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 ?
But Cheshire Police confirmed the reason for the lockdown was due to a smashed window.
Gerald Monfort, public affairs officer of the Joint Task Force Sulu, denied the military had imposed a lockdown in Jolo.
A third article, "No Easy Answers" offers the view of another school safety expert, who is an advocate for traditional lockdowns, scenario-based training and school staff being physically resistant in certain situations.
At first we thought it was fake because there had been a report in assembly earlier in the week that there was going to be a lockdown either this week or next week.
A 12-year-old schoolgirl said the incident lasted for around an hour and a half before the measures were lifted, with the school saying the lockdown "was taken as a precautionary measure" and the incident was "swiftly and efficiently dealt with".
"It was very scary because it was my very first lockdown. I feel more relaxed now but I'm still shocked.
Philippine embassy in Nairobi on lockdown after terrorist attack !-- -- (philstar.com) - January 16, 2019 - 2:48pm MANILA, Philippines The Philippine embassy in Nairobi, Kenya, is on lockdown on Wednesday after a terrorist attack killed at least 15 people in a hotel three kilometers away from the Philippine embassy.
A concrete course of action post the lockdown of the country and the agreement between the government and Tehreek-e-Labbaik Pakistan (TLP) is the need of the time right now.
Boston, Massachusetts: A nursery rhyme based on a school shooting lockdown drill that was taped to a board in a Massachusetts kindergarten class has provoked a passionate online response.
Called 'Lockdown, Lockdown' the nursery rhyme teaches children what to do during a lockdown drill - which would happen, for instance, in the event of a gunman entering the school - and reads:
Police say they are investigating an allegation of robbery, which caused a Swansea primary school to go into lockdown.
Whether it is prepackaged, using lockdown browser and recorded video features in the learning management system, or proctored with a human proctor at a distance via video streaming, consideration must be given to convenience, affordability, minimal hardware requirements and, most importantly, security.