PALM DESERT, Calif. - Paul Schott Stevens says his organization isn't advocating the establishment of personal retirement accounts as a solution to the looming Social Security shortfall, but the Investment Company Institute president has heard quite enough of what he calls "misleading" and "pessimistic" rhetoric.

To open the ICI's 2005 Mutual Funds and Investment Management Conference here yesterday, Stevens also addressed the growing debate over mutual fund disclosure, but it was his remarks to critics of personal accounts that were most pointed.

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