From: Dora Edvalson
Sent: Thursday, April 22, 2004 11:52 AM
To: cannon.ut03@mail.house.gov
Cc: rule-comment@sec.gov
Subject: SEC File No S7-27-03

Congressman Cannon,

Thank you for your attention to my concern regarding the SEC's
proposed "hard 4:00 pm close rule" now under consideration.  This
rule would eliminate the ability of Payson City Retirement
participants to place mutual fund trade orders that otherwise
would be filled on the same day.  As the Payson City Benefits
Administrator, I am vigorously opposed to this regulation and via
a copy of this email to the SEC, I am requesting that they
consider my email a comment on this proposed rule (SEC File No.
S7-27-03). Payson City Employees are long term investors in their
retirement plans.  However, this does not mean that they do not
desire that their fund trading changes take effect as soon as
possible and certainly as quickly as any other investor's trading
opportunities.  Being forced to wait until the next day or
possibly several days could significantly affect their returns
and would make their retirement plans less attractive. They do
not want to stretch out their trades over several days while
other investors can still trade on the same day.  I understand
that this rule is being suggested as a method to stop people from
trading after the market closes. However, it is likely that my
employee's investments were negatively affected by these late
traders and the proposed rule would punish them further for
someone else's behavior.  I understand that late last year, the
House passed a bill (H.R. 2420) which directs the SEC to make an
exception to the "hard 4:00 pm close rule" for retirement plan
administrators that have suffcient processes in place to prevent
late trading. I like this approach and strongly encourage you to
continue to fight for this provision of the bill should any
changes be suggested. Thank you again for your continued service
to Utah residents, and for your particular interest in my
comments.

  Dora Edvalson, PHR, Payson City Human Resource Coordinator.

cc via email at rule-comment@sec.gove, File No. S7-27-03 Jonathan
G Katz, Secretary, Securities and Exchange Commission.