EXECUTE INTO on 8.2

I'm seeing some strange behavior with the following code. It compiles and
runs but returns an error on the Execute statement:
List index out of bounds(0)

DECLARE
srec record;
v_formula varchar;
v_result varchar;

BEGIN
v_formula = 'select 4 as val';
EXECUTE v_formula INTO srec;
END;

However, the old school version runs w/no problem:

BEGIN
v_formula = 'select 4 as val';

FOR srec IN EXECUTE v_formula LOOP
v_result = srec.val;
END LOOP;
END;

Any idea why the new syntax isn't working? (I'm running 8.2 on a Windows
dev box.)