenberg, President of the Crosby Corporation, and
Harry Telian on the Tenth Floor of the State Street Building,
225 Franklin Street, Boston, between 9:30 and 10:00 a.m., Monday,
23 June. Mr. Penland will not be there but he will be in Washington
Monday, 30 June, and I have made tentative arrangements for him
to meet us that afternoon.
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24 June 1969
MEMORANDUM FOR THE RECORD
SUBJECT: Meeting with Fidelity Group on Fund. Selection
1. On 23 June, the undergigned, accompanied b
I met with representat ves or the
croshy Corporation (general distributors of the Fidelity Funds),
and of the Fidelity Management and Research Company (the funds
management) in Boston. The purpose was twofold: (1) to form an
impression of the depth and competence of the Fidelity management,
and (2) to try to firm up the choices of funds which will be
incorporated in the plan for a voluntary supplementary retirement
income. Personnel contacted are listed in an attachment. Mr. John
Penland of INA arranged the meeting.
' 2. My general impression of the Fidelity Management was most
favorable. They have a good deal of depth, and the management team
is not concentrated fit a single age group.
a. Fidelity.Tend Fund, (assets, $1.3 billion) the growth
fund tentatively selected, is operated by three senior managers
-- Ross Sherbrooke (whom we did not meet), Richard Smith and
Nathaniel Weiner. During its best performance period, it was
managed by E. C. Johnson III, now Director of Funds, who
undoubtedly keeps a close watch on it.
b. Everest FUnd,(assets, $55 million) a small but rapidly
growing fund, combines income and growth objectives. It is
managed by James McManaway, a somewhat unorthodox but
obviously capable middle-aged operator who has been with
Fidelity Management about 15 years. He expects that Everest
will outperform Puritan Fund over the next several years,
and he may well be right. Everest's portfolio is predominately
in lesser known convertibles (noh-insurance company types of
issues). It engages in arbitrage?operations and has some
common stocks with growth potential..
c. Puritan Rand (assets, $80o million) has been the
traditional Fidelity income fund, although growth has been
a secondary objective. Apparently the former manager of
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Puritan has retired and it is being run by Mr. Frank .Parrish,
who for five years was the number two. Parrish is not, in
my view, a person likely to bring sparkle to Puritan; he
seems a somewhat conservative individual.
3. All Fidelity FUnds are overseen by an Investment Committee
made up of the Johnsons, George Sullivan and others of top manage-
ment. Reporting to the Investment Committee are the Research
Department, concerned with the analysis of individual securities,
and the Market Committee, which analyzes the market's performance
to select appropriate buying periods for all securities. The
Research Department has about 4o analysts, including some management
personnel, and most senior, personnel start in it.
Attachment:
fi
STAT.
Leputy chairman
VESIP Task Force
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L.) Lti a UkaL.
Crosby Corporation
AxTACBMENT .
(-(Q(1) z3/ (O
Mr. William G. Kallenberg, Executive Vice President
Mr. Harry B. Telian Special Projects
Mr. I4ward-?:ipple-4641 Attorney gp16.4049 GL, l'refi.
Mr. Richard"Bail (4pil Independent legal counsel who
handled legal aspects of the TVA plan. /1 4,rkjax), mfi-riLEY
ciftcrel-5
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Fidelity Management and Research Corporation 9-2. EVOMVI r
Mr. E. C. Johnson II, Chairman of the Board
Mr. D. G. Sullivan, President
Mt. E. C. Johnson III, Executive Vice President
Mr. George McKenzie, Director of Funds
Mr. Nathaniel Weiner)
Mt. Richard Smith
Fidelity Trend Fund
Mr. James C. McManaway, Manager, Everest Fund.
Mr. Frank Parrish, Manager, Puritan Fund.
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DRAFT
T7. Au-gust-19-69
TRUST AGREEMENT FOR ESTABLISHMENT OF A GOVERNMENT
EMPLOYEES VOLUNTARY INVESTMENT PLAN
this
THIS AGREEMENT AND DECLARATION OF TRUST, made
day of 1969 by and between the Central Intelligence
Agency, hereinafter referred to as "CIA", and the Board of Trustees
of the Voluntary Investment Plan, hereinafter referred to as the
"Board".
WITNESSETH:
1. The CIA hereby establishes, effective , a plan
for savings and investment by certain of its employees in order to
provide additional and more flexible retirement and related benefits
for those employees who desire to participate in the plan. This plan
shall be known as the "Voluntary Investment Plan", hereinafter
referred to as the "Plan", and shall constitute an employees pension
trust, separate and apart from the CIA Retirement System and the
Civil Service Retirement System.
2. The Plan shall be maintained and administered by a Board
of Trustees who shall invest the money in the Plan and make payments
to participants or their beneficiaries in accordance with the Terms
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and Conditions of the Plan, hereinafter referred to as the "Terms
and Conditions".
