Browse 15+ providers in this category.
Featured Providers
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Nationwide - Columbus, OH
ERISA Bond Provider
Nationwide is a trusted provider of essential business insurance solutions, including specialized 401k ERISA bonds. As an employer or fiduciary handli... -
Zurich North America - Schaumburg, IL
ERISA Bond Provider
Zurich North America is a leading and long-standing surety provider offering essential coverage for employee benefit plans, including specialized 401k... -
CNA Surety - Sioux Falls, SD
ERISA Bond Provider
<p>Founded in 1897, CNA Surety, also known as Western Surety, is an insurer that issues ERISA fidelity bonds for 401(k), retirement, and health plans ... -
The Hartford - Hartford, CT
ERISA Bond Provider
The Hartford is a leading provider of ERISA Fidelity Bonds, helping 401k and other employee benefit plans comply with the Employee Retirement Income S... -
Great American Insurance Group - Cincinnati, OH
ERISA Bond Provider
<p>Founded in 1872, Great American Insurance Group writes fidelity and crime coverage for commercial businesses, financial institutions, and public-se... -
Chubb - Whitehouse Station, NJ
ERISA Bond Provider
<p>Founded in 1882, Chubb is an insurer that issues ERISA fidelity bonds used to cover employee benefit and 401(k) plans against losses tied to fraud ... -
Old Republic Surety Company - Brookfield, WI
ERISA Bond Provider
Old Republic Surety Company is a trusted provider of ERISA fidelity bonds, essential for protecting 401k and other retirement plans. The Employee Reti... -
Merchants Bonding Company - West Des Moines, IA
ERISA Bond Provider
Merchants Bonding Company is a trusted and experienced provider of surety bonds, specializing in securing essential protections like ERISA bonds for e... -
RLI Corp - Peoria, IL
ERISA Bond Provider
RLI Corp is a leading provider of specialty insurance and surety bonds, offering essential protection for businesses, families, and individuals. Recog... -
Hudson Insurance Group - New York, NY
ERISA Bond Provider
<p>Founded in 1918, Hudson Insurance Group writes specialty insurance products and surety solutions for corporations, professional firms, and individu... -
Berkshire Hathaway Specialty - Boston, MA
ERISA Bond Provider
<p>Backed by the National Indemnity group, Berkshire Hathaway Specialty Insurance (BHSI) writes ERISA fidelity bonds for retirement plans and other co... -
Travelers Casualty and Surety ERISA Bonds - Hartford, CT
ERISA Bond Provider
Travelers Casualty and Surety is a leading provider of ERISA Fidelity bonds, a mandatory requirement under the Employee Retirement Income Security Act... -
Colonial Surety Company - Woodcliff Lake, NJ
ERISA Bond Provider
<p>Founded in 1930, Colonial Surety Company issues ERISA Fidelity Bonds for employee benefit plans, including 401(k) retirement plans. The company is ... -
Jet Insurance Company - Charlotte, NC
ERISA Bond Provider
<p>Direct underwriting is central to how Jet Insurance Company works: the firm writes surety and fidelity bonds without relying on layers of middlemen... -
Liberty Mutual Surety - Boston, MA
ERISA Bond Provider
<p>From its headquarters in Boston, Liberty Mutual Surety works with employers and benefit plan fiduciaries across the Greater Boston area and nationw...
Understanding ERISA Bonds for Your Retirement Plan
If you are setting up or managing a retirement plan for your employees, such as a 401(k), you are likely familiar with the requirements set forth by the Employee Retirement Income Security Act (ERISA). One crucial requirement is obtaining an ERISA bond, often referred to as an ERISA fidelity bond. This bond is a type of insurance designed specifically to protect the plan’s assets and participants from losses due to fraud or dishonesty by those who handle plan funds.
Who Needs an ERISA Bond?
ERISA requires that every person who handles plan funds must be covered by a fidelity bond, unless an exemption applies. The goal is to safeguard the financial well-being of the plan and its participants. Individuals who typically require bonding include:
- Plan Fiduciaries
- Administrators and Trustees
- Individuals with authority to sign checks or other negotiable instruments
- Employees with supervisory or decision-making responsibility over plan assets
Key Requirements for ERISA Fidelity Bonds
Understanding the proper coverage amount is essential for compliance. According to ERISA guidelines, the bond must cover at least 10% of the amount of funds handled in the preceding year. There are specific minimum and maximum coverage limits you must adhere to:
- The minimum bond amount is $1,000.
- The maximum required bond amount is generally $500,000 per plan official per plan.
- If the plan holds employer securities, the maximum required bond amount increases to $1,000,000.
It is important to note that the bond must be obtained from a surety or reinsurer that is named on the Department of the Treasury's Listing of Approved Sureties (Circular 570).
ERISA Bond vs. Fiduciary Liability Insurance
While both are important for protecting your retirement plan, an ERISA bond is not the same as Fiduciary Liability Insurance. An ERISA bond covers the plan against losses from dishonest acts by plan officials. Fiduciary Liability Insurance, on the other hand, protects the fiduciaries themselves against claims of breaches of fiduciary duty, such as administrative errors or imprudent investment decisions. Both forms of protection are recommended for a robust retirement plan defense strategy.
Choosing the Right Retirement Plan Provider
When searching for the best retirement plan provider, ensure they understand and comply with all ERISA regulations, including bonding requirements. A provider who specializes in ERISA plans can help you navigate complex rules and maintain compliance, protecting your business and your employees’ retirement savings.
Properly securing your plan with an ERISA bond is a fundamental step toward meeting your fiduciary responsibilities and protecting your employees’ financial future. Partner with a trusted provider today to ensure your plan is fully compliant.