Fidelity Bond (ERISA 412)

[lkpittman]

We've got a few HCE only employer/plans with self directed accounts. Some are affiliated service groups, but still only have HCEs (for example, incorporated dr. groups). I cannot find any exemption for such plans for the 10%/$500,000 bonding requirement in the DOL Regs, but it seems silly that these plans would require bonding (I am not referring to the newer small plan audit/non-qualified asset bonding rules). We don't ask these clients to obtain bonds--but does anyone have a cite or other authority that confirms this (or your analysis of 412 that would confirm exemption for such plans)?

Thanks.