As a business owner, you help take care of your employees with a pension plan, 401(k) plan, or other similar program. Under the Employee Retirement Income Security Act (ERISA), the person who oversees and manages this plan must be bonded.
Dealer Protection Group (DPG) can help you obtain an ERISA Bond, which is designed to protect the plan from fraudulent or dishonest acts by those covered by the bond. The Act requires coverage to be issued at no less than 10 percent of the plan’s funds with a maximum of $500,000. Higher limits can be issued for certain exposures including plans with non-qualified assets. Examples of non-qualified assets could be limited partnerships, artwork, collectibles, mortgages, real estate, etc.
An ERISA Bond is different from an insurance policy because the bond does not pay losses; rather, it guarantees that you will be able to pay all losses up to the amount of the bond.
Compliance is key.
We can help you meet all of your bonding needs. Give us a call at 949.208.8550.