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.
What is the process?
Apply online, get a quote, send payment and we will ship the bond out to you.
Can I get an ERISA bond with bad credit?
Yes. Credit is not checked for these bonds.
What should I do if there is a false claim?
You will be contacted by the bond company that wrote the bond, and it is important that you respond as soon as possible. You will then have the chance to refute any false claim and discuss the matter with the claims department to prove that the claim is false.
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.
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