ERISA mandates qualified plans be covered by a fidelity bond. The minimum bond amounts required must be for a least 10% of plan assets as of the beginning of the plan year plus the anticipated contribution for the plan year or $1,000, whichever is greater. The maximum bond required is generally $500,000 ($1,000,000 for plans with employer securities).
Every administrator, officer, and employee of any plan who handles funds or other property of such plan must be bonded. The bond protects the plan against loss "by reason of acts of fraud or dishonesty" on the part of an administrator, officer, or employee.
In an effort to help plan sponsors more easily meet their fidelity bond requirement, CPH has partnered with Colonial Surety Company, a leading provider of ERISA/Pension Fidelity Bonds. Colonial Surety Company is a national insurance company registered in all 50 states and all U.S. territories, providing insurance products since 1930. They are the largest direct seller of ERISA/Pension Fidelity Bonds in the U.S.
Just click on one of their links below to get a quote or apply online for immediate online issuance of a fidelity bond.