3. The Board shall consist of six employees appointed by the
Deputy Director of Central Intelligence for terms of three years,
except that the Deputy Director shall, appoint two of the original
trustees for terms of one year and two of them for terms of two years.
The Deputy Director shall designate one of the trustees to be Chairman
of the Board. The Deputy Director shall appoint successor trustees to
fill interim vacancies, and they shall serve for the remainder of the
terms of the trustees they succeed.
4:- All expenses of this trust and the expenses of administering
the Plan shall be paid by CIA but, to the extent that such expenses may
not be paid by CIA, they shall be a charge against the Plan and shall
be paid by it. Expenses relating to a particular savings fund of the
Plan may be charged against such fund as if it were a separate trust.
5. CIA shall make deductions from the compensation of
participants in the Plan in accordance with the Terms and Conditions
and shall pay the same to the Board or its designees.
6. CIA may terminate the Plan at any time; and in that event,
the Board will liquidate the assets of the Plan and will distribute the
proceeds among the members and beneficiaries or will distribute the
assets in kind as provided in Article 7 of the Terms and Conditions.
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7. The Board accepts this Declaration of Trust and agrees
to administer the trust in accordance with the provisions hereof.
8. This agreement may be amended by mutual consent of CIA
and the Board, but no amendments may be made which will diminish
the equity the participating member has theretofore acquired in the
Plan.
IN WITNESS WHEREOF, CIA and the Board of Trustees have
caused this agreement to be executed as of the day and year first
above written.
BOARD OF TRUSTEES OF THE
GOVERNMENT EMPLOYEES
VOLUNTARY INVESTMENT PLAN
CENTRAL INTELLIGENCE
AGENCY
Chairman Richard Helms, Director
Approved and accepted by the undersigned who constitute in its entirety
the Board of Trustees of the Government Employees Voluntary Investment
Plan as of the date of this Trust Agreement:
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TERMS AND CONDITIONS OF THE GOVERNMENT EMPLOYEES
VOLUNTARY INVESTMENT PLAN
Article 1
Definitions
1. "Investment Plan" or "Plan" shall mean the Voluntary
Investment Plan for certain employees of the Central Intelligence
Agency as herein established.
2. "Member" shall mean an employee or former employee
of the Central Intelligence Agency holding equity in the Investment
Plan.
3. "Board" shall mean the Board of Trustees of the Invest-
ment Plan.
4. "Savings Fund" or "Fund" shall mean a segregated fund,
the assets of which are invested exclusively in securities or deposits
designated by members contributing to such fund.
5. The masculine pronoun wherever used shall include the
feminine pronoun.
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Terms and Conditions
Article 2
Eligibility
1. Any United States citizen employee of CIA whose cumulative
Agency service, including employment on detail from another Govern-
ment agency or military service, is at least three years and who is a
? participant in the Central Intelligence Agency Retirement System or
the Civil Service Retirement System may elect to participate in the
Investment Plan by filing with the Board the prescribed form. Such
participation shall begin as soon as practicable after the Board's
receipt of the form.
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Terms and Conditions
Article 3
Savings Funds
1. The Board shall establish one or more Savings Funds to
which the contributions made by the members shall be credited in
accordance with their respective designations together with all
income earned or gains realized on the assets held in the respective
Funds. The assets of each Fund will be segregated and invested in
shares of a regulated investment company selected by the Board or
in short _term securities issued by the United States of America, or
deposited in either interest bearing or non-interest bearing accounts
in banks or savings and loan institutions insured by the Federal Deposit
Insurance Corporation or the Federal Savings and Loan Insurance
Corporation.
2. Each Fund will be established with a stated investment
purpose and investment medium which shall be made known to all
members of the Plan and offered to them as an investment medium
for a designated portion or all of their individual investment in the
Plan. Each of the Funds shall constitute a separate trust and shall
be used exclusively for payment of benefits to the members in the
Fund or their beneficiaries.
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Terms and Conditions
Article 4
Contributions
1. Each member may contribute to one or more of the Savings
Funds through payroll deductions; provided that each contribution shall
be in whole dollars and not less than $10 per biweekly payroll period
for each Fund in which he participates; and provided that such payroll
deductions may not exceed 10% of his basic salary for the pay period.
However, a member may make contributions in excess of 10% of his
basic salary for any pay period so long as the total of his contributions
for all years does not exceed 10% of his aggregate basic compensation
for all years in which he was a member of the Plan. The Board may
require such excess contributions to be made by a method other than
payroll deductions.
2. A member may from time to time modify, suspend or
reinstate his contribution to the Investment Plan, change his current
contribution from one Savings Fund to another, or transfer his
previously acquired equity in one Fund to another, subject to such
limitations as the Board may prescribe.
