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An ERISA fidelity bond is a type of insurance that protects a 401(k) plan from losses caused by acts of fraud or dishonesty (e.g., theft, embezzlement or forgery) by “plan officials.  Every person who “handles funds or other property” of an employee benefit plan is required to be bonded unless covered under an exemption under ERISA.

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ERISA Bond FAQs

 

What type of bond is an ERISA bond?
An ERISA fidelity bond is a type of insurance that protects the plan against losses caused by acts of fraud or dishonesty. Fraud or dishonesty includes, but is not limited to, larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, wrongful conversion, willful misapplication, and other acts.
Who is required to have an ERISA bond?
Every person who “handles funds or other property” of an employee benefit plan is required to be bonded unless covered under an exemption under ERISA.
What is an ERISA bond requirement?
Under ERISA, each person must be bonded for at least 10% of the $1 million or $100,000. (Note: Bonds covering more than one plan may be required to be over $500,000 to meet the ERISA requirement because persons covered by a bond may handle funds or other property for more than one plan.)
What is the maximum ERISA bond requirement?

$500,000
A fidelity bond protects the assets in the plan from misuse or misappropriation by the plan fiduciaries. The bond must be equal to 10% of the value of the total plan assets, with a minimum bond value of $1,000 and a maximum bond value of $500,000

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