What is an ERISA Bond?
If you oversee and actually handle the money of a voluntarily established retirement plan or health plan for a private sector company, you need to purchase an ERSIA bond.
An ERISA bond is a type of surety bond.
In short a surety bond is a legal contract used to hold individuals accountable to the promises they make their customers, clients, or employees.
In the case of an ERISA bond, you're promising to handle the funds the the plan you manage with ethical practices and decisions.
It's unfortunate, but every year there will be a handful of plan administrators who:
- Steal from plan funds
- Embezzle plan payments
- Forge checks or plan authorization
- Purposeful incorrect conversion of money or gains
- Misapplication of funds
Because of these occurrences are so frequent, all plan administrators are required to purchase an ERISA bond as protection for the companies employees.
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You can get instant pricing for your ERISA bond. Click the button below. You need to know the amount of your bond.
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Who Requires This Bond?
The United States Department of Labor requires this bond for all individuals who oversee private retirement and health plans.
Specifically the Employment Retirement Income Securities Act sets this requirement.
The bond requirement is the same no matter which state you live in.
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