Eleven Million Dollars to be Restored to Enron Fund

By: AP Email
By: AP Email

Washington (AP) The labor department says more than $11million will be restored to the settlement fund for former Enron employees whose retirement fund went belly up when the company collapsed.

A settlement reached Thursday ends a contempt motion filed by Labor Secretary Elaine Chao in February against Hewitt Associates. Hewitt was hired by the Enron Creditors Recovery Corporation to allocate settlement money owed to Enron employees.

In 2006, former Enron workers received about $89 million, the first payment in a lawsuit settlement over money the workers lost through Enron's employee stock and 401(k) plans. But more than 20,000 workers were overpaid or underpaid by nearly $22 million
because of a software glitch blamed on Hewitt. Hewitt is no longer the administrator.

The labor department says the recovery corporation and Hewitt have agreed to restore more $11.2 million to the settlement fund.


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