Former Enron CEO Jeffrey K. Skilling agreed to waive any rights to a company pension and to be permanently banned from acting as a fiduciary to any employee benefit plan subject to ERISA, under a settlement announced by the Department of Labor today. Mr. Skilling agreed to drop his opposition to a previous DOL settlement authorizing insurers to pay $85 million into Enron's pension fund, according to a Labor Department news release. Under the previous settlement, Mr. Skilling would not have received any of the money from the insurance payments, which would be reserved for other participants in the retirement plan, according to a Labor Department official who asked not to be identified.
The new settlement requires the approval of the U.S. District Court in Houston, the news release said.
