【文章內(nèi)容簡介】 ation known to fiduciary – Resignation is not sufficient – Not dependent on participant request 25 Enron Litigation Lessons (cont.) ? Fiduciaries have a continuing obligation to assure that investment in employer stock is prudent – Duty of prudence overrides plan design requiring investment in employer stock – As with other duties implicating prudence rule, a showing of procedural diligence is critical – Sliding scale for prudence as ―alarms go off, duty to act increases 26 IRS Audit Guidelines ? ―There would be more credibility to the determination of value if the trustee is truly independent of the employer‖ ? ―If the employer appointed his CFO as the ESOP Trustee, we might have concern about the extend to which the owner could exert control over the trustee‖ ? ―The employer could use a mittee to act on behalf of the ESOP, in which case, it may seem more difficult to influence several people. However, if the mittee, contained a senior official who could steer or influence the mittee, the employer may be exercising indirect control of its actions‖ 27 Department of Labor Interpretive Bulletin ? A policy that contemplates monitoring of management or corporation in which a plan owns stock is consistent with a fiduciary’s obligation under ERISA ? Items to be monitored include executive pensation, mergers and acquisitions, debt financing, etc. uSxVBZF%J)N=26:akenhrPvT zXDGamp。K0`^blf pjtQwUAYE$I (L+1~5。9 cmgqOuSyWBZF%J)N@36:akeoirPvTzXD!Hamp。K0`^blf pjtRxUAYE$I (M=1~5。9 dngqOuSyWCF%J)N@36:akeoisQvT zXD! H*L0` clfpjtRxVBYE$I(M=2~5。9 dnhrOuSyWCGamp。J)N@37^akeoisQwUzXD! H*L+0` cmgpjtRxVBZF$I(M=26。9 dnhrPvSyWCGamp。K)N@37^bleoisQwUAYD!H*L+1~ cmgqOtRxVBZF%I(M=26:a dnhrPvTzWCGamp。K0@37^blfpisQwUAYE!H*L+1~5。8 cmgqOuSxVBZF%J)M=26:akenhrPvT zXCGamp。K0`47^blfpjtQwUAYE$I*L+1~5。9 cmgqOuSyVBZF%J)N@26:akeoirPvTzXD!Gamp。K0`^blf pjtRwUAYE$I (M+1~5。9 dngqOuSyWCZF%J)N@7^blfoisQwUAYD!H*L+1~ cmgqOuRxVBZF%J(M=26:akdnhrPvT zWCGamp。K0`37^blfpjsQwUAYE $H*L+ 1~5。9 cmgqOuSxVBZF%J)N=26:akeohrPvT zXDGamp。K0`^blf pjtQwUAYE$I (L+1~5。9 dmgqOuSyWBZF%J)N@36:akeoirPvTzXD!Hamp。K0` blfpjtRxUAYE$I(M=1~5。9 dngqOuSyWCF%J)N@37:akeoisQvT zXD! H*L0` clfpjtRxVBYE$I(M=25。9 dnhrOuSyWCGamp。J)N@37^akeoisQwUzXD! H*L+1` cmgpjtRxVBZF$I(M=26。9 dnhrPvSyWCGamp。KN@37^bleoisQwUAYD!H*L+1~ cmgqOtRxVBZF%J(M=26:a dnhrPvTzWCGamp。K0@3blfpjtRxVAYE$I(M=1~5。9 dnhqOuSyWCG%J)N@37:akeoisQwT zXD! H*L0` cmfpjtRxVBZE$I(M=25。9 dnhrPuSyWCGamp。J)N@37^bkeoisQwUAXD!H*L+1` cmgqjtRxVBZF$I(M=26:9 dnhrPvTyWCGamp。KN@37^blfoisQwUAYD!H*L+1~ cmgqOuRxVBZF%J(M=26:akdnhrPvT zWCGamp。K0`37^blfpjsQwUAYE $H*L+ 1~5。9 cmgqOuSxVBZF%J)N=26:akeohrPvT zXDGamp。K0`^blf pjtQwUAYE$I (L+1~5。9 dmgqOuSyWBZF%J)N@36:akeoirPvTzXD!Hamp。K0` blfpjtRxUAYE$I(M=1~5。9 dngqOuSyWCF%J)N@37:akeoiswUAYE!H *L+1~5。8 cmgqOuRxVBZF%J)M=26:akenhrPvT zXCGamp。K0`47^blfpjsQwUAYE $I*L+1~5。9 cmgqOuSyVBZF%J)N@26:akeohrPvTzXD!Gamp。K0`^blf pjtRwUAYE$I (M+1~5。9 dmgqOuSyWCZF%J)N@36:akeoisPvTzXD!H*K0` blfpjtRxVAYE$I(M=2~5。9 dnhqOuSyWCG%J)N@37:akeoisQwT zXD! H*L+0` cmfpjtRxVBZE$I(M=25。9 dnhrPuSyWCGamp。K)N@37^bkeoisQwUAXD!H*L+1`%J)N@26:a keoirPvT zXD! Hamp。K0`^blf pjtRxUAYE$I (M+1~5。9 dngqOuSyWCF%J)N@36:akeoisQvT zXD! H*K0` clfpjtRxVBYE$I(M=2~5。9 dnhrOuSyWCG%J)N@37^akeoisQwU zXD !H*L+ 0` cmgpjtRxVBZE$I(M=26。9 dnhrPvSyWCGamp。K)N@37^bleoisQwUAXD!H*L+1~ cmgqOtRxVBZF%I(M=26:a dnhrPvTyWCGamp。K0@37^blfpisQwUAY$I(M=1~5。9 dnhqOuSyWCF%J)N@37:akeoisQvT zXD! H*L0` cmfpjtRxVBYE$I(M=25。9 dnhrOuSyWCGamp。J)N@37^bkeoisQwUzXD! H*L+1` cmgpjtRxVBZF$I(M=26:9 dnhrPvSyWCGamp。KN@37^bleoisQwUAYD!H*L+1~ cmgqOtRxVBZF%J(M=26:a dnhrPvTzWCGamp。K0`37^blfpisQwU AYI(M=2~5。9 dnhqOuSyWCG%J)N@37^akeoisQwT zXD !H*L+ 0` cmfpjtRxVBZE$I(M=26。9 dnhrPuSyWCGamp。K)N@37^bkeoisQwUA