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How do I know if I need ERISA Coverage?
You need an ERISA bond if you sponsor any employee benefit plans.
As a Trustee of an employee benefit plan, you are a fiduciary who owes certain stringent obligations to the participants and beneficiaries of the plan that placed its trust in you. Service as a trustee is a high calling and demands great vigilance.
The Employee Retirement Income Security Act of 1974 - "ERISA", requires, among other things, that the trustees of an employee benefit plan have fidelity coverage equal, at a minimum, to 10% of the total plan's assets.
This bond is easy to acquire by completing a few simple questions. Please provide the following information and we can get a bond in place for you. These premiums range from $250 to $500 annually.
• Plan name:
• Plan Sponsor:
The Plan Sponsor is the organization or business that created and maintains the plan providing retirement or other benefits for its employees. For example, the Plan Sponsor of the ABC Company 401(k) Plan is ABC Company. In some cases, however, the Plan Sponsor’s name may be different that the Plan Name.
• Nature of Sponsor Business
• Address:
• Plan Assets:
• Bond Amount:
• Number of Trustees:
• Effective Date: