A fidelity bond for a standard qualified, non-qualified, ESOP, MEP and an ERISA bond for a 403(b) plan (with an exception for certain church-sponsored accounts) is required to comply with the Act (ERISA). Per the U.S. Department of Labor’s circular,… Continue Reading →
ERISA bond underwriters have generally avoided the fidelity bonding of multiemployer plans (MEPs) due to perceived risks with collective bargaining agreements and plan management responsibilities. Not to be confused with a “multiple employer” plan, an MEP is a plan for which… Continue Reading →
As we begin the new year, many enterprises are establishing or reviewing their pension, 401(K) and defined benefit plans. Surety One, Inc. would like to remind you that U.S. Codes, ERISA section 412 and related regulations (29 C.F.R. § 2550.412-1… Continue Reading →
Do you have the statutorily required ERISA fidelity bond in place? The first of the year is a good moment to review your compliance checklist! Federal ERISA section 412 and related regulations (29 C.F.R. § 2550.412-1 and 29 C.F.R. Part… Continue Reading →
If you are having any difficulty understanding the requirement(s) for an ERISA fidelity bond, the following is directly from and authored by the “Authority”, the U.S. Department of Labor. ERISA section 412 and related regulations (29 C.F.R. § 2550.412-1 and… Continue Reading →
Since we write a looooooooooooot of of ERISA fidelity bonds, we get this particular question very frequently. The best “legal” definition is contained within the U.S. Department of Labor’s circular FAB 2008-04. An ERISA section 412 bond must protect the… Continue Reading →
Do you have the statutorily required ERISA bond in place? Federal ERISA section 412 and related regulations (29 C.F.R. § 2550.412-1 and 29 C.F.R. Part 2580) require that every fiduciary of an employee benefit plan and every person who handles funds… Continue Reading →
The Department of Labor can easily monitor whether the ERISA fidelity bond requirements have been met. Plan administrators are obligated to file a federal Form 5500 schedule H annually, which asks specifically if the plan is bonded and the plan’s… Continue Reading →
Plans containing non-qualifying assets must be covered by an ERISA fidelity bond that meets the requirements of section 412 of ERISA however there is a difference in the bond amount required under the Federal Code. Instead of the ten percent… Continue Reading →
As we have stressed in previous blogs, if you sponsor a defined benefit plan or act as a plan fiduciary you had BETTER make sure that you have an adequate ERISA fidelity bond. So what happens if your plan gets… Continue Reading →
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