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This application is for obtaining an ERISA bond which is required under Section 412 of the Employee Retirement Income Security Act for pension, 401K, profit-sharing, and thrift plans. It includes
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How to fill out form hartford pension plan
How to fill out The Hartford Pension Plan ERISA Bond Application
01
Gather all necessary documents related to your pension plan.
02
Provide the name and details of the pension plan administrator in the application.
03
Enter the legal name and address of the plan sponsor.
04
Fill in the type of plan (such as defined benefit or defined contribution).
05
Indicate the number of participants in the plan.
06
Specify the coverage amount for the ERISA bond.
07
Include the contact information for the plan's fiduciaries.
08
Review the application for accuracy and completeness.
09
Sign and date the application before submission.
10
Submit the application according to The Hartford's instructions.
Who needs The Hartford Pension Plan ERISA Bond Application?
01
Pension plan sponsors or administrators who are required to secure an ERISA bond to protect plan assets.
02
Fiduciaries handling pension plans to ensure compliance with the ERISA requirements.
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People Also Ask about
What is the ERISA section 412 bond?
Under ERISA section 412, “Every fiduciary of an employee benefit plan and every person who handles funds or other property of such a plan shall be bonded.” ERISA requires that fiduciaries carry bond coverage valued at: At least 10 percent of the plan assets that are handled, and.
What is the penalty for fiduciary breach of ERISA?
The penalty under ERISA Section 502(l) is equal to 20% of the "applicable recovery amount." Applicable recovery amount means any amount recovered from a fiduciary or other person with respect to a breach or violation: pursuant to any settlement agreement with the Secretary, or.
What is the Erisa bond crime?
An ERISA fidelity bond is a type of insurance that protects the plan against losses caused by acts of fraud or dishonesty. Fraud or dishonesty includes, but is not limited to, larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, wrongful conversion, willful misapplication, and other acts.
What happens if you don't have a fidelity bond?
It can be a “red flag” on your Form 5500. If you don't get one, the DOL may impose sanctions, and the IRS may require you to have the plan audited by a public accounting firm each year. Fidelity Bonds are required for all plans subject to ERISA.
What is the penalty for not having an ERISA bond?
Although maintaining a sufficient bond is a regulatory requirement, there is no penalty when coverage falls below the minimum amount. However, plans that are consistently under-bonded may raise red flags with government agencies that could result in an investigation to ensure there are no other problems.
Is Erisa bond mandatory?
ERISA requires every person who handles funds or other property for an employee benefit plan, including 401(k) plans, to be bonded. 3. How much fidelity bond coverage is required? At the beginning of each plan year, the coverage amount of the bond must be at least 10 percent of the amount of funds handled.
What is the difference between ERISA bond and ERISA coverage?
ERISA is a federal law that sets the rules for employee benefit plans and requires fiduciaries to be covered by a fidelity bond. ERISA fidelity bonds protect plan participants from loss due to fraud or dishonesty, while fiduciary liability insurance protects companies from legal liability arising from plan sponsorship.
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What is The Hartford Pension Plan ERISA Bond Application?
The Hartford Pension Plan ERISA Bond Application is a form used to apply for a bond that protects employee benefit plans under the Employee Retirement Income Security Act (ERISA). It ensures that fiduciaries of pension plans are bonded, which provides a level of financial security for plan participants against dishonesty or misconduct.
Who is required to file The Hartford Pension Plan ERISA Bond Application?
Fiduciaries of employee benefit plans are required to file The Hartford Pension Plan ERISA Bond Application. This includes individuals who handle plan funds, such as trustees and plan administrators.
How to fill out The Hartford Pension Plan ERISA Bond Application?
To fill out The Hartford Pension Plan ERISA Bond Application, provide details about the plan, including the name, EIN, and fiduciaries' information. Include the coverage amount needed and complete the required signatures to submit the application.
What is the purpose of The Hartford Pension Plan ERISA Bond Application?
The purpose of The Hartford Pension Plan ERISA Bond Application is to obtain a bond that protects the pension plan from losses due to fraud or dishonesty by fiduciaries, ensuring that the retirement assets of participants are safeguarded.
What information must be reported on The Hartford Pension Plan ERISA Bond Application?
Information required on The Hartford Pension Plan ERISA Bond Application includes the plan details like plan name and EIN, details about the fiduciaries, the bond amount desired, and any additional information relevant to the operation of the pension plan.
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