Fidelity Bonding Under the Welfare and Pension Plans Disclosure ActU.S. Department of Labor, Labor-Management Services Administration, Office of Labor-Management and Welfare-Pension Reports, 1971 - 43 pages |
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Common terms and phrases
amount handled amount of funds assets authority Banking institutions benefits are paid board of trustees bond with respect bonded for handling bonded separately bonding provisions bonding requirements broker carrier or service corporate trustee coverage definition of administrator discovery period employee organization employee pension benefit employee welfare benefit exempt FIDELITY BOND fraud or dishonesty handle plan funds handling funds independent contractors institutions and trust insurance carrier Internal Revenue Code July 30 least 10 percent loan associations meet the requirements natural persons negotiable instruments officer or employee omnibus clause participants party in interest payment pension benefit plan Pension Plans Disclosure persons handle physical contact plan administrator plan benefits plan covered Plans Disclosure Act ployee preceding reporting prohibits recovery regulation and examination rider risk of loss schedule bond Secretary of Labor section 13 subject to Federal subsection 13 surety company term tion union Welfare and Pension welfare benefit plan welfare or pension
Popular passages
Page 31 - ... organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual, no substantial part of the activities of which is carrying on propaganda, or otherwise attempting, to influence legislation, and which does not participate in, or intervene in (including the publishing or...
Page 41 - ... (d) Nothing in any other provision of law shall require any person, required to be bonded as provided in subsection (a) because he handles funds or other property of an employee welfare benefit plan or of an employee pension benefit plan, to be bonded insofar as the handling by such person of the funds or other property of such plan is concerned.
Page 41 - ... without being bonded as required by subsection (a) and it shall be unlawful for any administrator, officer, or employee of such plan, or any other person having authority to direct the performance of such functions, to permit such functions, or any of them, to be performed by any...
Page 31 - Act who handles funds or other property of such plan shall be bonded as herein provided; except that, where such plan is one under which the only assets from which benefits are paid are the general assets of a union or of an employer, the administrator, officers and employees of such plan shall be exempt from the bonding requirements of this section.
Page 38 - It shall be unlawful for any person to procure any bond required by subsection (a) from any surety or other company or through any agent or broker in whose business operations such plan or any party in interest in such plan has any significant control or financial interest, direct or indirect.
Page 31 - Civic leagues or organizations not organized for profit but operated exclusively for the promotion of social welfare...
Page 31 - Corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or for the prevention of cruelty to children or animals...
Page 2 - When, in the opinion of the Secretary, the administrator of a plan offers adequate evidence of the financial responsibility of the plan, or that other bonding arrangements would provide adequate protection of the beneficiaries and participants, he may exempt such plan from the requirements of this section.
Page 41 - States courts of any Territory or other place subject to the jurisdiction of the United States, to enjoin such acts or practices, and upon a proper showing a permanent or temporary injunction or restraining order shall be granted without bond.
Page 37 - The amount of any required bond must in each instance be based on the amount of funds "handled" and must be fixed or estimated at the beginning of the plan's reporting year, that is, as soon after the date when such year begins as the necessary information from the preceding reporting year can practicably be ascertained. This does not mean, however, that a new bond must be obtained each year. There is nothing in the Act...