On-Line ERISA Bonds Quote Form
It has been mandatory by the Employee Retirement Income Security Act (ERISA), a federal law for all pension plan trustees and anyone handling pension funds to obtain a fidelity bond. The bond shall cover the pension plan should there be any embezzlement or theft. However, if losses occur due to poor investment choices, this bond shall provide no coverage—an important point you should note.
Complete our short Minnesota ERISA bonds information form and we will be in touch soon or call us directly at 952-469-0425.
What ERISA Bonds Are
A type of bond, the ERISA fidelity coverage seeks to protect an employee benefit plan from any losses it may suffer due to fraud or dishonesty. Losses like embezzlement, theft, wrongful abstraction, larceny, misappropriation, willful misapplication, and wrongful conversion. It was in 1974 that the Employee Retirement Security Act (ERISA) was passed as federal law. It defined the limits for coverage requirements and plan trustees in the private sector; it instituted a requirement for fidelity bonds.
Who Needs Them?
ERISA involves imposing a bonding requirement on those with fiduciary responsibilities over a benefit plan sponsored by an employee. The bonding requirement may also be imposed on those overseeing an employee benefit plan.
While this includes anyone who is-
- In physical contact with the cash, assets, or checks related to the plan
- Authorized to transfer funds out of the plan
- Authorized to make direct disbursements from the plan
- Authorized to sign checks drawn against the funds of the plan
How much ERIS Bond does it cost?
To prevent employee benefit plans from being mishandled, such as the pension fund or 401k plan, the Employee Retirement Income Security Act was passed by the US Congress in 1974. Under this Act, subject to a minimum bond amount of $1000, all trustees under the plan must be brought within the scope of a bond valued at 10% of the plan’s qualified assets.
Why Should You Take the ERISA Bond in MN with Us?
- We include no hidden costs, and our rates are affordable
- We have years of experience under our belt, founded in the year 1997
- Superior service
- Same-day deliveries with fast approvals
- We offer free price quotes with no obligations to buy
- The friendliness and warmth of our staff
Let Contractors Policy help you obtain an ERISA bond. Tell us about your bonding needs; we are listening. We promise to make it simple and keep things hassle-free. The process doesn’t need to worry you; rely on us to deliver. Please take the next step and contact us at 952-469-0425 or complete our easy online form. Your ERISA Bond Minnesota is just a call or clicks away!
Please do yourself a huge favor and contact us right now.