ERISA Bond - DRDA CPA

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ERISA Bond

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ERISA stands for the Employee Retirement Income Security Act of 1974.

The ERISA act requires that a bond is acquired by every person who handles property or funds of an employee benefit plan. The minimum amount of the bond is $5,000 and the maximum is $500,000; however, the amount of the bond is set at 10% of the amount of the funds or property handled by the plan during the year.

Protect yourself with fiduciary liability insurance (FLI) & Cyber Liability Insurance.

Under ERISA, fiduciaries may be personally liable for a breach of their responsibilities in the administration or handling of employee benefit plans.

Under ERISA 410, the plan cannot relieve you of this responsibility with indemnification language. However, it specifically permits persons with personal liability to purchase Fiduciary Liability Insurance.

Did you know the Department of Labor states that not having cyber liability insurance to protect your plan is a fiduciary breach?

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“Responsible plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks”.*DOL

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DRDA is the easy choice.

An ERISA fidelity bond ensures your retirement plan is U.S. Department of Labor compliant with their stated ERISA bonding requirements. This bond protects the plan Trustees and Administrators as well as the employees.

Name(Required)

First Last

Email(Required)

Phone(Required)

Business Name

Number of Employees(Required)

Cyber liability insurance not available in Guam, Puerto Rico, the U.S. Virgin Islands, and Mariana Islands.read the published guidance from the DOL titled “Cybersecurity Program Best Practices” here.

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