[20020311]RS21115_安然公司破产和退休计划中的雇主持股.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21115Updated March 11, 2002The Enron Bankruptcy and Employer Stock in Retirement PlansPatrick J. PurcellSpecialist in Social LegislationDomestic Social Policy DivisionSummaryOn December 2, 2001 the Enron Corporation filed for Chapter 11 bankruptcyprotection in federal court in New York. Enron sponsors a retirement plan a “401(k)” for its employees to which they can contribute a portion of their pay on a tax-deferredbasis. As of December 31, 2000, 62% of the assets held in the corporations 401(k)retirement plan consisted of shares of Enron stock. Some Enron employees held evenlarger percentages of Enron stock in their 401(k) accounts. The companys bankruptcysubstantially reduced the value of many of its employees retirement accounts. Shares ofEnron, which in January 2001 traded for more than $80 per share, were in January 2002worth less than 70 cents each. The financial losses suffered by participants in Enrons401(k) plan have prompted questions about the laws and regulations that govern theseplans. This CRS Report describes the current laws governing the holding of