CA converts employee stock fund to real-time trading

By SiliconIndia   |   Thursday, 24 October 2002, 07:00 Hrs
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ISLANDIA: Computer Associates International, Inc. (CA) today announced it is converting the Computer Associates Stock Fund of the Company's 401 (k) plan to real-time trading as part of a change from a unitized fund to a share-based fund. A share-based fund more closely tracks the exact movement of CA's share price, the company claimed in a press release.

Fidelity Investments Institutional Services Company, Inc. (Fidelity), provides record-keeping services for CA's 401 (k) plan. To implement the change to real-time trading, it is necessary for Fidelity to require a trading blackout period of four business days on transactions including CA stock.

The blackout period will begin at 4:00 p.m. Eastern Time on Friday, November 22, 2002 and is expected to end at 9:30 a.m. Eastern Time on Monday, December 2, 2002. CA chose the dates around the Thanksgiving holiday to minimize the number of business days during which the blackout will be in effect.

During this period, plan participants will not be able to withdraw or borrow funds from the CA Stock Fund in their accounts or make transfers between the CA Stock Fund and any of the Plan's other eight investment options. Activity within the other available investment choices will not be subject to a blackout. All CA directors and executive officers will also be prohibited from making any purchases or sales of CA stock or options during this period. All participants have been notified of this blackout period and have received material explaining how real-time trading works.

Real-time trading of the CA Stock Fund is expected to be available online or by calling a representative at the CASH Plan Service Center beginning Monday, December 2, 2002.

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