State Street Corporation confirmed today that it has been asked by the U.S. Department of Labor to serve as the Special Independent Fiduciary for Enron Corporation’s 401(k), ESOP and cash balance plans.
As Special Independent Fiduciary for Enron’s plans, State Street’s responsibilities will include investing the assets, selecting and monitoring plan investment managers and selecting and monitoring funds offered as investment options under the savings plan. State Street will represent the plans’ interests in the bankruptcy proceedings and in any lawsuits, which relate to the plans. State Street will also coordinate with Enron’s plan service providers.
Said David Spina, chairman and CEO of State Street, “We are pleased to have been asked by the U.S. Department of Labor to serve as the Special Independent Fiduciary for Enron’s plans. As the industry leader in providing independent fiduciary services to employee retirement plans, we have well-recognized expertise and a proven track record in managing and overseeing retirement plan investments.”
Noting that State Street does not hold any Enron stock in a discretionary capacity and is not a lender to Enron, David Spina continued, “We are committed to representing the interests of the participants and beneficiaries of the Enron plans. In the event of any conflict concerning Enron shares held in client portfolios, we would appoint an Independent Fiduciary to act on our behalf.”