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COLLECTED WISDOM™ on ERISA Bonding

ERISA bonding requirements are quite voluminous and complex, so it is important that all plan sponsors and fiduciaries understand the requirements.

This archive contains not only the most current material on the topic, but also older items that are still relevant, provide background, perspective or are germane to the topic.

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The ERISA Fidelity Bond

Abstract: One of those annual retirement plan housekeeping matters is for plan sponsors to review the adequacy of the plan's fidelity bond required by Department of Labor regulations. Here is a summary of the fidelity bond rules and some issues to be concerned about.

Source: 401khelpcenter.com

Bonding Guidance

Abstract: Section 412 of ERISA and related regulations generally requires all persons, including fiduciaries, who "handle funds or other property" of an employee benefit plan to be bonded. Good overview with a Q&A.

Source: Mhco.com, June 2016

DOL's Initiative Regarding Fidelity Bonding

Abstract: The Department of Labor is launching an initiative to contact plan sponsors who appear to have no fidelity bond, or an insufficient amount of bonding as reported on the Form 5500. The DOL will contact the plan sponsor and allow 15 days for them to obtain sufficient bonding. Proof of the bonding must be sent back to the DOL, or risk a citation from the DOL.

Source: Aktrps.com, August 2015

DOL on ERISA Fidelity Bonds

Abstract: This article provides an overview of the fidelity bonding requirements. It highlights key elements that employers and other plan sponsors should know about ERISA's fidelity bonding requirements. The questions and answers provide general information to help you understand the law and the fidelity bonding requirements.

Source: 401khelpcenter.com, April 2015

Don't Forget About Your ERISA Fidelity Bond

Abstract: If your company offers a retirement plan to its employees, make sure you are familiar with the ERISA's fidelity bonding requirements and the information you must include on your plan's annual Form 5500.

Source: Deardrebit.com, February 2015

IRS What Plan Sponsors Need to Know About Bonding Requirements for ERISA Plans

Abstract: If you are working with ERISA plans, you will need to respond to questions from your employer clients about meeting the mandatory bonding requirements which must cover any employee handling assets of the plan. Here are answers to several key questions.

Source: Ntsa-net.org, January 2015

Obtaining ERISA Fidelity Bonds

Abstract: ERISA's bonding requirements are intended to protect employee benefit plans from risk of loss due to fraud or dishonesty on the part of persons who handle plan funds or other property. Such bonds may only be placed with a surety or reinsurer approved by the Treasury Department.

Source: Napa-net.org, November 2014

Avoiding a Scary Fidelity Bond

Abstract: Video offers one best practice to take the "scare" out of your plan's fidelity bond.

Source: Erisasunscreen.com, November 2014

ERISA Fidelity Bond and Fiduciary Liability Insurance: What's Required and What's Prudent?

Abstract: If you are a fiduciary with respect to your company retirement plan, you are personally liable for any losses incurred by the plan due to a fiduciary breach. Consider the dollar value of assets in your plan and the degree of your personal liability. How do you protect yourself, as well as the plan participants, from losses due to fraud or dishonesty?

Source: Aktrps.com, April 2014

Fiduciary Liability Insurance -- Am I protected

Abstract: Every insurance policy is unique, having its own terms, conditions, and limitations. It is very important that employers understand completely the protection their policies provide. Here are some questions you should ask.

Source: Fiduciaryplangovernance.com, January 2014

Why ERISA Bonding is Nice but Not Enough

Abstract: ERISA bonds are required to be maintained under federal law for the benefit of employee benefit plan to which they relate. When a claim is made under an ERISA bond it is made by the plan and it can be made only for losses due solely to theft and dishonesty. A bond does not in any way provide protection to internal fiduciaries for their acts (or failure to act) in their capacities as plan fiduciaries.

Source: Fiduciaryplangovernance.com, November 2013

Video: Fidelity Bonding vs. Fiduciary Liability Insurance

Abstract: Short video deals with the differences between fidelity bonding and fiduciary liability insurance. Did you know that they are two entirely different concepts? Well, they are. Watch this ERISA Sunscreen video post to learn the key differences.

Source: WithumSmith+Brown, September 2013


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