Business Services Industry
Enron Disaster Might Spur Call for 401(k) Insurance.
Knight Ridder/Tribune Business News, January, 2002
By Pamela Yip, The Dallas Morning News Knight Ridder/Tribune Business News
Jan. 14--In the wake of a recently announced effort by the federal government to review rules regulating company pensions and 401(k) plans, a logical question is expected to surface: Would it be possible to institute some type of insurance that would protect employees from seeing their 401(k) money wiped out?
"I think it will come up," says Brooks Hamilton, a 401(k) consultant in Dallas. "Enron will be the catalyst for it."
Employees of Houston-based Enron Corp. lost about $1 billion in retirement savings when the energy trader collapsed last fall in the biggest bankruptcy filing in U.S. history.
"When a company goes into bankruptcy and the loss is directly...
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