3. The equity which a member acquires in the assets of any
Fund shall be expressed in units. If the Fund holds investment
company shares, each unit shall be the equivalent of one share of the
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investment company in which the Fund is invested. The Board will
determine the equity which a member acquires by his contributions to
a Fund holding investment company shares by dividing the participant's
contributions by the cost of the shares purchased for the Fund at the
time the member's contributions are used to purchase such shares,
provided that such purchases shall be made not less often than monthly.
If the Fund holds cash or securities other than investment company
shares, each unit shall be valued at one dollar when the Fund is first
established and thereafter the Board shall, not less frequently than
. once each month, determine the value of a unit by dividing the fair
market value of the assets of such Fund by the total number of units.
? After withholding any expenses not paid by CIA, any dividends, interest
or capital gains earned on the investments of any Fund will be prorated
among the members' accounts on the basis of their respective equities
in the Fund. The Board will maintain appropriate accounts showing the
equity of each participant in each Fund.
23: CIA-RDP84-00780R003000070004-0
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Terms and Conditions
Article 5
Distribution of Equity
1. A member's equity in the Investment Plan normally shall
be distributable at the time of the member's separation from the
service of the Central Intelligence Agency. A member retiring from
the Central Intelligence Agency who is entitled to an immediate annuity
under the Civil Service Retirement System or the Central Intelligence
? Agency Retirement System and any member separating from the Central
Intelligence Agency after his 50th birthday may, with the Board's
approval, elect to defer distribution of his benefits and selection of the
method of distribution to a date not later than his 66th birthday.
2. The member may select the method of distribution of his
equity in the Plan which may be: (a) installment payments in such
amount and over such period as may be requested by the member and
as can be conveniently arranged by the Board at the member's expense
through a custodian, (b) transfer to the member of shares of equivalent
value in an investment company or companies in which any of the assets
of the Plan are currently invested, subject to investment policies and
practices then in effect, (c) a lump sum payment, or (d) any other
method desired by the member and acceptable to the Board and not
contrary to Internal. Revenue Regulations.
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3. On the death of a member, his equity in the Plan shall be
paid to the beneficiary or beneficiaries designated by him to receive
his equity in the Plan and if no beneficiary has been designated, to
the executor or administrator of his estate. The member may select
the method of distribution to his beneficiary or beneficiaries from any
of the methods provided in paragraph 2 of Article 5; and, if the
member has not selected a method of distribution, the beneficiary
may do so. A beneficiary may, with the Board's approval, elect to
defer distribution of his benefits to a date not more than one year
after the death of the member.
4. A member whose current period of participation in the Plan
is as much as one year, may, with the Board's approval, withdraw in
a lump sum a portion or all of his equity in the Plan, provided that a
partial withdrawal may not be less than $500. If the member with-
draws a portion of his equity in the Plan, he shall not be permitted to
make another partial withdrawal or further contributions thereto until
one year after such withdrawal; if he withdraws his entire equity, his
participation in the Plan shall cease and he shall not be eligible again
to participate earlier than two years following such withdrawal.
5. The liquidation in whole or in part of a member's equity in
the Plan in order to make a lump sum payment or transfer shall be
made on the basis of the redemption value of the Funds in which he
holds equity as of the next transaction for each Fund after the Board
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receives the member's or beneficiary's election of a lump sum
payment or transfer. However, where a member or beneficiary has
elected a deferred distribution after the separation, retirement or
death of the member, the assets shall be valued as of the transaction
for each Fund next preceding the date of distribution. Arrangements
for payment of the member's equity in installments through a custodian
or by transfer of shares in an investment company shall be completed
by the Board as soon as practicable and on the basis of values at the
time such arrangements are effected. Any portion of a member's
contributions to a Fund which at the time of liquidation of his equity
therein i-s-not reflected in his equity account shall be refunded to the
member or his beneficiary, as the case may be.
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Terms and Conditions
Article 6
Loans to Members
1. Upon application of a member, the Board may, in its sole
discretion and under such terms as it may prescribe, authorize the use
of the member's equity in the Investment Plan as collateral or security
for a loan by the member from a bank, credit union, or other lender
approved by it.
.2. The Board may deposit with the lende;, as collateral,
Securities or other assets of Funds in which the member has invested
or may guaranty the loan on the basis of such assets, provided that no
guaranty may obligate the Board for an amount in excess of the value
of the member's assets in the Plan at any time such loan becomes due
and payable.
3. -The outstanding balance of a loan secured or guarantied by
a member's equity in the Plan shall be a lien against his equity; and,
in the event of his default on the loan or his death while a loan balance
is outstanding, the Board shall discharge the member's indebtedness
? from any of the assets of the Plan to the extent of the member's equity
in such assets.
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Terms and Conditions
Article 7
Termination of the Investment Plan
CIA may terminate the Investment Plan at any time and, in
? that event, will either liquidate the assets of any or all of the Funds
and distribute them among the members and beneficiaries or
distribute them in kind. Distribution in cash or in kind will be in
proportion to the respective equities of the members and beneficiaries
in each Fund.
