Business Services Industry
Too much for some, too little for others.(End Page)(data source error in Hewitt Associates Inc.)(Brief article)
Business Insurance, July, 2007
Hewitt Associates Inc. is calling it a "data source error.'' But whatever words are used, a situation involving litigation settlement payments to about 20,000 former Enron Corp. employees who participated in the failed Houston-based energy giant's employee stock ownership plan undoubtedly is an embarrassment to Hewitt, one of the nation's biggest savings plan administrators.
Hewitt was retained by Enron Recovery Service Corp. to calculate and distribute funds available from settlements to Enron ESOP participants. However, in a recent distribution of $22 million, opening balance amounts used to perform the settlement calculations were incorrect, a Hewitt spokeswoman said. The result was that distributions to a majority of ESOP enrollees were too large,...
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