Fidelity Bonds

[richard]

A fidelity bond equal to at least 10% of plan assets is generally required. The minimum required bond is $1,000, the maximum required bond is $500,000 (ERISA Section 412).

1. I thought the maximum required bond had been increased to $1 million. Is this correct (or am I dreaming)? What is the site?

2. If a plan sponsor maintains 2 plans, each with assets above $5 million, can a single $500,000 bond that covers both plans meet the bonding requirement, or must the plan sponsor obtain two separate $500,000 bonds. (This assumes that the maximum required bond is still $500,000.) I suspect that two bonds must be obtained.

Thanks