Put Your Trust in IFS:Comprehensive ERISA Solutions
As an employer, you might be providing a pension plan, a 401(k), or similar program to your employees. As part of your employee benefits package, these programs are rewarding to both you and your employees. Employees receiving financial wellness assistance are more loyal, harder working, and tend to stay with the company for the long term.
At IFS Insurance, we will walk you through the intricate process of securing an ERISA Bond, which is designed to protect retirement and pension plans from dishonesty and fraud committed by individuals who are associated with them. Individuals in question can be people within your company, a third-party service provider, a trustee, investment advisor, administrative committee, or a company board of directors.
The ERISA Bond coverage must be at least 10% of the plan’s assets up to a maximum bond amount of $500,000. Higher limits can be purchased for certain exposures including plans with non-qualified assets. The only event in which the bond pays is if there’s an event in which you are financially unable to meet your obligations as an employer.
Before purchasing a bond, the fiduciary must go through screening requirements, including a credit check. The IFS staff will assist in this process and will ensure your company’s plan official provides all the necessary information to your employees.