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ERISA Bond


gracey-backer-erisa-bondThe Employee Retirement Income Security Act of 1974 (ERISA) was enacted to protect employee benefit plans against loss by acts of fraud or dishonesty. The statute provided that plan trustees purchase a fidelity bond equal to ten percent of the funds handled by a Trustee or Fiduciary. The minimum limit is $1,000 per plan and the maximum limit is $500,000 per plan. Plans holding employer securities are required to carry a maximum limit of $1,000,000.

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