Alaska ERISA Bonds

ERISA surety bonds are a requirement of the Employment Retirement Security Act (ERISA) for fiduciaries of pension or profit sharing funds. The bonds provide employees with protection in the event that fraudulent or dishonest acts are committed by employee benefit plan administrators. The minimum surety bond amount is 10% of the plan fund balance administered by the official. The surety bond is required by federal law for all individuals who:

• Have physical contact with cash, checks or other plan assets
• Negotiate or transfer funds for the plan
• Disburse funds or negotiate and execute documents on behalf of the plan
• Exercise authority over any of the above activities