An ERISA bond is basically a fidelity bond that protects 401(k) and retirement plans. The Employee Retirement Income Security Act (ERISA) was enacted in 1974 to regulate most types of employee benefit plans. ERISA bonds protect the retirement plans, participants and beneficiaries from dishonesty and fraud committed by individuals who are associated with them. The Act requires that a fidelity bond be in place to cover the fiduciary and anyone associated with the management of the covered plan.
Issue a bond in minutes for Defined Contribution and Defined Benefit Plans. Utilizing our BONDSTARTM platform, ERISA bonds can be instantly issued, printed and ready in minutes.
According to the Act, the amount of coverage necessary for each plan must be equal to no less than 10 percent of the amount of plan funds that are handled.
We provide a Policy Limit Endorsement (Inflation Rider) on all* ERISA bonds at no additional charge. The endorsement increases the limit of insurance to amount required under ERISA relative to increases in plan assets, subject to the limitations of the endorsement.
As a trusted surety bond provider, we understand the importance of compliance with the Employee Retirement Income Security Act (ERISA) and the need for appropriate bonding to safeguard employee benefit plans.
At Old Republic Surety, we recognize the significance of ERISA Bonds in safeguarding the interests of both employees and employers. We offer a range of ERISA Bond solutions designed to meet the specific needs of businesses across various industries. Our bonds provide coverage for potential losses resulting from acts of fraud, dishonesty, or theft committed by individuals responsible for managing employee benefit plans.bond
By obtaining an ERISA Bond from Old Republic Surety, you can ensure compliance with the DOL's requirements and protect your business from financial losses caused by dishonest acts. Our bonds provide an added layer of security and peace of mind for both your organization and your employees, reinforcing trust and accountability in managing employee benefits.
In addition to meeting regulatory obligations, there are several benefits to acquiring an ERISA Bond. Firstly, it demonstrates your commitment to maintaining the highest standards of integrity and fiduciary responsibility. By having an ERISA Bond in place, you send a strong message to your employees and stakeholders that their interests and well-being are of utmost importance to your organization.
Secondly, an ERISA Bond enhances the reputation and credibility of your business. Potential clients, partners, and employees are more likely to trust and engage with organizations that take proactive measures to protect their employees' financial interests. By demonstrating your commitment to ERISA compliance, you position your business as a reliable and responsible entity in the marketplace.
At Old Republic Surety, we understand that each business has unique bonding requirements. That's why our team of experienced professionals works closely with you to assess your specific needs and provide tailored solutions. Whether you require a fidelity bond for a single plan or a blanket bond to cover multiple plans, we have the expertise and flexibility to meet your bonding needs.
Navigating the complexities of ERISA Bonds can be overwhelming, but we're here to simplify the process for you. Our knowledgeable team is ready to assist you with the application process, ensuring that you meet all the necessary requirements and obtain the appropriate bond coverage for your employee benefit plans.
When you choose Old Republic Surety as your bonding partner, you benefit from our extensive industry experience and our commitment to exceptional customer service. We prioritize building long-term relationships with our clients, providing ongoing support and guidance to help you navigate the evolving landscape of ERISA compliance.
Protect your business and your employees by securing an ERISA Bond from Old Republic Surety. Contact us today to learn more about our comprehensive bond solutions and how we can assist you in meeting your ERISA bonding requirements. Trust us to be your reliable partner in safeguarding your employee benefit plans and maintaining the highest standards of fiduciary responsibility.
(*Endorsement is not available in Alaska and Massachusetts.)