Bankrupt Retailer Appoints Independent Fiduciary on 401k Plan
SEATTLE, WA, October 7, 2009 - Earlier this year, G.I. Joes Holding Corp. filed for Chapter 11 protection in U.S. Bankruptcy Court in Delaware. At that time, the G.I. Joes, Inc. Savings Plan had approximately 800 participants and $17 million in plan assets.
G.I. Joe's Board has appointed Matthew D. Hutcheson, LLC to serve as Independent Fiduciary over the 401k plan. Hutcheson will work closely with incumbent service providers to ensure all plan benefits are paid in an orderly manner. Plan participants will be notified of the appointment immediately. Participants awaiting benefits may identify themselves by sending an email to matt@erisa-fiduciary.com.
"G.I. Joes' Board has acted loyally toward its 401k plan participants," Hutcheson said. "By appointing an independent fiduciary, all conflicts of interest and obstacles to distributing benefits are removed. The plan's top-notch service providers can proceed with confidence in distributing benefits under independent authority."
Steve White, a consulting actuary with Milliman, the plan's consultant expressed approval that an independent fiduciary has been retained to act in the best interest of participants.
Milliman and Deschutes Investment Advisors will work closely with Hutcheson to maintain an orderly wind-down of the plan. Tim Wood, the plan's investment consultant expressed, "We could not be more pleased to be partnering with Matt. As the plan's investment fiduciary we have been the main point of contact with participants for the last several years. We are pleased that participants will now have access to their accounts that up until now were continually denied."
About Matthew D. Hutcheson
Hutcheson is acclaimed for his steadfast and unwavering efforts to protect the retirement income security of American workers and for his work to help fiduciaries uphold their duties of care and loyalty to the participants in their retirement plans. Hutcheson is an Independent Pension Fiduciary who is well recognized and trusted in the world of finance, economics, and retirement plans. He is a congressional expert, and is a dedicated advocate of investor and plan participant rights.
About Milliman
Milliman is among the world's largest independent actuarial and consulting firms. Founded in Seattle in 1947 as Milliman & Robertson, the company currently has 51 offices in key locations worldwide. Milliman employs over 2,300 people, with a professional staff of more than 1,100 qualified consultants and actuaries, including specialists ranging from clinicians to economists. The firm has consulting practices in healthcare, employee benefits, property & casualty insurance, life insurance and financial services. Milliman serves the full spectrum of business, financial, government, union, education and nonprofit organizations. For further information, visit www.milliman.com.
About Deschutes Investment Advisors
Deschutes is a fee only ERISA Section 3(38) investment fiduciary that specializing in developing plans for our clients that are easy to administer. The objective of Deschutes to seek retirement security the participants and beneficiaries within the plans they manage. Inquiries (general or from G.I. Joes 401k plan participants) should be addressed to Tim Wood at 503.223.2500, extension 9 or tim@deschutesadvisors.com
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