lockdown


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Blackout Period

The period of time during which an employee may not make any changes to his/her employer-sponsored retirement plan. This usually occurs when the plan is being restructured or when administrative changes are being made. For example, a company may institute a blackout period if it is moving management of its retirement plans to a different brokerage. A blackout period normally lasts approximately 60 days. It is also called the lockdown.

lockdown

A prohibition against a firm's employees making changes in the asset composition of their retirement plan. Corporate officials may lock down a retirement plan during a period of administrative changes in the plan. Also called blackout period, quiet period.
Case Study The term lockdown became a familiar component of the finance lexicon following Enron's bankruptcy on December 2, 2001. The company's management had locked down the employees' 401(k) retirement plan five weeks earlier on October 26, when Enron stock traded at a price of $15.40 per share. The lockdown was initially scheduled by directors in March 2001 to facilitate upcoming administrative changes in the retirement plan, a perfectly legal reason. Employees were notified in early October of the coming restriction on changes to the retirement plan. Unfortunately for Enron employees who chose to maintain most of their funds in Enron shares, the firm's stock price declined to $9.98 by the time the lockdown ended on November 13. Thus, employee investments in the firm's stock decreased by approximately 33% during the two-and-a-half-week lockdown period. Some employees claimed to have been misled with regard to the last day they were allowed to make changes to the retirement plan. Other critics claimed Enron's management had knowledge of the firm's severe financial difficulties and, as a result, had a fiduciary responsibility to the employees to postpone the lockdown until the news had been released. Many of the firm's employees maintained a substantial portion of their retirement funds in Enron stock, which by the end 2001 traded for less than $1 per share. The stock had traded above $80 per share early the same year.
References in periodicals archive ?
Answering a question from NSWNA councillor and Justice Health nurse Gary Clark, who called the lockdown policy 'horrific', Ms Meagher said:' It brings a great deal of humanity to people in those circumstances .
With the DHS extending its control over local police agencies, prepping the country to go into lockdown, and harassing ordinary citizens for no defensible reason, it's clear that Scarbrough's assessment, while premature, is correct in principle.
LockDown covers are available in all common manhole sizes ranging from 20 to 38 inches.
The modern history of the supermax began on Saturday, October 22, 1983, when Thomas Silverstein, and inmate at the federal maximum-security penitentiary in Marion, Illinois, stabbed a corrections officer 40 times, precipitating a total lockdown of the prison.
We here at NetherRealm Studios are huge fans of Batman: Arkham City, and we were very excited to develop Batman: Arkham City Lockdown to extend the franchise experience to iPad, iPhone and iPod touch," said Ed Boon, Creative Director, NetherRealm Studios.
They kept saying, 'Lock your doors and keep everyone away from the windows,''' said Rebecca Grossman, a 10th-grader at Watertown High School, outside Boston, where students have been forced to "shelter in place'' three times this school year, a less serious version of a full lockdown.
It's apparent to me based on the officer's request for a modified lockdown (immediately prior to the shooting) that he was considering the safety of the students at the school in his handling of the suspect," Fellman said.
The Anti-Theft Lockdown Safe holds iPads, eReaders, and tablets; it can be kept secure by the key lock and cut-proof cable that is on the safe.
edu/) University of Rhode Island A (URI) is under lockdown Thursday amid reports of a gunman roaming around an academic hall.
TICKETS for Titanic Lockdown went on general release yesterday for weekend gigs.
While attending the National Association of Independent Schools (NAIS) Conference and the California Association of Independent Schools Conference, Joffe Emergency Services associates will meet with teachers, students, and staff from across the nation to advocate school preparedness for lockdown situations.
CBS News reports that the base lockdown after a FedEx truck driver entering