ERISA Policy - Texas — required surety bond in Federal. Apply online in minutes.
An ERISA fidelity bond is a type of insurance policy designed to protect employee benefit plans from losses caused by acts of fraud or dishonesty. It guarantees that plan funds are safeguarded against theft, embezzlement, or forgery committed by plan officials or fiduciaries. While often referred to as a bond, it functions as a fidelity policy required under federal regulations.
Any individual or entity that handles or has discretionary authority over funds in an employee benefit plan typically needs this coverage. This includes plan administrators, trustees, officers, and employees who manage 401(k)s, pensions, or other qualified retirement plans. Third-party service providers who physically handle or manage these funds may also be required to secure their own coverage.
The federal government requires this policy to protect plan participants and their beneficiaries from financial harm due to fiduciary misconduct. By mandating this coverage, the regulatory agency ensures there is a financial safety net in place to recover stolen or misappropriated retirement assets. Coverage requirements vary based on the plan's assets, so administrators should verify their specific needs with the issuing agency.
Securing your ERISA policy is simple with Noah Insurance Agency. Click Apply Now to complete our secure, approximately 5-minute online application. Once processed, your bond documents will be delivered directly to you by email.
Premiums vary based on the required coverage amount, the characteristics of the employee benefit plan, and the applicant's qualifications. Please apply online with Noah Insurance Agency or call us at 814-718-0060 to receive an exact quote.
Coverage limits vary based on the total funds handled by the plan fiduciaries at the start of the plan year. You must verify the exact required limits with federal regulatory guidelines or the Department of Labor.
No, an ERISA fidelity bond protects the plan itself from intentional fraud and dishonesty, while fiduciary liability insurance protects the fiduciaries from civil claims of breached duties. Only the fidelity bond is typically federally mandated.
A funds handler is generally anyone who has physical contact with plan funds, the power to transfer plan assets, or discretionary authority over disbursements. Requirements vary, so it is best to verify your exact status and requirements with the regulatory agency.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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