ERISA requires trustees of an employee benefit plan to have fidelity bond coverage equal to at least 10% of the plan’s total assets. The amount of the bond may not be less than $1,000 and a plan can’t be required to have more than $500,000 in coverage except for:10% of plan assets or 100% of the value of the non-qualifying assets for plans that hold “non-qualifying assets” such as real estate
ERISA bonds can only be obtained from a surety or reinsurer. And these sureties or reinsurers must be named on the Department of the Treasury’s Listing of Approved Sureties,. Fidelity bonds also can be purchased from underwriters at Lloyds of London under some circumstances.
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