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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.
Bonds Express offers an ERISA Bond with a 100% approval rate.
There are three main parties involved in an ERISA bond: the sponsor, the trustee, and the participant.
The sponsor is the organization or employer that develops the ERISA plan.
The trustee is the individual (typically an employee of the sponsor) who oversees the plan. The trustee is responsible for maintaining the plan.
The participant is the individual who invests money in the plan.