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U.S. Department of Labor Employee Benefits Security Administration Washington, D.C. 20210 FIELD ASSISTANCE BULLETIN NO. 2008-04 DATE: NOVEMBER 25, 2008, MEMORANDUM FOR: VIRGINIA C. SMITH DIRECTOR

How to fill out erisa fidelity bonding requirements

How to fill out ERISA fidelity bonding requirements:

1. Understand the requirements: Familiarize yourself with the Employee Retirement Income Security Act (ERISA) fidelity bonding requirements. These requirements mandate that any individual who handles plan funds or other plan assets must be bonded to protect against potential losses due to fraudulent activities.
2. Determine the coverage amount: Evaluate the coverage amount required for the fidelity bond. The bond should be equal to at least 10% of the total amount of funds handled by the plan during the preceding year, with a minimum bond amount of $1,000 and a maximum of $500,000.
3. Choose a bonding company: Select an insurance or bonding company that provides fidelity bonding services. Ensure that the company is reputable, financially stable, and has expertise in ERISA bonding.
4. Complete the application: Fill out the application provided by the bonding company. The application will typically require information about the plan, including the plan sponsor, plan administrator, plan assets, and the individuals who will be covered by the bond.
5. Provide supporting documentation: Gather the necessary supporting documentation as required by the bonding company. This may include copies of plan documents, financial statements, and any other relevant information that demonstrates compliance with ERISA requirements.
6. Pay the premium: Pay the premium quoted by the bonding company based on the coverage amount and other factors. The premium may vary depending on the size of the plan, the number of covered individuals, and the level of risk involved.

Who needs ERISA fidelity bonding requirements?

1. Plan sponsors: Any individual or entity acting as the plan sponsor of an employee benefit plan covered by ERISA is responsible for ensuring compliance with fidelity bonding requirements. This includes employers, associations, unions, or any organization that establishes or maintains the employee benefit plan.
2. Plan administrators: Individuals who have discretionary authority or control over the management or administration of the plan, including handling plan assets, are required to be bonded. This typically includes plan administrators, trustees, and other fiduciaries.
3. Service providers: Service providers who handle plan funds or other plan assets, such as investment managers, advisors, and custodians, may also need to meet the ERISA fidelity bonding requirements. The bonding requirements provide protection for the plan assets against potential fraudulent acts committed by these service providers.

In summary, to fill out ERISA fidelity bonding requirements, one must understand the requirements, determine the coverage amount, choose a bonding company, complete the application, provide supporting documentation, and pay the premium. These requirements apply to plan sponsors, plan administrators, and certain service providers involved in employee benefit plans covered by ERISA.

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What is erisa fidelity bonding requirements?

ERISA fidelity bonding requirements are provisions that require certain individuals who handle pension or welfare funds to be bonded to protect the funds from fraud or dishonesty.

Who is required to file erisa fidelity bonding requirements?

Individuals who handle pension or welfare funds, including fiduciaries, officers, and employees, are required to be bonded under ERISA fidelity bonding requirements.

How to fill out erisa fidelity bonding requirements?

ERISA fidelity bonding requirements can be filled out by obtaining a fidelity bond from a surety company and submitting the necessary documentation to the Department of Labor.

What is the purpose of erisa fidelity bonding requirements?

The purpose of ERISA fidelity bonding requirements is to protect employee benefit plans from losses caused by fraudulent or dishonest acts of those who handle the funds.

What information must be reported on erisa fidelity bonding requirements?

The information reported on ERISA fidelity bonding requirements includes the name of the bonded party, the coverage amount of the bond, and the effective dates of the bond.