RETIREMENT SYSTEM FUND INC.
Supplement dated August 15, 1996
to
Prospectus dated January 28, 1996
The second sentence of the third paragraph on page 7 is restated, to read as
follows: "The minimum initial investment is $2,500 and the minimum subsequent
investment in the Fund is $250".
The second paragraph on page 15, entitled Portfolio Manager is restated, to read
as follows:
"The Intermediate Term Fixed-Income Fund is co-managed by Herbert Kuhl,
Jr., Vice President, and Deborah A. Modzelewski, Vice President, of Retirement
System Investors Inc. ("Investors"), who each play an important role in the
Investment Fund's management process. They work closely together to develop
investment strategies and select securities for the Investment Fund's portfolio.
Mr. Kuhl, Jr. has been co-manager of the Investment Fund since its May 1991
inception, except during a period of retirement between November 1995 and March
1996. Ms. Modzelewski has been a co-manager since November 1995. Mr. Kuhl, Jr.
joined Retirement System for Savings Institutions (predecessor to Investors) in
April, 1986, with over 20 years of experience in managing credit research and
fixed-income investments. Prior thereto, he was an investment officer at Savings
Bank Trust Company, with responsibility for managing various banks' fixed-income
investments. He is a graduate of Rhode Island University with a Bachelor of
Science degree in Industrial Engineering and received a Master of Science degree
in Finance from Columbia University. Mr. Kuhl, Jr. is a Chartered Financial
Analyst. Ms. Modzelewski joined Retirement System in September 1984 and she has
been responsible for money market investments and cash management for all
investment funds managed by Investors and has handled the day to day portfolio
management of the Fund's Money Market Fund and RSI Retirement Trust's Short-Term
Investment Fund. A graduate of New York University, Ms. Modzelewski holds a
Bachelor of Science degree in Finance and International Business. She also
received a Master of Business Administration degree in Finance from St. John's
University."
