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The "Prudent Retiree Rule": What To Do When Retirement Security Is Impossible, Jeffrey N. Gordon
The "Prudent Retiree Rule": What To Do When Retirement Security Is Impossible, Jeffrey N. Gordon
Faculty Scholarship
The starting question for public policy analysis in the retirement security area ought to be this: “Is retirement security possible?” My text is drawn from the classic trust case Harvard College v. Amory, decided in 1830, in which the Massachusetts Supreme Judicial Court announced the prudent investor rule by stating, “Do what you will, the capital is at hazard.” The modern understanding of that text is not that there are no “risk free” assets. After all, the United States government assures the timely payment of principal and interest on Treasury securities backstopped in turn by Treasury’s unlimited call on …
Employee Stock Ownership After Enron: Proceedings Of The 2003 Annual Meeting, Association Of American Law Schools Section On Employee Benefits, Norman P. Stein, Colleen E. Medill, Susan J. Stabile, Jeffrey N. Gordon, Louis H. Diamond, Damon Silvers, Patricia E. Dilley
Employee Stock Ownership After Enron: Proceedings Of The 2003 Annual Meeting, Association Of American Law Schools Section On Employee Benefits, Norman P. Stein, Colleen E. Medill, Susan J. Stabile, Jeffrey N. Gordon, Louis H. Diamond, Damon Silvers, Patricia E. Dilley
Faculty Scholarship
This session is entitled "Employee Stock Ownership After Enron," and I assume that title has drawn into this room people who know something about either Enron or employee stock, or both. For our purposes, the Enron story has as its focus the Enron 401(k) plan, which was the principal retirement plan for most Enron employees. Employees could make elective contributions to the 401(k) plan, which offered nineteen investment options, one of which was Enron stock. The 401(k) plan also provided that Enron would match employee contributions up to 3 percent of compensation. Enron's match, however, was made in Enron stock. …