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ERISA Bond
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:

• Larceny
• Forgery
• Theft
• Willful Misapplication
• Embezzlement
• Wrongful Conversion

What are the requirements of an ERISA Bond?
These are the requirements of ERISA bond as stated by section 412 of the US code:

• The minimum payout of the bond must be equal to or approx. 10% of the plan's assets. The payout of the ERISA bond can be less than $1,000 or more than $1,000,000.
• The ERISA fidelity bond must be in the name of the retirement plan or have some identifying mark so that the representative can claim the bond when required.
• It cannot have a deductible.
• The amount of the bond must be fixed annually for each fiduciary on the basis of total calculated assets.
• All of the ERISA rules and regulations must be covered in the bond.
• The plan fiduciaries should not have any kind of control over the interest of the surety or reinsurer.

Suretegrity is the only platform that offers you all kinds of ERISA Bonds for any state instantly online. Just point, click, and print! Point out the state you need the bond for, click the Buy Now button, fill out details, and make payment. Print out the bond and you are ready to go!

For any queries regarding ERISA Bonds, you can call our customer service executive directly.

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