Get the free ERISA Fidelity Bond Order Form - Hppib.com

PLEASE COMPLETE AND FAX TOLL-FREE TO: (866) 785-2463 Bond Express 770 Pennsylvania Drive, Suite 110 Eaton, PA 19341 Telephone: (800) 873-1477 Fax: (866) 785-2463 www.travelersbond.com ERICA Fidelity

How to fill out erisa fidelity bond order

How to fill out ERISA fidelity bond order:

1. Determine the type of ERISA fidelity bond needed based on the specific requirements of your organization or plan. There are three types of ERISA fidelity bonds: individual, blanket, and scheduled.
2. Obtain the necessary ERISA fidelity bond form from a reputable insurance company or bonding agency. Make sure the form is compliant with the Department of Labor's requirements.
3. Provide the requested information on the ERISA fidelity bond form. This may include details about the plan administrator, plan sponsor, and any affiliated organizations. It is important to accurately fill in all the required fields to ensure compliance.
4. Specify the coverage amount for the ERISA fidelity bond. The minimum required coverage amount for most plans is 10% of the plan's assets, up to a maximum of $500,000. However, certain plans may have higher requirements, so it is essential to consult the Department of Labor's guidelines or seek professional advice to determine the appropriate coverage amount.
5. Submit the completed ERISA fidelity bond form to the insurance company or bonding agency along with any required supporting documentation. This may include financial statements, plan documents, or audit reports, depending on the insurer's requirements.

Who needs ERISA fidelity bond order:

1. Organizations or entities that sponsor and administer employee benefit plans covered by ERISA (Employee Retirement Income Security Act) are generally required to obtain an ERISA fidelity bond.
2. ERISA requires fiduciaries of employee benefit plans to be bonded to protect against losses resulting from fraud or dishonesty. Therefore, plan sponsors, administrators, trustees, and other fiduciaries involved in the management of employee benefit plans typically need to secure an ERISA fidelity bond.
3. It is important to note that the specific requirements and coverage amounts may vary depending on the type and size of the plan. Consulting with legal counsel or an insurance professional can help determine the exact obligations and ensure compliance with ERISA regulations.

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What is erisa fidelity bond order?

The ERISA fidelity bond order is a requirement under the Employee Retirement Income Security Act (ERISA) that mandates employers to obtain a fidelity bond to protect employee benefit plans against losses caused by acts of fraud or dishonesty.

Who is required to file erisa fidelity bond order?

Employers who sponsor employee benefit plans covered by ERISA are required to file the ERISA fidelity bond order.

How to fill out erisa fidelity bond order?

The process of filling out the ERISA fidelity bond order involves providing specific information about the employer, the employee benefit plans covered by ERISA, and the fidelity bond coverage obtained.

What is the purpose of erisa fidelity bond order?

The purpose of the ERISA fidelity bond order is to safeguard employee benefit plans against losses caused by fraudulent or dishonest acts.

What information must be reported on erisa fidelity bond order?

The ERISA fidelity bond order requires reporting information such as the employer's name, the type of employee benefit plans covered, the amount of fidelity bond coverage, the effective dates of the coverage, and the name of the insurance company providing the bond.