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Product:

Erisa

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Description:

An ERISA Bond, also known as a Pension Bond or a Fiduciary Bond, is a type of surety bond required for administrators, trustees, and other fiduciaries of employee benefit plans subject to the Employee Retirement Income Security Act (ERISA). This bond serves as a financial guarantee that the fiduciary will manage the assets of the employee benefit plan ethically, lawfully, and in accordance with all applicable laws and regulations. The bond protects the employee benefit plan from potential financial losses in case the fiduciary engages in fraudulent practices, mismanagement of assets, or fails to fulfill their obligations, such as properly administering the plan and safeguarding its assets. If the bondholder defaults or fails to comply with the regulations, the surety company issuing the bond will compensate the affected parties up to the bond amount. In summary, an ERISA Bond ensures that fiduciaries of employee benefit plans subject to ERISA are held accountable for their actions, safeguarding the interests of the employee benefit plan and its participants while promoting compliance with ERISA regulations.

Obligee: US Department of Labor