Employee Retirement Income Security Act Of 1974 (erisa) Bond
Definition of "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
New rule entitled "Accounting and Reporting for Reinsurance of Short-duration and Long-duration Contracts," which requires the insurance company to report all assets and liabilities ...
Contract providing a monthly income benefit to members of a group of employees. A group annuity has the same characteristics as an individual annuity, except that it is underwritten on a ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; damage caused by robbery and burglary, actual or ...
Means of providing insurance protection for the property of a business that is not at a fixed location. ...
Written evidence given to a policyowner by an insurance company or insurance agency that it has received a premium. ...
Insured's income prior to the disability minus the insured's income after the disability. ...
Non qualified deferred compensation plan for highly compensated employees or select group of personnel. The reporting and disclosure requirements of the employee retirement INCOME SECURITY ...
Projections of future accidental losses based on analyses of historical loss patterns. A projected loss picture is used to determine the pure cost of protection and the resultant basic ...
Have a question or comment?
We're here to help.