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Terms and Conditions
Article 8
Amendments to Terms and Conditions
These Terms and Conditions may be amended by the Board
from time to time, provided the Board gives at least 30 days* notice
of the proposed amendment to CIA and to the members. CIA may, by
notice in writing addressed to the Board within said 30 days, dis-
approve any such proposed amendment and, in that event, it shall not
become effective. No such amendment may diminish the equity which
a member has theretofore acquired in a Savings Fund.
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Terms and Conditions
Article 9
General Provisions
1. The Board shall have the right to establish and carry out
such rules, regulations and procedures as in its discretion may seem
necessary or convenient to carry out, interpret, or implement the
provisions of this Plan. No rules, regulations or procedures shall
be adopted which are discriminatory under the provisions of the
Internal Revenue Code.
2. Except in those- cases where power is expressly reserved
to, or to be shared with, the Central Intelligence Agency, the Board
shall have full power and authority to determine all matters arising
in the administration, interpretation, and application of the Plan;
and the determination of any such matter by the Board shall be
Conclusive on all persons.
3. In all matters of administration of the Plan which require
the Board's approval or otherwise involve its discretion, the Board
shall act in a manner which will achieve, insofar as practicable,
uniformity of treatment among all the members.
4. Applications for, or elections of, benefits, including the
withdrawal of contributions, and designations or changes of beneficiary
shall be made on such forms as shall be prescribed or authorized by
the Board.
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5. Any designation of beneficiary may be changed by the
member at any time or from time to time during his life by signing
and filing with the Board a written notification of change of beneficiary
in such form as shall be required by the Board. The designation of a
member's spouse as the beneficiary to receive any benefit payable
upon the member's death shall be automatically revoked by a final
decree of divorce dissolving their marriage. This provision shall
not prevent the member from redesignating the divorced spouse as
the beneficiary by filing a new designation form for that purpose.
6. To the extent permitted by law, the sale, transfer,
anticipation, assignment, pledge, or any kind of encumbrance of
trust assets or benefits will not be permitted or recognized, and
neither trust assets nor benefits payable to any participant or
beneficiary shall be subject to attachment or other legal process
for or against a participant or beneficiary. The provisions of this
paragraph shall not be applicable to the terms of any note or other
instrument entered into pursuant to the provisions of Article 6 (Loans
to Members) nor shall they be construed to restrict in any way the
encumbrance of assets as collateral or security as therein
contemplated.
7. Neither the Board, the Central Intelligence Agency, nor
any officer, employee, or agent thereof, shall incur any liability on
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account of any loss or decrease in the value of the assets of any of
the Savings Funds in the Investment Plan, or in the amount of any
member's equity therein, resulting from depreciation in the value
of, or earnings on the assets held.
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P84-00780R003000070004-0
Approved For Release 2006/05/23: CIA-RDP84-00780R003000070004-0
DD/S 69-1663
APR1969
? MEMORANDUM FOR: Deputy Director for Support
SUBJECT : Voluntary Employee Savings and Investment Plan
1. This memorandum contains a recommendation and a request for
?
your approval in paragraph 10.
2. The Task Force established to develop, if feasible, an actionable
plan for the operation of a CIA tax-sheltered employee savings plan has pro-
gressed slowly due to limitations on the availability of key members.
3. At the present time: however, the members are individually and
collectively well informed on most aspects of the mission, its requirements,
and problems . There is in draft form a Trust Agreement which is the basic
legal instrument under which the plan would receive approval of the Internal .
Revenue Service as a pension trust qualified for income tax exemption. Also
in tentative form are the Rules and Terms of the CIA savings and investment
plan which would govern the operation of the plan. These Rules and Terms
would be incorporated, at least by reference, in the basic Trust Agreement.
4. The time is at hand when it is imperative that we tentatively identify
one or several mutual fund management organizations having funds deemed ap-
? propriate to the investment objectives of CIA employees and the responsibilities
of the CIA as sponsor of the plan. This must be done in order that direct dis-
cussions can take place to learn more accurately than one can from printed
?prospectuses the investment objectives and methods of specific funds and,
equally important, the accounting, legal, and promotional services the fund
organization is prepared to render and the costs thereof.
5. To assist the Task Force in the initial selection of the seemingly
most appropriate mutual fund organizations, we would like to have knowledgeable,
unbiased, professional counsel. We would also like to have professional counsel
in our discussions and preliminary negotiations with the fund organizations con-
sidered serious contenders for the CIA business. STAT
61 the legal staff member of the Task Force, has
specifically recommended that we use the services of the Insurance Companies
of North America (INA) as our counselors in this process..The other Task Force
IA-RDP84-00780R003000070004-0
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2
members unanimously endorse this proposal. INA has broad experience in
the mutual fund field arising from the fact that they serve as brokers selling
any mutual fund that a client may desire to buy in conjunction with his insurance
program. Indeed, the role of impartial advisor and evaluator of mutual funds
for varying investment objectives is a normal one for INA. STAT
7. In addition to INA's broad experience in and knowledgeability of
the field of mutual funds, there are other specific factors which suggest its
selection as our counselor at this time and ultimately as our broker/
In addition,
INA is in the special position vis-a-vis most other brokers we might use of
having computer capability and experience in the event the Agency chooses not
to carry out the all important record keeping function on an in-house basis.
