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February 23, 2009

Fidelity bond

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Definition

Bond purchased (from a surety company that holds a grant of authority from the Secretary of the Treasury as an acceptable surety on Federal bonds), to cover the bonding requirements that apply to ERISA plans.

Referring Cite

ERISA § 412, 29 CFR §2550.412-1

Additional Helpful Information

Fiduciaries of an employee benefit plan and individuals  who handle funds or other property of such a plan are generally required to be bonded to protect the plan against fraud and dishonesty.

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