DoL Obtains Consent Judgment Against SAI Plus Fiduciary

>Per the consent judgment, MaruthiManney is barred from serving as afiduciary or doing business with any employee benefit plan governed by federal benefits law.   This after the DoL alleged Manney violated the Employee Retirement Income Security Act (ERISA) by failing to collect sufficient contributions from employers to pay benefits provided by the plans, according to a news release.

>Additionally, the DoL alleged Manney failed to notify employers that there was insufficient money to pay claims, to disclose to them the amount of fees charged by SAI Plus for services to the plans, and retained health plan assets in the firm’s account.   The Rockville, Maryland-based firm, which marketed, sold, and administered self-funded health plans to 44 employer groups across the country for as many 6,939 participants, ceased operating in June 2001 and has filed for Chapter 7 bankruptcy.

“This Administration is committed to aggressively enforcing the law and protecting the health benefits promised to workers and their families,” Secretary of Labor Elaine Chao said in a news release . “The Labor Department has a strong track record in protecting the benefits promised toAmerica’s workers, and we achieved record monetary results last year totaling $1.4 billion for retirement, 401(k), health and other programs.”