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Enron 402(k) Debacle Is An Eye-Opener for Many Americans.
By Tony Pugh, Knight Ridder Washington Bureau Knight Ridder/Tribune Business News
Jan. 18--WASHINGTON -- For many of the 42 million Americans whose retirement depends on 401(k) plans, the Enron Corp.'s collapse was a personal revelation.
What they discovered was that while Enron's stock tumbled for months, most employees couldn't sell the shares in their 401(k) accounts that the company had contributed. The plan allowed only employees aged 50 and over to do so.
In addition, Enron froze the accounts of all Enron 401(k) participants to allow for a changeover in the plan's record-keeping last fall. There are disagreements over when the freeze began, but at a minimum it barred employees from transferring funds and assets for at least two weeks while company stock was reeling.
When the freeze was lifted on Nov. 13, the stock was trading for $9.98, down from $13.80 two weeks earlier. The share price bottomed out at 67 cents when the New York Stock Exchange banned all trading in…
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Source: HighBeam Research, Enron 402(k) Debacle Is An Eye-Opener for Many Americans.
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