Surety1 Helps You Meet Employee Retirement Income Security Act Requirements
Employees across America are counting on their employers to protect their company pension, 401k and benefits plans; the corporation is in turn putting their trust in you to manage those funds. You can put your trust in Surety1, and we’ll assist you with your ERISA Bond application in a transparent and efficient manner.
What is an ERISA Bonds and why do I need one?
The Employee Retirement Income Security Act (ERISA) is mandated by the U.S. Department of Labor to provide protection for retirement income and benefits in the form of a surety bond. Any individual or individuals in a position of trust must provide an ERISA Bond in order to administer the retirement income accounts as part of their fiduciary duty. The bond protects the plans from misdeed such as fraud, embezzlement or other crimes that could affect the funds. Any individual who is responsible for the assets in a 401k, retirement plan or other employee benefits must secure an ERISA Bond.
How much does an ERISA Bond cost and how do I get one?
An ERISA Bond is needed for each retirement plan that the individual has control over. The bond amount should be a minimum of 10% of the amount of the funds handled the previous year. Surety1 offers an “Inflation Guard” incentive with automatic increases in the bond amount if the value of the assets increases during the term of the bond, without increasing your premium. Apply today, and we’ll get your quote back to you quickly. Once approved, you only need to sign the papers, pay your fee, and you’ll be covered.