By MarketWatch
Last Update: 12:43 AM ET Nov. 11, 2005
SAN FRANCISCO (MarketWatch) -- An investigation of Halliburton Co.'s pension plan has found the company violated federal pension law, including charging some costs of Halliburton's executive pension and bonus plan to the workers' pension fund, according to a report published Friday.
According to the Times story, the Labor Department concluded that Halliburton's actions violated federal pension law prohibitions against self-dealing and using pension money for the benefit of the company, as well as the requirement to handle pension money with "care, skill, prudence and diligence."
The documents show Halliburton replenished funds that were improperly withdrawn from the pension fund, made the affected individuals whole and paid an undisclosed tax penalty, the Times reported.
Two of the violations began while Vice President Dick Cheney was the company's chief executive. The third, which the Times reported involved the largest amount of money, took place after Cheney resigned in 2000.
The report said Halliburton responded to an inquiry about the findings with a statement that said: "Halliburton cooperated extensively with the Department of Labor to identify and successfully resolve these issues on a voluntary basis. As the letter indicates, these issues have all been fully resolved."
Representatives for Halliburton could not be reached early Friday for comment on the report.
Shares of Halliburton fell $2.40 Thursday, or 4.11%, to $56.
No comments:
Post a Comment