ERISA
What is "ERISA"?
The 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 instituted a fidelity bond requirement for plan trustees and it defined the coverage limit requirements. The ERISA fidelity bond must equal 10 percent of the funds handled by a Trustee or Fiduciary with a minimum bond limit of $1,000 per plan and a maximum bond limit of $500,00 per plan.