'Surety One' is a specialist in surety and fidelity bond underwriting. We are one of the largest producers of ERISA fidelity bonds in the nation. Our knowledge, extensive experience with ERISA bonds, and our broad underwriting authorities allow us to fulfill your fidelity bond need immediately. We bond plans with non-qualifying assets, ESOPs, labor union and multi-employer plans. NO ONE is turned away!
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ERISA section 412 and related regulations (29 C.F.R. § 2550.412-1 and 29 C.F.R. Part 2580) generally require that every fiduciary of an employee benefit plan and every person who handles funds or other property of such a plan shall be bonded. ERISA's bonding requirements are intended to protect employee benefit plans from risk of loss due to fraud or dishonesty on the part of persons who "handle" plan funds or other property. ERISA refers to persons who handle funds or other property of an employee benefit plan as "plan officials." A plan official must be bonded for at least 10% of the amount of funds he or she handles, subject to a minimum bond amount of $1,000 per plan with respect to which the plan official has handling functions. In most instances, the maximum bond amount that can be required under ERISA with respect to any one plan official is $500,000 per plan. Effective for plan years beginning on or after January 1, 2008, however, the maximum required bond amount is $1,000,000 for plan officials of plans that hold employer securities. Of course, Surety One, Inc., will offer you coverage MUCH HIGHER than the required limits if you wish as well as fiduciary liability policies which are a great enhancement to protect from losses caused by excluded parties. These are often a good fit for ERISA bond coverage difficulties with labor union and multi-employer plans.