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Enron Mail |
Notice No. 01-46
February 1, 2001 TO: NYMEX DIVISION MEMBERS FROM: Patrick F. Conroy, Senior Vice President SUBJECT: TERMINATION OF MEMBERS RETENTION AND RETIREMENT PLAN The remaining assets under the MRRP are being distributed to the participants with Continuous Service between 10 and 14 years under the Plan. Under the terms of the Plan, participants with more than 15 years of Continuous Service are entitled to receive a payout equal to the net present value of their calculated benefit, to the extent of assets held in trust. Any remaining assets are to be distributed to the participants with Continuous Service between 10 and 14 years. In earlier notices, we estimated that there would be sufficient assets to pay approximately 26% of the partial benefits otherwise calculable. However, after the final reconciliation of the census information used to calculate the original estimates, the liability associated with the fully vested participants increased substantially. The final calculations indicate that the remaining assets available to the participants with Continuous Services between 10 and 14 years will represent 14% of the otherwise calcu! la! ted benefits. (In dollar terms, the liability to the fully-vested beneficiaries had increased by approximately $1.4 million.) In earlier notices we cautioned that the estimated benefits were subject to change based upon corrections to the participant database statistics. During the review process there were substantial corrections required. A detailed explanation of the corrected liability amounts will be presented to the Board. If anyone would like to discuss their situation with me personally, I can be reached at ext. 8-2285. __________________________________________________ Please click on the link below to indicate you have received this email. "http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com& refdoc=(01-46)" Note: If you click on the above line and nothing happens, please copy the text between the quotes, open your internet browser, paste it into the web site address and press Return.
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