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The Employee Retirement Income Security Act of 1974 (ERISA) sets rules and standards of conduct for employee benefit plans maintained by private-sector employers and those who invest and manage plan assets. One of ERISA’s requirements is that people who handle plan funds and other property be covered by a fidelity bond.
ERISA’s bonding requirement is intended to protect employee benefit plans from risk of loss due to fraud or dishonesty on the part of persons who handle plan funds or other property. A plan official must be bonded for at least 10% of the amount of funds he or she handles, subject to a minimum bond amount of $1,000 per plan. In most instances, the maximum bond amount that can be required under ERISA with respect to any one plan official is $500,000 per plan.
This Compliance Overview includes guidance from the Department of Labor (DOL) highlighting key elements that employers should know about ERISA’s fidelity bond requirement.
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