Press release. Excerpt: The Profit Sharing / 401k Council of America, in formal comments to the proposed 'hard close' rule designed to address the recent late trading scandals, urged the [SEC] to produce a final rule that does not relegate 401(k) and other employer provided plan participants to second class status. The proposed rule would reduce the ability of ninety percent of mutual fund investors to make fund trades up to the fund's closing time.