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erisa bond coverage
The Employee Retirement Income Security Act of 1974 (ERISA), which is one of the main federal laws that govern retirement plans, requires that trustees be bonded for 10% of the plan assets, up to a maximum of a $500,000 ERISA Bond. If you offer your employees a retirement plan, you are legally required to have this ERISA bond that covers a percentage of the plan’s assets. Even plans with under 100 participants must comply, or face the cost and inconvenience of an independent annual audit.
ERISA bonds cover against losses due to a criminal act. ERISA bonds are not only inexpensive, but they are readily available and easy to purchase. To help simplify the ERISA fidelity bonding process, here is a link to an online bond calculator and application. If you would like to update your ERISA bond coverage or just compare prices, visit Colonial Surety.

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