Employee Retirement Income Security Act Of 1974 (erisa) Bond
Federal law requiring that all pension plan trustees and anyone else who handles pension funds must obtain a fidelity bond. This bond covers the plan in the event of embezzlement and theft. It is important to note that this bond does not provide coverage in the event poor investment choices result in losses. The insurance company as well as the amount of the bond must be stated in form 5500 filed annually with the Internal Revenue Service. The amount of the bond must be at least 10% of the pension plan's assets or $1000, whichever is the greatest amount.
Popular Insurance Terms
Annuity that provides income payments for a number of years provided the annuitant is alive to receive them. All income payments cease upon the death of the annuitant. ...
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Largest property and casualty insurance company trade association in the world (international membership)whose objectives include the service of its membership through positive legislation ...
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