ERISA is an abbreviation for the Employee Retirement Income Security Act. ERISA forms rules for private organizations which hire employees. The enforcement of ERISA is controlled by the U.S. Department of Labor. ERISA was created to ensure proper management of public funds like private pension and other employee benefits.
What is an ERISA Fidelity Bond?
An ERISA fidelity bond protects employee benefit plans against fraud, forgery, or dishonesty.
What is the cost of an ERISA Fidelity Bond?
Employers should be bonded with a minimum of 10% amount of the fund value. The maximum amount of the bond is $500,000 per plan. A higher limit can be bought as well.
Who needs a Fidelity Bond?
Every person who handles employee benefit plans must be bonded.
What are the conducts that ERISA Bond covers?
There are several civil and criminal provisions that ERISA covers, the most common of which are listed here:
What are the requirements of an ERISA Bond?
These are the requirements of ERISA bond as stated by section 412 of the US code:
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