February 19, 2018
ERISA Fidelity Bonds – Frequently Asked Questions
There are many rules and regulations that need to be followed when managing your company’s retirement plan. Under the Employee Retirement Income Security Act (ERISA), plan sponsors are required to follow specific reporting and compliance guidelines imposed by the Internal Revenue Service (IRS) and the Department of Labor (DOL). These rules are designed to protect the interests of participants and establish guidelines for plan operations, fiscal management and reporting. One of the important requirements for most ERISA retirement plans is that plan sponsors must have fidelity bonds to protect and insure the plan in the event of fraud, embezzlement or other illegal activities.
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