Get the free E.R.I.S.A. Bond Application

Application form to request an E.R.I.S.A. bond for a plan, including details on plan trustees, assets, and indemnity agreements.

How to fill out erisa bond application

How to fill out E.R.I.S.A. Bond Application

1. Obtain the E.R.I.S.A. Bond Application form from the relevant regulatory body.
2. Carefully read all instructions provided with the application form.
3. Fill out the applicant's personal information including name, address, and contact details.
4. Specify the type of bond for which you are applying and provide any necessary supporting documents.
5. Indicate the amount of coverage required and any associated fees.
6. Review the bond underwriting guidelines and ensure all information is accurate.
7. Sign and date the application where required.
8. Submit the completed application along with any necessary fees to the appropriate authority.

Who needs E.R.I.S.A. Bond Application?

1. Entities that manage employee benefit plans under the Employee Retirement Income Security Act (E.R.I.S.A.) require a bond to protect the interests of plan participants.
2. Employers who sponsor retirement and welfare benefit plans are typically required to file for an E.R.I.S.A. Bond.

People Also Ask about

How much should an Erisa bond cost?

Like other types of surety bonds, ERISA bonds cost a small percentage of the bonded amount. Typically, the bond amount is 10% of the funds an official handles, with a minimum of $1,000 and a maximum of $500,000 (or $1,000,000 for plans that include employer-sponsored securities like company stock or bonds).

How to calculate erisa bond amount?

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.

Where can I get an ERISA bond?

Colonial is a leading provider of ERISA fidelity bonds, which ensure your retirement or benefit plan is U.S. Department of Labor compliant with ERISA bonding requirements. We're licensed in all 50 states and U.S. territories and make it easy to obtain your I-Bond® (instant, online surety bond).

Is an Erisa bond a fidelity bond?

As you may be aware, Employee Retirement Income Security Act (ERISA) fidelity bonds and fiduciary liability insurance are not the same. Both serve to mitigate risk for fiduciaries, and are critical aspects of an employee benefits plan. The difference between the two lies in the risks that they cover.

Is Erisa Bond the same as fidelity bond?

The coverage required by the Employee Retirement Income Security Act (ERISA) is usually called an ERISA fidelity bond, as it is specifically limited to financial losses from employee benefit plans, and not, for example, from a company's general coffers. It is also known as a fiduciary bond.

What are the Erisa bond requirements for ESOP?

The bond must cover at least 10% of plan assets handled, with a minimum of $1,000 and a maximum of $500,000 (or $1 million for plans holding employer securities). The surety provider must be listed on the Department of the Treasury's Circular 570.

For pdfFiller’s FAQs

What is E.R.I.S.A. Bond Application?

The E.R.I.S.A. Bond Application is a form that employers or plan administrators must submit to the Department of Labor when they are seeking to obtain a fidelity bond as required under the Employee Retirement Income Security Act (E.R.I.S.A.). This bond protects employee benefit plans from loss due to fraudulent or dishonest acts by individuals handling plan funds.

Who is required to file E.R.I.S.A. Bond Application?

Employers or plan administrators of employee benefit plans that are subject to E.R.I.S.A. are required to file the E.R.I.S.A. Bond Application. This includes retirement plans, health plans, and other welfare benefit plans that handle employee contributions.

How to fill out E.R.I.S.A. Bond Application?

To fill out the E.R.I.S.A. Bond Application, applicants must provide information such as the name of the plan, the names and addresses of all individuals involved with managing the plan, the type of bond being requested, and the amount of coverage required. It's essential to ensure all details are accurately filled in to avoid delays in processing.

What is the purpose of E.R.I.S.A. Bond Application?

The purpose of the E.R.I.S.A. Bond Application is to ensure that employee benefit plans are protected from loss due to fraud or dishonesty. By filing this application, employers can secure a fidelity bond that safeguards the assets of their employees' benefits.

What information must be reported on E.R.I.S.A. Bond Application?

The E.R.I.S.A. Bond Application must report key information such as the plan's name and identification number, the names and addresses of the fiduciaries, the type and amount of bond requested, and any other relevant details about the plan's management and operation.