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News
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Enron may oust trustees
graphic February 11, 2002: 6:37 a.m. ET

Labor Department talks to failed trader about independent pension oversight.
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  • Special Report: Enron's Collapse
  • Lay won't testify at hearing, his spokeswoman says - Feb. 10, 2002
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  • Enron
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    WASHINGTON (CNN) - The U.S. Labor Department says it is negotiating with Enron Corp. to remove the officials now overseeing the failed energy giant's pension plans and replace them with independent overseers.

    Ann Combs, assistant secretary of the Pension and Welfare Benefits Administration, said in a statement Sunday that federal officials hope to reach an agreement with Enron "without engaging in a lengthy court proceeding."

    But if an agreement can't be reached "in the very near future," the Labor Department will seek a court order to replace the pension plan administrators, she said.

    Combs said the department's objective is to replace the administrative committees now overseeing Enron's pension plans with independent experts who are "experienced in protecting the interest of participants and beneficiaries in complex pension plans like Enron's."

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    Enron's employee retirement plans have come under scrutiny since the company's plunge into bankruptcy. Many employees who had invested their retirement funds in Enron stock saw their investments vanish when the company stock tumbled.

    As the company's financial woes became public, employees were prevented from selling their Enron stock after the administrator for the company's retirement plans was changed. graphic

      RELATED STORIES

    Special Report: Enron's Collapse

    Lay won't testify at hearing, his spokeswoman says - Feb. 10, 2002

      RELATED LINKS

    Enron





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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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