ERISA

How Can TPAs Best Ensure That No ERISA Bond Mistakes Have Been Made?

07/19/2019

As a pension professional, you probably manage hundreds or thousands of employee benefit plans. You have to make sure that all plans have the required ERISA fidelity bond, should they need it, and are bonded at the correct amount. But how can you adequately make sure that the bonding requirements are met for every single one of your plans?

Being a third party administrator or pension professional effectively requires you to make few or no mistakes. You are responsible for those plans’ administration and have to make sure, among other things, that the plans are meeting their ERISA fidelity bonding requirements. Click here to learn more. But is there a way to more effectively manage the bonds and bonding requirements?

Colonial Surety’s Bond Compliance Program helps ensure that all of your plans that you manage are meeting their ERISA fidelity bond requirements by placing all plan information in one convenient location and providing notifications to let you know whether a plan is bonded correctly and at the required amount.

Managing individual plans is too arduous of a process. You can waste too much time and money on just keeping the plans in compliance instead of creating new innovative investment strategies to help the plans provide even more return. With Colonial Surety’s Bond Compliance Program, you will save time and money on your plan administration with more efficient ERISA fidelity bonding procedures.

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. Colonial is one of the leading providers of ERISA related products, offering bonds approved by the Dept. of Labor. We make it easy to obtain your bond instantly as well as allowing you to purchase retroactive insurance for the years the plan was not previously covered. 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.