|Employee Retirement Income Securities Act Bond|
An Employee Retirement Income Securities Act (ERISA) bond protects participants and beneficiaries of a retirement plan from dishonest or negligent acts by the fiduciary who maintains the plan. The bond is required by the ERISA Act of 1974 and protects the assets only.
Why It's Important
The ERISA Act of 1974 was enacted to regulate employee benefit plans. One provision of this act is if a business offers a retirement plan, federal law requires that 10 percent of plan assets be covered by an ERISA bond, up to at a maximum of $500,000.
These bonds are usually inexpensive and easy to obtain.
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