DOL regulations require all Plans to maintain an ERISA Fidelity Bond. This bond must be 10% of Plan assets, can be no less than $1,000 and need not be higher than $500,000 (or $1,000,000 for plans that hold employer securities). More information is available here: Protect Your Employee Benefit Plan With An ERISA Fidelity Bond.
An ERISA Fidelity Bond is not the same thing as Fiduciary Liability Insurance. An ERISA Fidelity Bond is required by the DOL to insure the plan, whereas Fiduciary Liability Insurance is an added coverage to protect the fiduciary. For more information, please refer to our 401k resource on ERISA Fidelity Bonds and Fiduciary Liability Insurance.
In the past, our clients have had positive experiences with Colonial Surety Company. Although you may obtain your Plan’s Fidelity Bond from anyone you choose, we have provided the links below to assist you, if desired.