What is an ERISA Bond?
ERISA bonds are a type of fidelity bond that protect participants and beneficiaries of employee benefit plans. These bonds are sometimes referred to as ERISA bond insurance since it is in fact a type of insurance.
ERISA Fidelity Bond Requirements
ERISA bonds are required by law for employers who have employee benefit plans in place to protect the plan participants. The required bond must be equal to 10% of the maximum assets estimated to be held in the plan for the fiscal year. These requirements were enacted by the Employee Retirement Income Security Act (ERISA).
How Much Does an ERISA Bond Cost?
Costs are determined by your class of business, the dollar amount of coverage (which must be at least 10% of the amount of employee benefit plan funds held), and the number of employees that need coverage. Without having your specific information and knowing your exact bonding needs it's impossible to provide an idea of pricing. You can get a precise quote by filling out our ERISA bond application.