{"id":3066,"date":"2021-06-20T00:14:12","date_gmt":"2021-06-20T00:14:12","guid":{"rendered":"https:\/\/suretyone.com\/blog\/?p=3066"},"modified":"2021-07-14T20:07:22","modified_gmt":"2021-07-14T20:07:22","slug":"erisa-bond-403b-plan-easy-solution","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/erisa-bond-403b-plan-easy-solution\/","title":{"rendered":"An ERISA Bond for a 403(b) Plan ~ An Easy Solution!"},"content":{"rendered":"<p>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&#8217;s circular, &#8220;The Employee Retirement Income Security Act (<a href=\"https:\/\/www.dol.gov\/general\/topic\/retirement\/erisa#:~:text=The%20Employee%20Retirement%20Income%20Security,for%20individuals%20in%20these%20plans.\" target=\"_blank\" rel=\"noopener noreferrer\">ERISA<\/a>)\u00a0regulates the creation and management of pension and benefit plans of\u00a0private sector employers\u00a0and those that invest and manage their assets (plan sponsors and third-party administrators, inclusive). The\u00a0provisions of ERISA\u00a0were promulgated to\u00a0address public concern that funds of private pension and other employee benefit plans were\u00a0being mismanaged or simply stolen. One of ERISA\u2019s requirements is that people who handle plan\u00a0funds and\/or other property that belong to plans be covered by an ERISA fidelity bond to protect the plan from losses\u00a0due to the fraudulent or dishonest acts of plan fiduciaries.&#8221; There are VERY few exceptions to the bonding requirement.<\/p>\n<p>Per the IRS (Federal Code), &#8220;A <a href=\"https:\/\/www.irs.gov\/retirement-plans\/irc-403b-tax-sheltered-annuity-plans\" target=\"_blank\" rel=\"noopener noreferrer\">403(b) plan<\/a> (also called a tax-sheltered annuity or TSA plan) is a retirement plan offered by public schools and certain 501(c)(3) tax-exempt organizations. Employees save for retirement by contributing to individual accounts. Employers can also contribute to employees&#8217; accounts.&#8221; An ERISA bond for a 403(b) plan may be waived only\u00a0if the plan is\u00a0sponsored by governmental and public education employer\u00a0or sponsored by religious organizations that meet specific requirements. A plan sponsors obligations with regards to clearly written plan language, distribution, annual check-ups, choice of Form 5500 filing or its omission, etc., are complex. Lack of strict compliance can result is serious sanctions. If all exemption criteria are met then an ERISA bond for a 403(b) plan is not required to cover the sponsor however if any outside\u00a0experts or external vendors are retained to assist with plan managment then those parties must be covered by an ERISA fidelity bond. The safe inexpensive solution is simply to purchase a bond.<\/p>\n<p>Unless a plan is not subject to Title I of\u00a0ERISA (churches and government\u00a0entities as discussed above),\u00a0each plan fiduciary must be covered in an amount equal to at least ten percent (10%) of the\u00a0plan assets\u00a0handled in the preceding year. The bond may\u00a0not be\u00a0less than $1,000\u00a0nor more\u00a0than $500,000\u00a0unless the plan holds employer-issued securities in which case the maximum limit is\u00a0$1,000,000. Application for an ERISA bond for a 403(b) plan is easy. A simple six-line application is sufficient for underwriting purposes and the premiums are relatively inexpensive. Visit <a href=\"https:\/\/ERISA-Bonds.com\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/ERISA-Bonds.com<\/a> to access an electronic application or learn more about ERISA fidelity bonds <a href=\"https:\/\/suretyone.com\/erisa-fidelity-bond\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>. Call (800) 373-2804 or email Underwriting@SuretyOne.com for more information about an ERISA bond for a 403(b) plan.\u00a0\u00bfNecesita informaci\u00f3n y\/o solicitud para esta fianza de fidelidad en SU idioma? \u00a1F\u00e1cil! Cliqu\u00e9e\u00a0<a href=\"https:\/\/suretyone.com\/fianza-de-fidelidad-erisa-fidelity-bond\" target=\"_blank\" rel=\"noopener noreferrer\">aqu\u00ed<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s circular,&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/erisa-bond-403b-plan-easy-solution\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":3067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[2579,2580,5,2582,2581,6,7,251],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An ERISA bond for a 403(b) plan<\/title>\n<meta name=\"description\" content=\"An ERISA bond for a 403(b) plan (with an exception for certain church-sponsored accounts) is required to comply with the Act (ERISA).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/erisa-bond-403b-plan-easy-solution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An ERISA bond for a 403(b) plan\" \/>\n<meta property=\"og:description\" content=\"An ERISA bond for a 403(b) plan (with an exception for certain church-sponsored accounts) is required to comply with the Act (ERISA).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/erisa-bond-403b-plan-easy-solution\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-20T00:14:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-14T20:07:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/ERISA-Bond-for-a-403b-Plan.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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