ERISA

Why Should you get the Bond Compliance Program?

07/19/2019

Do you as a third-party administrator wish there was an easy way for you to be able to verify your client’s ERISA fidelity bond coverage when filing the Form 5500? Enter Colonial Surety’s Bond Compliance Program.

This free service saves time for TPAs by allowing the TPA to confirm and verify a client’s ERISA fidelity bond coverage when filing the Form 5500. Avoid costly mistakes when filing the 5500 and make sure all your client’s information is correct and on file with our proprietary system.

Our software identifies your plan sponsors who do not currently have an ERISA fidelity bond. This will allow you to easily keep track of which plan sponsors you need to communicate with and make sure purchase their required ERISA fidelity bond. Don’t let plan sponsors slip through the cracks anymore; Colonial’s Bond Compliance Program keeps track of every single one who hasn’t purchased an ERISA bond and makes sure the TPA is aware of the problem.

Best of all, you can even purchase an ERISA fidelity bond for your client retroactively to ensure that, even if they were previously not compliant with Department of Labor rules, they can now be bonded for those past times when they were noncompliant with the purchase of retroactive coverage. This helps avoid costly fines and keeps your clients protected.

Colonial Surety Company is a Treasury Listed surety company providing ERISA fidelity bonds packaged with fiduciary liability insurance which includes cyber liability insurance at no extra cost. Pension Professionals can enroll in The Partnership Account® for Pension Professionals. The Partnership Account is a business arrangement between third party administrators and Colonial Surety that simplifies the ERISA bonding process. It can help increase productivity for partners while lowering costs for their plan sponsors.

Pension professionals partner with Colonial Surety to consolidate their plan sponsors’ ERISA bonds into one location and ensure they are United States Department of Labor compliant. Colonial is rated “A” Excellent by A.M. Best Company and is a long tenured member of ASPPA and NIPA.

Click here to learn how to become a Pension Professional Partner.

If you would like to learn more about purchasing an ERISA Fidelity Bond, or an ERISA Fidelity Bond package including Fiduciary Liability Insurance, click here.