Finally, because of its prestige and financial influence, INA would be a powerful
influence in ensuring that CIA receives optimum assistance in the development
of explanatory promotional materials and administrative mechanisms.
8. It is relevant to point out that the tentative selection of INA' as our
broker in no way obligates the Agency or creates a permanent relationship.
INA, however, may ultimately realize substantial sales commissions, but
this fact would in no way increase the cost to CIA employees. The commission
on the purchase of mutual funds is exactly the same whether the purchaser deals
directly with the fund or goes through a broker. This is prescribed by the
regulations of the New York Stock Exchange and the National Association of Se-
curities Dealers. The purchaser, however, by designating a preferred broker
can obtain assistance, advice, and services from his broker with knowledge that
he is receiving adequate compensation. Failure to select a broker merely wastes
the opportunity to obtain expert advice and assistance without cost.
9. The Task Force members are individually unaware of and do not
believe there is any conflict of interest in suggesting the use of INA in this
matter. The proposal has also been approved by the Chief, Central Cover
Staff with respect to his responsibilities.
10. It is recommended that the Task Force be authorized to enlist the
services of INA as counselor and intermediary in the process of selecting the
mutual fund organization or organizations seeming most appropriate for the
purposes of the tentative CIA pension trust. This recommendation is made
with full recognition that so doing will probably place INA in the position of
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;- 3 -
broker in the event CIA ultimately concludes a purchase agreement subsequent
to discussions and negotiations in which INA was a participant.
cc: Ea Member of Task Force
General Counsel
Chairman
Task Force on Employee Pension Trust
CONCUR with respect to absence of conflict of interest:
rettrfttios....,1 r.)? IL,
,-C,1 1.1 ? la:.
Lawrence R. Houston
General Counsel
5 .111314 19aj
The recommendation in paragraph 10 is APPROVED:
MOMfL L. Bannerman
R. L. Bannerman
Deputy Director
for Support
SA-DD/S/SS/EDE:bak(14 Apr 69)
Distribution:
Orig. - Addressee (return to SA-DD/S/SS)
1 - DD/S Subject
1 - DD/S Chrono
Date
-RDP84-00780R003000070004-0
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/--
A-RDP84-00780R003000070004-0
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STAT
l?11# eb
Ve
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84-00780R003000070004-0
\
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. ea'
4;06111
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Approved For Release 2006/05/23: CIA-RDP84-00780R003000070004-0
Accounting and Record-Keeping
16. The over-all responsibility for day-to-day record
keeping and accounting 9f the Voluntary Investment Plan
should be given to the Deputy for Special Programs of the
Office of Personnel. This is consonant with present func-
tions. Control of payroll deductions and associated
accounting would be delegated to the Director of Finance.
The functions of record-keeping are enrollment and with-
drawal of employees; fund changes; deduction changes;
beneficiary information; control transactions for audit
purposes; and reporting of employee account status to the
employees. Accounting functions of the Office of Personnel
should be limited to the receipt of funds from the Payroll
operation and to the payment of funds to the broker (INA),
as well as the maintenance of individual accounts. Accounting
functions delegated to the 'Office of Finance would include
payroll deductions, in conformity with instructions from OP;
subsidiary ledgers listing detail payroll deductions; and
issuance of checks to the fund account from the subsidiary
ledger. The broker will be required to furnish an accounting
for each fund of each payment received; the commission
charged; the price per share as of purchase; and dividend
and capital gains distributed when such actions occur.
STAT
Approved For Release 2006/05/23: CIA-RDP84-00780R003000070004-0
17. The detail of the accounting and record-keeping
necessary for the Voluntary Investment Plan is presented
in Attachment I. The methods used follow the TVA system
closely, with the exception of providing for more fund
options. The Agency also must allow for three separate
payroll processings until these processings are consolidated.
The task force recommends the use of computer processing
to assist in record-keeping. Indeed, there is no practical
alternative, other than the broker-dealer providing all
services, which is not feasible because of security
considerations.
18. It is estimated that total continuing costs for
accounting and record-keeping will amount to $15,000 a
year, and about the same amount will be needed for initial
start-up costs. Initial costs include 13 man months of
programming and systems work, plus the man hours necessary
to promote the plan, enroll participants, and establish
the files. Continuing costs include about six hours of
computer processing a month, one person full time in the
Office of Personnel to oversee operation, plus continuing
part-time attention from various personnel in the Offices
of Finance, personnel, and Computer Services.
