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Federal ERISA Regulations require that all pension plans, including 410(k) plans be insured by an ERISA bond, sometimes referred to as a fidelity bond.
Every person who handles or controls plan funds is required to be bonded for at least 10% of the plan assets up to a limit of $500,000.
ERISA Bonds are inexpensive and often written on a three year term. These bonds cover loss incurred by an Insured Plan resulting directly from dishonest or fraudulent acts committed by an employee.
It is important to differentiate that this is not a liability coverage for your plan, a separate fiduciary liability policy is available to provide that.
You know and trust the people who work for you, but what happens when that trust is misplaced? Employee dishonesty can be costly and devastating to your practice.
A Crime policy will help protect your company’s assets when you discover a crime. This could be anything from employee theft to wire transfer fraud.
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