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.
