|
 Printer Friendly Version
Release Date: March 13, 2008
Release Number: 08-375-NAT
Contact Name: Richard Manning/Gloria Della
Phone Number: 202.693.4676/202.693.8664
Washington – Hewitt Associates LLC and the
Enron Creditors Recovery Corp. have agreed to restore $11.2 million to
the court-supervised settlement fund for Enron participants, the U.S.
Department of Labor announced today. The settlement resolves a contempt
motion filed by the secretary of labor against Hewitt for having
misallocated court-supervised settlement funds owed to Enron employees.
“This settlement will ensure that all pension plan
participants will receive all the funds to which they are entitled,”
said U.S. Secretary of Labor Elaine L. Chao.
Hewitt, which served as the administrator for the
settlement fund, caused it to have insufficient cash to pay Enron
workers, retirees and beneficiaries all the amounts due them. The fund
holds recoveries obtained by the Labor Department and class action
plaintiffs in related lawsuits regarding Enron’s pension plans.
The settlement will restore the funds necessary to
permit full payment to the plan participants in accordance with the
allocation formula originally approved by the court. Without the
settlement, the fund would have had less than it needed to pay all of
the participants their promised recoveries. Enron and Hewitt have agreed
to provide the funds necessary to make up the shortfall in the amount
needed to make whole the underpaid participants.
Chao v. Hewitt Associates
Civil Action Number H-03-CV-2257
U.S. Department of Labor news releases are accessible on the
Department's Newsroom
page. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7828 or TTY 202.693.7755. The U.S.
Department of Labor is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit the
Department's Compliance
Assistance page.
|
