Official Bonding Requirements

Attention all persons, including fiduciaries, who handle funds or other property of an employee benefit plan: according to PlanSponsor.com, "The US Department of Labor's Employee Benefits Security Administration (EBSA) has released Field Assistance Bulletin (FAB) 2008-04, which provides guidance to the agency's national and regional offices on the fidelity bonding requirements under section 412 of the Employee Retirement Income Security Act (ERISA)...According to Section 412, all persons, including fiduciaries, who handle funds or other property of an employee benefit plan (otherwise referred to as plan officials) are to be bonded...unless they are covered by an exemption."

 

Full article with more information on related compliance issues and minimum and maximum bonding requirement dollar amounts.