Annrovpd For Release 2006/05/23 ? CIA-RDP84-0.0780R003000070004-0
Approved For Release 2006/05/23: CIA-RDP84-00780R003000070004-0
' ATTACHMENT I
This attachment will detail the functions to be
performed by the Office of Personnel, the Office of
Finance, and the Office of Computer Services. Tab D
is a process flow chart which shows how the system
could work. The functions can be outlined as follows:
Fund Management procedures and manual systems; Finance
procedures; computer systems; and input/output forms.
Fund Management
Control transaction recording
Batch input transactions, balance control
figures.
Establish and maintain the file of signed
employee authorizations for deductions.
Establish and maintain the accounting
? journal entries. Tab A shows an example
from TVA.
Establish audit file for the broker and
balance to control figures, as a part of
purchase and sell arrangements. Tab B
shows a TVA example.
Office of Finance Procedures
File authorizations for deductions in appropriate
payroll office. Deductions will be maintained
as a total amount with no fund specification.
Maintain General Ledger accounts with subsidiaries
for each payroll. The pay period ledger of deduc-
tions should serve as the subsidiary ledger. One
check would be written from the appropriate ledger
to the Fund Management each pay period.
Transaction control would be maintained on an
exception basis; i.e. no original entries required
from the payrolls and only exceptions from normal
reported to the Fund Management for adjustment.
7nnAtn/93 ? CIA-RDP84-00780R003000070004-0
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-2
Computer Systems
The Fund Management will require four new programs
and will be a complete sub-system:
Transaction edit, error, and adjustment reporting
Master deduction file maintenance
Cumulative deduction and share distribution
Monthly and Quarterly reporting progra
The Payroll Systems will be revised (five programs)
and possibly two new programs will be written.
Il!put/Output Forms
A deduction authorization input form must be
designed. A proposal is attached as TAB C. It
is suggested that this form be printed in two
parts, one for the Fund Management, one for
Payroll retention. No transactions will be
needed from the payrolls, as the original entry
__from the Fund management will be used as the
entry to payroll programs, with payroll personnel
simply balancing and auditing for verification.
The proposed computer reports are detailed below.
It would help if they were read in conjunction
with the process flowchart ;Tab D.
1. Transaction list, Balance Controls
Contains Employee Name, Number, Fund
Name, and amount of deduction for each
fund, plus total deductions. Totals
are shown for Balance forward deduc-
tions, net change, and new balances
for each fund and overall, plus total
participants for each fund and overall.
2. Payroll balance list
Demonstrates that the payroll accepted
all transactions and reports above
totals except individual funds,
showing balances. In case of error,
exceptions will be noted and correct
? balanced forwarded.
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3
OP
3. Payroll deduction list
Lists all deductions made from employees,
and shows name, number, total amount of
deduction. This list will serve as the
subsidiary list and back-up for the
issuance of a check from OF to the Fund
Managers.
4. Payroll exceptions
Lista.all employees on the payroll deduc-
tion master file for whom deductions
were not made. Totals deductions autho-
rized7?aeductions made and difference, if
any. Tape which produced report is input
to Fund Master update.
5, Cumulative Fund Balances
Report shows each employee account in
detail, showing previous amount contributed,
previous shares purchased, monthly activity
in amounts deducted and shares purchased
and new balances forwarded for amounts and
shares for each plan participated in by the
employee. Balances for control are listed
at end of report.
6. Exception list
Pinpoints any errors noted in the cumulative
master update.
7. Quarterly Report to Employee
Shows total dollars contributed, total shares
purchased, total shares received in dividends
or capital gains for quarter, total phares
held and net worth of shares at last quotation.
A ',Int-m/1nd
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1717-1-17- IT-21
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? IP,ppromqc1 For Release 2006/05/23: CIA-RDP84-00780R003060070004.-0 .
TAKE STOCK Plan
- Reductions of Purchases
IJanuary 1969..
Total
Total Current P/R Reduction
Cert. # Name Shares Price Equity 'Deductions of purchase
1/13/69
3762 ?
56994 ?
? 1/20/69:
56512::
1/27/69
51916
i;?
1120/69..
.38769
1/27/69.
.51916:
Fidelity Trend
.626 12/2331.62..'.19.79
1.192e 37.48
5.418 ' 1/10 28.01 151.76
) 394b 10.94
7.630
219.97
?
STAT
19.79
37.48 .
151.76
10.94
219.97
10.615' 1/3 29.17, 309.64
.772c* 21.44
ef) 3.859 1/10 2a.ca 108.09
' .281d 7.80
15.527 446.97
11.880 ?1/24 28.81
.864e
12.744'
,. 35.901
314.64
21.44 ? ?
