The Employee Retirement Income Security Act of 1974 (ERISA), enacted on September 2, 1974. ERISA is federal statute which establishes minimum standards for pension plans in private industry and provides for extensive rules on the tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by requiring the disclosure of financial and other information concerning the plan to beneficiaries, establishing standards of conduct for plan fiduciaries, and by providing immediate access to the federal court system. One of the most important protections guaranteed by ERISA is the requirement that fiduciaries provide a fiduciary bond, also known as an ERISA bond. An ERISA bond is a fidelity bond that protects plan assets from the dishonest acts of a plan fiduciary. The ERISA bond is MANDATORY, and must be issued in an amount no less than ten percent of the plan assets. Many insurance carriers will not bond plans with significant percentages of non-qualified assets, employer issued securities (ESOP ERISA bonds), labor unions or multi-employer plans. Surety One, Inc., offers ERISA bonds for ANY type of plan, regardless of its make up. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com. GET BONDED WITHIN THE HOUR!
