- Pilot House goes smoke-free (4/23/17)10
- Without city record, Marie Street residents on hook for thousands in sewer repairs (4/19/17)7
- Event includes the first public tour of 200-year-old Elmwood Manor (4/23/17)3
- BBB warns Jackson man's online business might not be legit (4/24/17)
- Few Southeast students face suspension, expulsion for sexual assaults, campus paper finds (4/25/17)4
- Man out on bond for alleged molestation of boys charged with abusing girl (4/18/17)
- Cape councilman Bob Fox to run for mayor (4/21/17)5
- Woman battered after smashing boyfriend's meth pipe against wall, police say (4/25/17)
- Deputy: Man kicked, broke uncle's ribs after yard-work dispute (4/19/17)
- Sikeston man charged in shooting death of Cape man (4/23/17)
Enron retirement plan officials removed
WASHINGTON -- Control of Enron Corp.'s retirement plans is being transferred from company executives to an independent expert who will be appointed by the Labor Department in an arrangement announced Tuesday.
Enron must pay the cost of the independent, legal representative for three years up to a maximum $1.5 million a year plus expenses such as accounting services. The agreement may require bankruptcy court approval.
The legal representative, called a fiduciary, will protect workers interests during corporate bankruptcy proceedings and maximize the effort to recover the funds, said Labor Secretary Elaine Chao.
The fiduciary will control operating the plans and investing their assets.
Many workers lost their retirement savings that were heavily invested in Enron stock as the price steadily declined last year.
Overall, the 20,795 participants in Enron's 401(k) plan had about 63 percent of their assets in company stock.
The department is investigating whether the company-appointed fiduciaries were prudent and acted in the interest of the employees.