Enron-inspired legislation to allow workers greater control over their pension funds passed the House this week, and has a good chance of passing the Senate, too.
The Pension Security Bill of 2002 allows workers to immediately diversify any of their own contributions to pension plans instead of investing them in company stock, and to diversify their employer’s contributions after three years. The measure would also require companies to notify their workers 30 days in advance of any blackout periods where they would not be able to sell their company stock – and forbid company executives from selling during these times, too. Such a blackout period contributed to the pension plan losses suffered by Enron employees after the company’s stock tanked.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access