1Q8.09
7.80
451.97
342.26
24.00
366.26
1,038.20
Puritan
28.886 1/3 12,47 360.21
23.742f 1/24 12.25 290.84
.175 2.14
23.917
52,.'803
292.98
.653.19
365.21..
See attachment to December allocation for computation.
b. 5.418 x 2.02 = 10.94; 10.94/158,938.97 x 5,723.405 = .394.
C... 10.615 x 2.02 21.44; 21.44/158,938.97 x 5,723.405 = .772.
d. ' 3.859 x 2.02 = 7.80; 7,80/158,938.97 x 5,723.405 = .281.
e.". 11.880 x:2.02 24.00; .24.00/158,938.97 x 5,723.405 .864.
23.742 x .09.,=.2.14;-2.14/2,593.59 x 212.171 = .175.,
, ?
290.84 '
2.14 '
292.98
658.19.
?LAborOved For Release 2006/05/23 : CIA-RDP4-00780R00 06070004-0
,
I ?F
------------ - r
Approved For Release 2006/05/23: CIA-RDP84-00780R003000070004-0
1.?=.2.-.,;,-....r..T.sz:-.7,---,,r.z.:::-.---;.: YEAR-TO-DATE CONFIRMATION 4-1TE NT.4."--r_r;,....:::;:77- "
,, FOR SHARES OF
r:
P 11 R i 11 lil PURITAN FUND INC. NI
ftl
ACCJMULATiON PLAN
.=7,7=V4g=
1-044-265
IC 203 1.0.1.
ALL 114OUIRIES SHOULD
HE: DIRECTEL/ TO
CROSBY PLANS CORPORATION
31 MIlK STREET
BOSTON, MASS. 02109
DEALr.R V
REPRESENTATIVE NUMBER STATEMENT DATE 0
0040 430 JANUARY 31, 1969 I
INVESTOR
tCABE OF OIRECTOS
IvA RETIALMLNI SYSTEM TR
VCLUN1ARY RETIREMENT
SA?INGS & INVES1ME1\T PLAN
1C4 CLU POST CF+10E BLUG ?
KNCXVILLE TEMN
37902
DEALER .
.SEVIM CO
ATLANTA 1 GA ?
CURRENT TRANSACTION
AI DOLLAR AMOUNT
'3 THIS TRANSACTION
h H
t
DATE 5,40C.CC
0:4.00 5,346.00
PRICE SHARES THIS
i '(
TOTAL h . MO DAY TRANSACTION PER SHARE TRANSACTION SHARES
CI-CI SALANCE FOMNARD 201767.825 e
.1: C1-08 PURCHASE 12.03 82.294 20/850.119
:V C1-13 PURCHASE 11.6 471.823 21/321.942.
..f.,j CI-20 PURCHASE ' 12.13 57.131 21/379.073.--,
J 1-25 INCOME UIVIDENU ii .0S 12.25 . 155.822 21/534.895 i
) 1-27 PURCHASE 12.24 .436.765 21/971.660 ?
,
0
r
SALES AND INSURANCE REIMBURSE. CUSTODIAN AMOUNT
EXPENSE
CREATION CHARGE CHARGE ' mENT FEE INVESTED
L71
Mge-, I
4.'e
n,ep
ae-i-r14"1
STATUS OF ACCOUNT
NEXT INVESTMENT
NUMBER AMOUNT DUE
CURRENT TOTALS
FACE PAID
AMOUNT TO DATE
CUSTODIAN: STATE STREET BANK and TRUST COMPANY, P..0. BOX 2296, BOSTON, MASS. 02107
Approved For Release 2006/05/23 ? CIA-RDP84-00780R003000070004-0 '
S
!-?
Approved For Release 2006/05/23: CIA-RDP84-00780R003000070004-0
YEA--DATE CONFIRMATION STATEMENT r...7
PURITAN
ACCUMULATiON PLAN
REFER TO ACCOONT NUMnra
BELOW IN ALL CORRESPONDENCE
1-020-031
INVESTOR 10 203
REPRESENTATIVE
0040
DEALER
NUMBER
SHARES OF
PURITAN FUND INC.
ALL INOUIRIPS SHOULD
DE DIRECTED TO
CROSBY PLANS CORPORATION
31 mill( STREET
BOSTON, MASS. 02109
STATEMENT DATE
430 JANUARY 25, 1969
DEALER
BOARD OF DIRECTORS OF TVA COURTS & CO
RETIREMENT SYSTEM TRUSTEE VOLUNTARY BOX 1295
RETIREMENT SAVINGS AND INVESTMENT ATLANTA 1 GA
PL AN
104 OLD POST OFFICE BLDG
KNOXVILLE TENN 37902
CURRENT TRANSACTION
. ; DOLLAR AMOUNT SALES AND
DATE
THIS TRANSACTION CREATION CHARGE,
MO. DAY
735.49
TRANSACTION
? 01-01 BALANCE FORWARD
4 p
01-25 INCOME ? DIVIDEND a .09 12.25
,
,
INSURANCE.
