Other names for this surety bond: Fiduciary Bond, Pension Trust Bond, Pension Plan Bond, 401k Bond, Profit Sharing Plan Surety Bond
What are Pension Trust/ ERISA Bonds?
Many companies today offer pension plans and/or profit sharing programs as part of a benefit package for their employees. These programs are managed by appointed individuals associated with that company’s plan, known as fiduciaries. To protect the plan and the money in these funds from fraud and dishonesty, the appointed fiduciaries need to be bonded.
This surety bond is designed to protect the qualified assets of your valuable Pension Programs. The Pension Reform Act of 1974 (also known as ERISA- Employee Retirement and Income Security Act) states that the funds of pension or profit sharing plans must be protected under a fidelity bond for 10% of the amount of funds handled. As an example, a person who manages a PSP that involves $250,000 in funds must post a bond for $25,000 (10%).
Many companies offer pension plans and/or profit sharing programs as part of a benefit package for their employees. These programs are managed by appointed individuals associated with that company's plan, known as fiduciaries. To protect the plan and the money in these funds from fraud and dishonesty, the appointed fiduciaries need to be bonded.
This bond is purchased for a 3 year term and must be 10% of the amount of QUALIFIED funds handled. Below are the rates for each bond amount available for this bond. This bond does NOT cover non-qualified assets. If you do have non-qualified assets you would like covered, please complete the PDF application that will need to be sent to underwriting for review.
Bond Amount/ Premium Cost:
$10,000 /$90.00
$20,000 /$103.00
$30,000 /$125.00
$40,000 /$144.00
$50,000 /$162.00
$60,000 /$180.00
$70,000 /$197.00
$80,000 /$212.00
$90,000 /$223.00
$100,000 /$234.00
$111,000 /$240.00
$120,000 /$246.00
$130,000 /$251.00
$140,000 /$257.00
$150,000 /$263.00
$160,000 /$268.00
$170,000 /$274.00
$180,000 /$279.00
$190,000 /$284.00
$200,000 /$290.00
$210,000 /$295.00
$220,000 /$300.00
$230,000 /$306.00
$240,000 /$311.00
$250,000 /$317.00
$275,000 /$330.00
$300,000 /$344.00
$325,000 /$357.00
$350,000 /$371.00
$375,000 /$384.00
$400,000 /$398.00
$425,000 /$411.00
$450,000 /$425.00
$475,000/ $438.00
$500,000 /$452.00
Bond Amount/ Premium Cost:
$10,000 /$90.00
$20,000 /$103.00
$30,000 /$125.00
$40,000 /$144.00
$50,000 /$162.00
$60,000 /$180.00
$70,000 /$197.00
$80,000 /$212.00
$90,000 /$223.00
$100,000 /$234.00
$111,000 /$240.00
$120,000 /$246.00
$130,000 /$251.00
$140,000 /$257.00
$150,000 /$263.00
$160,000 /$268.00
$170,000 /$274.00
$180,000 /$279.00
$190,000 /$284.00
$200,000 /$290.00
$210,000 /$295.00
$220,000 /$300.00
$230,000 /$306.00
$240,000 /$311.00
$250,000 /$317.00
$275,000 /$330.00
$300,000 /$344.00
$325,000 /$357.00
$350,000 /$371.00
$375,000 /$384.00
$400,000 /$398.00
$425,000 /$411.00
$450,000 /$425.00
$475,000/ $438.00
$500,000 /$452.00
To get a free bond quote for an ERISA bond, follow these three simple steps:
1. Collect your business and personal information
2. Complete our online application or request a PDF application via email to apps@southcoastsurety.com
If you have any additional questions, reach out to our team of surety experts at 800-361-1720
1. Collect your business and personal information
2. Complete our online application or request a PDF application via email to apps@southcoastsurety.com
If you have any additional questions, reach out to our team of surety experts at 800-361-1720