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Retirement Adviser Who Touted Fiduciary Duty Under Investigation

Matthew Hutcheson, who advises companies on their retirement plans, told Congress that managers of the $3.2 trillion in U.S. 401(k) plans should adhere to “the highest ideals of society.”

“The fiduciary duty is the highest duty known to the law,” Hutcheson, 41, said in testimony before the House Ways and Means Committee in October 2009. As an independent fiduciary, Hutcheson helps manage company retirement plans, picking investments and monitoring their operations. The legal requirement of a fiduciary is to always put the best interests of the client first.