CHARGE
PRICE
PER SHARE
EXPENSE
REIMBURSE?
HENS*
CUSTODIAN
FEE
AMOUNT
INVESTED
-.50 2.25 732.74
SHARES THIS
TRANSACTION
59.816
TOTAL
SHARES
8,172.149
8,231.965,p
Pl\RITAN 7feeezmuidZste.,IPLANS
Dear Investor:
We are pleased to enclose the confirmation ot.shares added to
your Puritan Accumulation Plan frore'reinvestment of the
Income dividend of nine cents (9) per share which the Board
of Directors of Puritan Fund, Inc. declared on January 3, 1969.
The total amount of your dividend was determined by the number
of shares held in your Plan before January 8, 1969, the record
date. From this total, the Custodian has deducted fifty cents
(500 on all plans whose dividends are equal to $1 or more. This
charge represents the quarterly reimbursefnent for certain costs
actually incurred by the Custodian on behalf of the investors. Your
Puritan Accumulation Plans Prospectus specifies that the reim-
bursement may not exceed $2 per year. Single Payment Plan
Investors should not confuse the reimbursement with the Custo-
dian's service fee which has also been deducted from their ,
dividends on a quarterly basis.
As your confirmation indicates, the net amount of your dividend
was reinvested without sales charges today.
CROSBY PLANS COE3,PORATION
January 25, 1969 --
SPONSOR: CROSBY PLANS CORPORATION
225 FRANKLIN STREET, BOSTON, MASSACHUSETTS 02110
A
roved For Release 2006/05/23 : CIA-RDP84-00780R003000
70004-0.
Approved For Release 2006/05/23 :.CIA-RDP84-00780R003000070004-0
2soak
YE CONHRMATION STATEMENT 0.;?-zr.,_ta
FOR SH. OF
FIDELITY MEND HIND, INC.
ALL INQUIRIES SHOULD
DE DIRECTED TO
CROSBY PLANS CORPORATION
225 FRANKLIN STREET
BOSTON, MASS. 02110
STATEMENT DATE
JANUARY 291 1969
F1TELITY ?REED
InESTMEIIT Pli
REFER TO ACCOUNT NUMBER
BELOW IN ALL CORRESPONDENCE REPRESENTATIVE
1-344-200
INVESTOR 10 202 L ? O. I ?
0040
BOARD OF DIRECTORS OF
TVA R ET IREMENT SYSTEM TR
VOLU\ITARY RETIREMENT
SAVINGS & INVESTMENT PLAN
104 31.0 POST OFFICE BLDG
KNOXVILLE TENN
CURRENT TRANSACTION
;1?;iDOLLAR AMOUNT SALES AND
t THIS TRANSACTION CREATION CHARGE '
42,000.00 420.00 ?
DATE
NO. DAY
01-01
01-08
01-13
01-20
01-27
TRANSACTION
BALANCE FORWARD
PURCHASE
PURCHASE
PURCHASE---.....
PURCHASE
DEALER
NUMBER
430
DEALER
PROP.10.1.
COURTS & CO
BOX 1295
ATLANTA 1 GA
37902
EXPENSE
INSURANCE REIMIIURSE?
CHARGE MINT
CUSTODIAN
? FEE
AMOUNT
INVESTED
41,580.00
PRICE
PER SHARE
27.98
27.77 ?
28.28
28.71V
SHARES THIS
TRANSACTION
TOTAL
SHARES
572627.169
159.221 . 57,786.390
1,504.429 59,290.819
143.529 59,434.348
1,448.276" 60,882.624
NEXT INVESTMENT
NUMBER AMOUNT ? DUE
CURRENT TOTALS
? FACE ? PAID
AMOUNT TO DATA
STATUS OF ACCOUNT
1014441:0 War. abo, V.I..% "itrvIhMt11.11""itS.MNI
. CUSTODIAN* STATE STREET BANK and TRUST COMPANY, P. 0. BOX 2296, BOSTON, MASS. 02107
"ucgc.avv4s.Vosin"lortiolbsccMwAccolVv.r4telvo.c.warel -.r.liaSiktoWSOlt"an.lasno,K %WNW ,orVitroOvacmi.A4r,,hibti
Armrovecl`For Release 2O06/05/23 ? CIA-RDP84-00780R003000070004.-0
4.
tr:
Approved For Release 2006/05/23: CIA-RDP84-00780R003000070004-0
R-TO-fs' TE., CONFIRMATION
11111"-LITY THEA
INVESTMEXT.,,P Al
P/L4
METE* TO ACCOuNT NUNOCR
BELOW IN ALL CORRESPONDENCE
REPRESENTATIVE
cq4o
INVESTOR
ECARC LF CIkECTCPS CF
TVA t.ETIREMENT SYSTEMS TTEE
VCLONTAI