WASHINGTON-The Pension Pro- tection Act (PPA) reflects a change not in the investment industry, but in the very fabric of the American workforce, said Vanguard Chief Executive and Chairman John J. Brennan.

"When we look back from the future, I believe we will look at last August's law as important as ERISA [the Employee Retirement Income Security Act]," Brennan told a lunch-hour crowd during the Investment Company Institute's Pension Protection Act Developments Conference here last Wednesday. Roughly 160 people registered for the event.

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