Erisa/Pension Bonds

 

Your commercial surety needs are handled by representatives and managers who specialize in such accounts. We have a specialized surety staff to respond to your needs. This specialization enables us to insure that your ERISA bond needs are handled quickly and efficiently in most cases we can get your bond in UNDER 24 HOURS. These efforts are supported by office staff focused solely on Commercial Surety business.

In our years of service to businesses we have developed ERISA bonding programs to address a wide array of risk sizes, types and special coverage needs. In addition to coverages for large business, coverages are available for both the self employed and smaller business.

 

At FidelityandSuretyBonds.com we understand that companies have unique ERISA bonding needs.

 

 

The Employee Retirement Income Security Act (ERISA) was enacted to regulate most types of employee benefit plans. This Act requires that a fidelity bond be in place to cover the fiduciary. 

 

Any individual included in the plan document by name or title, or any one who has discretionary authority over the administration or management of a plan or its assets is considered a fiduciary. The term is intentionally loosely defined to hold accountable all individuals who may be responsible for misuse of plan assets or a loss to plan participants.

Any employee who has discretionary authority over a plan or who assists in its administration can be exposed to liability. This list of individuals might include an appointed fiduciary, a plan administrator, a human resources employee, or anyone who helps to administer a plan. These bonds are intended to protect the plans from dishonesty and fraud committed by individuals who are associated with them.

According to the Act, the amount of coverage necessary for each plan is equal to no less than 10 percent of the amount of plan funds handled, subject to a $500,000 maximum bond amount. However, higher limits can be purchased.