[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2580.412-1]

[Page 555]
 
                             TITLE 29--LABOR
 
CHAPTER XXV--PENSION AND WELFARE BENEFITS ADMINISTRATION, DEPARTMENT OF 
                                  LABOR
 
PART 2580--TEMPORARY BONDING RULES--Table of Contents
 
         Subpart A--Criteria for Determining Who Must Be Bonded
 
Sec. 2580.412-1  Statutory provisions.


    Section 13(a) of the Welfare and Pension Plans Disclosure Act of 
1958, as amended, states, in part, that:

    Every administrator, officer and employee of any employee welfare 
benefit plan or of any employee pension benefit plan subject to this 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.
    * * * Such bond shall provide protection to the plan against loss by 
reason of acts of fraud or dishonesty on the part of such administrator, 
officer, or employee, directly or through connivance with others.