- A Whopper of an honor: Local company named top Burger King franchisee (11/15/17)3
- Southern Illinois farmer's grapevines destroyed by dicamba; four years of work lost (10/29/17)2
- Aldi store reopens after renovations (11/14/17)3
- Chantelle Becking strives to make a difference through her family and community (11/10/17)
- Federal jury finds surgeon Fonn guilty of kickback scheme (11/10/17)4
- Residents view pedestrian bridge as eyesore; city manager says it's designed to rust (11/13/17)8
- Jackson elementary students try to help others with 'kindness boxes' (11/6/17)1
- Decisions coming soon on steel mill, smelter in New Madrid (11/17/17)1
- State audit: Bollinger County tax levies violate state law; county commission disagrees (11/17/17)3
- Search reveals body in lake near Poplar Bluff; foul play suspected (11/12/17)
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.