mal Posted January 31, 2003 Posted January 31, 2003 I have a plan that has been in existence since 1994, but did not have any fidelity bond until very recently. This arose as a misunderstanding between the insurance company and the plan as to what coverage was required. The plan is administered and the assets are held by a large bank. The bank is properly bonded. However the trustees of the plan are not bank employees. My question is whether this is a problem that needs to be reported to the DOL? Doesn't the 5500 form require the administrator to confirm the bonding requirements? Any suggestions on how to proceed?
jaemmons Posted February 14, 2003 Posted February 14, 2003 The failure to have the proper fiduciaries bonded will be reported to the PWBA/DOL on the Schedules H or I. So this would take care of "notifying" the DOL. I would just have the company contact their casualty insurance provider and have the two trustees ( whom I assume are also fiduciaries to the plan) bonded.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now