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ERISA / 401K Surety Bonds

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ERISA / 401K Surety Bonds

What is an ERISA / 401K Surety Bond?

Erisa Section 412 requires that every person who controls or handles 401K plan assets to obtain an ERISA / 401K Surety Bond.  The ERISA / 401K Surety Bond provides protection to the plan against loss stemming from fraudulent or dishonest actions by the person(s) controlling the plan.

What is the current market for an ERISA / 401K Surety Bond?

ERISA / 401K Surety Bonds are widely written by multiple surety bond markets.  The ERISA / 401K Surety Bond amount must equal 10% of the plan's assets up to a maximum requirement of $1 million per plan. Terms of approval for the ERISA / 401K Surety Bond are largely determined by previous losses to the plan if any.  Typical annual premium for the ERISA / 401K Surety Bond starts at $100 with the option for reduced premiums for 2 and 3 year terms.

How do I apply for an ERISA / 401K Surety Bond?

  1. Start by filling out our ERISA / 401K Surety Bond Application by clicking here; and
  2. Email or fax the information to submissions@dblsurety.com or 888.204.8716.

Please note that additional underwriting information may be needed depending on bond request, information submitted, and to obtain the lowest possible rate.

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By Bart Leek

 
 
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