BONDING REQUIREMENT
Notice Regarding Required Bond Coverage
Department of Labor Regulations requires that every fiduciary of an
employee benefit plan and every employee who handles plan funds must
be bonded.
All qualified plans subject to ERISA are required to have a
fiduciary bond in the amount of at least 10% of plan assets. The
bond provides protection to the Plan against loss by reason of acts
of fraud or dishonesty on the part of the plan administrator,
officer or employee.
Without proper bonding the Plan fiduciaries may be personally liable
to the Plan for losses.
If you need a bond, please contact your insurance advisor.
Bonding
quotes are also available below:
ERISA Fidelity Bond Application and Rate Calculator
*Beasley, Mitchell & Co., LLP does not endorse a particular
insurance company; these are offered for your convenience
