Compliance May 16, 2012

DOL Hits Hutcheson with ERISA Violation

 

The Department of Labor filed a complaint against Matthew Hutcheson of Eagle, Idaho, an independent fiduciary and plan trustee, for a violation of the Employee Retirement Income Security Act (ERISA).


 

 

Reported by

The complaint, filed in a federal court in Idaho, alleges that toward the end of 2010, Hutcheson used more than $3.2 million of the retirement plan savings of workers from multiple employers for personal expenses and in an attempt to purchase an interest in the Tamarack Resort–a failed ski and golf resort in Idaho. This prohibited transaction has left affected retirement plans with insufficient funds to pay participants all the benefits owed.    

Hutcheson also faces a separate criminal indictment in connection with the same transaction.  

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The department seeks to remove Hutcheson and other named defendants as fiduciaries of the affected plans, and to appoint an independent fiduciary to administer them. In addition to Hutcheson, defendants include Hutcheson Walker Advisors LLC; Green Valley Holdings LLC; and the Retirement Security Plan and Trust, formerly known as the Pension Liquidity Plan and Trust.

 

Deals & People May 15, 2012

CPI Appoints Senior Manager for Internal Sales Department

 

CPI Qualified Plan Consultants Inc. named Peter Wesner as the senior manager for the internal sales department.

 

 

Reported by

Wesner has been with CPI’s sales and marketing department since 2004, starting with the internal sales team before serving as the retirement plan consultant in CPI’s Kansas City, Missouri, office.

He holds a bachelor’s degree in business administration from Sterling College.

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CPI President Jon Prescott commented, “Pete has done an outstanding job working with CPI’s strategic broker/dealer and wirehouse relationships—relationships he will continue to manage. His understanding of the broker/dealer environment and experience working with financial advisers give him a real advantage and unique perspective with the internal sales team.”

 

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