NJ Firm Announces TPA Pension Partnership Program

December 15, 2004 (PLANSPONSOR.com) - A Montvale, New Jersey company on Wednesday said it will unveil its Pension Partnership Program in mid-January, complete with fiduciary liability insurance for TPAs.

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 .