The U.S. Department of Labor filed a complaint against an Idaho retirement plan administrator for allegedly using more than $3.2 million from the retirement plan savings of workers from many employers for his own personal expenses. He tried to buy an interest in the Tamarack Resort, a failed ski and golf resort in Idaho.
This prohibited transaction left the retirement plans without sufficient funds to pay participants all the benefits owed to them. Matthew D. Hutcheson also faces a separate criminal indictment in connection with the same transaction.
"This is a case of a fiduciary violating the trust of retirement plan participants who relied on him to invest and grow their hard-earned savings," said Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi. "The Labor Department is taking all actions necessary to recover money for workers who are counting on these savings for a secure retirement."
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The DOL filed an application for a temporary restraining order and for an order to show cause why a preliminary injunction should not be granted. The department wants Hutcheson and other fiduciaries of the plans removed from their positions and to appoint an independent fiduciary to administer the plans. Along with 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.
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