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 ?
No district is exempt from the fallout of lockdowns, regardless of demographics or affluence, location or security.
What's common in correctional facilities, and in this case specifically Ontario's Maplehurst Correctional Facility, is the use and practice of what's called a lockdown. A lockdown is exactly how it sounds: inmates are ordered to remain in their cells, sometimes days at a time, and cannot leave them to use the showers or seek medical attention or phone their lawyers or family.
Stubbs said that although local districts follow relatively strict protocol when it comes to lockdowns and lockouts, no two are the same.
The government has been at the receiving end of harsh criticisms from both the netizens and some politicians due to the traffic jams created by lockdown policy since Monday.
LTC facilities will go into lockdown for various reasons, including both manmade and natural disaster emergencies.
The lockdowns are part of a constellation of new security measures deployed by schools over the past decade, a complement to closed-circuit cameras, doors that lock automatically and police officers in the building.
Picone, the first nurse to rise through the ranks to become Director-General, told the recent NSW Nurses' Association Annual Conference: 'The lockdowns are not acceptable.
Lockdowns can take place for as long as the prison deems it necessary to satisfy themselves that security has not been compromised.
I have been in lockdowns before, and I dare say I helped cause a few when I was in college, but all of those were a number of years ago.
The decrease in the high-end server segment was mainly due to Y2K lockdowns on second-half purchases.
The report of shots fired on the 900 block of Clarendon Drive led to the lockdowns at Round Lake High School, about a half-mile away, and John T.
Lockdowns were promulgated across the country in the early 1990s when school shootings began to occur with some regularity, though the tactic has failed during numerous shootings in educational facilities, public locations and businesses.