What it does
CR 25 49 amends the ERISA plan official definition to include agents the insured designates, so fraud or dishonesty by an outside party handling plan assets on the plan's behalf can be covered under the ERISA agreement.
Who needs it
Plan sponsors that use third-party administrators, record keepers or other service providers who handle plan funds.
How it fits the policy
This endorsement changes the base crime or fidelity form it is attached to and is listed with the other endorsements on the declarations. Schedules in the endorsement (names, positions, amounts or dates) control how it applies, so confirm the schedule is complete before binding. ISO's forms index lists the current edition for 52 jurisdictions.
Quoting and selling notes
- DOL guidance says service providers may carry their own bonds naming plan clients, or be added to the plan's bond with an agents rider.
- Ask who handles plan contributions and distributions.
