The role of the third-party administrator has changed greatly over the last decade. TPAs had to learn to become more efficient and provide more cost reduction than their competition in order to maintain business.
Because TPAs have become more efficient in order to survive, they are also taking on more plans and accounts with that time saved. That means working with more varied groups of people with different demands and needs. Platforms and technology that TPAs need to use need to be streamlined to provide the most efficient experience and save the most time. Click here to learn more.
ERISA fidelity bonding is one process that a TPA can simplify with technology to save a lot of time and costs for their clients and customers. Colonial Surety is here to simplify the ERISA bonding process with the Partnership Account®. 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.
Partnering with Colonial provides you access to a powerful client management dashboard, the Pension Professional Dashboard, that provides real-time information and enables you to instantly purchase or renew a client’s ERISA bond, view renewal history, limit adjustments, and much more online. These free management tools allow partners to become more efficient to work smarter, not harder. You also gain access to the Bond Compliance Program, our free service saves third-party administrators the time associated with confirming and verifying ERISA bond coverage when filing the 5500. Our proprietary software identifies your plan sponsors who do not currently possess an ERISA bond. You can even purchase a bond for your client retroactive to ensure the Department of Labor (DOL) compliance and avoid costly fines.
Colonial also offers a 5500 bond verification system, U.S. Department of Labor approved bond forms, financial incentives for referrals, built-in cost savings for your clients, fast online quoting and purchase, and retroactive coverage for past years the plan was not adequately covered by an ERISA fidelity bond.
Colonial Surety Company is a Treasury Listed surety company providing the Department of Labor compliant ERISA Fidelity Bonds. 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 complaint. 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.