Business Services Industry
Late News.(includes, Department of Labor to investigate Enron Corp. lockout)(Statistical Data Included)
Business Insurance, January, 2002
DOL probing Enron 401(k) lockout The U.S. Department of Labor is investigating the three-week lockout Enron Corp. imposed last year on 401(k) plan participants when it changed plan administrators. During the lockout period-which occurred at a time when Enron's share price was plummeting-participants were not allowed to make changes to their investments, such as selling Enron stock they had purchased with salary deferrals.
While such lockout periods are not specifically addressed in federal pension law, the Employee Retirement Income Security Act does require plan sponsors to administer plans in a reasonable way and in the best interests of participants, said Ann Combs, assistant secretary of the Labor Department's Pension and Welfare Benefits Administration....
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