A news release from Colonial Surety Corporation said the program will help TPAs streamline the process of protecting plan assets, sponsors and trustees.
The program will include:
- ERISA Fidelity Bonds for plan assets up to $5 million
- an online application
- immediate online issuance of ERISA/Fidelity Bonds and Fiduciary Liability Insurance
- e-check or credit card payment options
- access to Activity Tracking Statements for filing Form 5500
- one and five-year bond terms for qualifying plan assets.
The company said qualifying plan assets will be eligible for:
- five-year extended coverage endorsement that automatically increases the amount of the bond to cover plan asset growth
- Fiduciary Liability Insurance endorsement to protect plan sponsors and trustees in the case of lawsuits.
According to the news release, the Fiduciary Liability Insurance endorsement to its ERISA/Fidelity bond is best for K plan fiduciaries with fewer than 100 employees.
More information is at http://www.colonialsurety.com/pensionpro.htm .