What is a ERISA Bond?
An Employee Retirement Income Security Act Bond aka an ERISA bond is a type of Fidelity Bond that protects an employer’s retirement plan (typically a 401K) against fraud or dishonesty that incurs a loss against the plan. The bond covers theft or loss specifically created by the person or team that manages the retirement funds.
How does a ERISA Bond Work?
This type of Surety Bond acts similarly to an insurance policy that protects the plan when there is deliberate fraud, embezzlement, theft, forgery, wrongful misappropriation, wrongful alterations or any other acts of dishonesty by the plan administrators.
How much does a ERISA Bond Cost?
The cost for an Employment Retirement Income Security Act Bond is based on the amount of the funds contained in the retirement account. These bonds are considered Fidelity Bonds so they are less expensive than other bond types. Determining the pricing of an ERISA Bond is difficult and varies by each company. The bond amount must be equal to 10% of the funds in the account. At Universal Service Agency we specialize in placing all bond types and have markets that will consider all amounts of ERISA Bonds.
How do I get a ERISA Bond?
You can get an ERISA Bond by contacting surety bond agents/brokers. Since you’re already here, you can give us a call at 215-646-2400 or Apply Now here.
How to Choose a Bonding Company?
Universal Service Agency offers Surety Service Made Simple. We are the fastest surety only agency in the country, with over 100 years of combined surety experience servicing all 50 states. We exhaust all of our resources to get you the fastest turnaround times and lowest rates. We can help anyone, even clients that may not fit into the standard market. You can get a free quote here or call our bond experts at 215-646-2400.
How long does it take to get a ERISA Bond?
Universal Service Agency can issue bonds the same day as long as the ERISA client is motivated to complete all of the requirements. The amount of time between application and issuance is affected by a number of factors though, including but not limited to, the size of the obligation, the type of bond, and promptness of the premium payment.
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Universal Service Agency is the fastest “surety only” agency in the country, with over 100 years of combined surety experience servicing all 50 states.