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Pension and Employee Benefits: Code, ERISA, & Regulations
Authoritative and comprehensive reference to pension and selected welfare benefit provisions of the I.R.C., ERISA and the associated regulatory authority.
In a settlement with the Department of Labor (DOL), Hewitt Associates and the Enron Creditors Recovery Corp. have agreed to restore $11.2 million to a court supervised settlement fund for Enron participants.
Hewitt was the administrator of a court-supervised settlement fund which held recoveries obtained by the DOL and class action plaintiffs in lawsuits regarding Enron’s pension plans. The DOL had accused Hewitt of having misallocated the settlement funds, causing it to have insufficient cash to pay Enron workers, retirees and beneficiaries all the amounts due them.
Under the terms of the settlement, Enron and Hewitt have agreed to restore the funds necessary to permit full payment to the plan participants in accordance with the allocation formula originally approved by the court.
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