If you have not heard, the self proclaimed leader of the independent ERISA fiduciary movement, Matthew Hutcheson has been indicted and arrested for fraud and theft of retirement plan assets from the multiple employer plans (MEPs) where he served as a fiduciary.
Having succeeded Matt as the Chief Fiduciary of a plan that is indirectly connected with these allegations of theft, I can state that these alleged thefts from other plans occurred more than 9 months before I succeeded him.
I would love to comment freely about this, but it would be unwise for me while there is impending civil and criminal litigation.
Matt is entitled to a presumption of innocence, but regardless of his innocence or guilt, his career as an ERISA fiduciary is certainly over. It’s a sad end for a career that had so much promise.
It is a black eye for this industry, especially for MEPs, but the lessons learned from this debacle will only improve MEPs and serve as a cautionary tale for plan sponsors considering joining a MEP or hiring an ERISA fiduciary.