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NBC asks if our pension funds need protection

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Your pension-fund money has become a pervasive factor in the American enterprise system. According to NBC White Paper: The Biggest Lump of Money in the World (Saturday, July 27, 10-11 p.m.), more than a hundred billion new dollars per year flow into the American economy from pension funds. And more and more, the money you and your company put aside for your future is being manipulated and often misused by money-management companies involved in its investment.

Nobody could ever call this ``NBC White Paper'' an entertainment. Reported and written by correspondent Steve Delaney under the aegis of executive producer Reuven Frank and senior producer-director Peter Poor, it is a solid public-service informational show -- exciting when it is hard hitting and critical, yet a bit heavy going when it serves up globs of necessary facts and figures.

However, if your money is involved in a pension fund, chances are you may find the factual stuff more heady than heavy.

By the year 2000, Delaney reports, pension funds will be the largest chunk of investment money in the country -- some $4 trillion vs. $1.25 trillion now -- and will represent majority ownership of all of America's common stocks. What the White Paper wants to warn you is that perhaps there is too much trust being placed in investment ``experts'' and that there is a growing politicization of proxy statements and a tendency in some quarters to place political and social goals over financial gains.

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