Compliance October 1, 2002
Bush Orders Pension Review
January 10, 2002 (PLANSPONSOR.com) - President Bush has asked the US Treasury Department to review US pension regulations in the wake of the collapse of energy trading giant Enron, according to a Reuters news report.
Reported by Camilla Klein
Officials, speaking to Reuters on condition of anonymity, said Bush ordered the Treasury Department to review regulations covering both defined benefit and defined contribution plans.
Many Enron employees have complained that Enron officials improperly pressured them to buy company stock and then didn’t permit them to sell it even though Enron’s share price was plummeting.
The company is now the target of a flood of lawsuits and is also seeking federal bankruptcy protection.
According to the news report, Treasury Secretary Paul O’Neill will head the review.
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