Halliburton violated pension law: NYT


Reuters
Date: 11-11-05

NEW YORK (Reuters) - An investigation by the U.S. Labor Department found that Halliburton Co.'s (NYSE:HAL - news) pension plans violated the law three times and the company paid more than $8.6 million to correct the violations, the New York Times reported on Friday, citing correspondence from the department.

The abuses included charging some costs of the company's executive pension and bonus plans to a workers' pension fund, the paper said, and the company was found to have violated federal pension law prohibitions against self-dealing and using pension money for the benefit of the company.

Halliburton was required to replenish improperly withdrawn funds, repay those individuals affected and pay an undisclosed tax penalty.

According to the Times, two of the violations began while Vice President Dick Cheney was the company's chief executive, but the largest infraction took place after he resigned in the summer of 2000.

Halliburton told the paper the issues had been fully resolved.

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