There are few virtues more valued in American business than innovation and new ways of thinking. Pension professionals have their own opportunity to unleash new ways of thinking when creating arrangements and plan features. But can you get too caught up in finding investment options offering liquidity and flexibility? Remember, those who handle plan assets and funds are subject to a fiduciary duty to plan participants and beneficiaries.
Pension professionals and third party administrators have to keep the best interests of the plan participants and beneficiaries in mind when selecting investment options and portfolios for plan assets and funds. They cannot take unnecessary chances just for the opportunity to look as though they are innovative or smarter than everyone else. Sometimes a more practical, by the book plan may benefit beneficiaries more and, if so, that is the option your fiduciary duty requires you to go with. Click here to learn more.
Colonial Surety Company is a Treasury Listed surety company providing Department of Labor compliant ERISA fidelity bonds along with ERISA fidelity bond packages including fiduciary liability insurance and a cyber liability insurance endorsement at no extra cost. Pension Professionals can enroll in The Partnership Account® for Pension Professionals. The Partnership Account® is a program between third party administrators and Colonial Surety that simplifies the ERISA bonding process. It can help increase productivity and reduce the time needed to confirm and maintain ERISA bond compliance of plan sponsors.
Pension professionals that partner with Colonial Surety to consolidate their plan sponsors’ ERISA bonds into one location and ensure they are United States Department of Labor compliant. Colonial is rated “A” Excellent by A.M. Best Company and is a long tenured member of ASPPA and NIPA.
Click here to learn how to become a Pension Professional Partner.
If you would like to learn more about purchasing an ERISA fidelity bond, or an ERISA fidelity bond package including fiduciary liability insurance and cyber liability insurance, click here.