Why Do You Need to Obtain an ERISA Bond for Your Organization’s Benefit Plans?

First, Let’s Cover the Basics: What is ERISA? The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most pension and health plans that are voluntarily established in the private sector.  ERISA aims to protect the individuals taking part in these plans.  One way that the government provides protection for individuals is by mandating certain fiduciary responsibilities for those who manage and control plan assets. What Fiduciary Responsibilities does ERISA mandate? ERISA requires that those persons or entities who exercise discretionary control or authority over plan management or plan assets, such as plan trustees, plan administrators, and members of a plan’s investment committee run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses.  Fiduciaries are expected to act prudently and to diversify the plan’s investments in order to minim
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SBA SURETY BOND GUARANTEE PROGRAM UNLOCKS CONTRACTOR GROWTH OPPORTUNITIES

Public sector work offers a way for construction contractors and trades to diversify their project mix and accelerate their growth.  The challenge, however, is that these projects often come with bonding requirements – not only for GCs, but increasingly for their subs and trades as well. What’s more, obtaining the necessary bonding may not be easy, particularly due to their liquidity requirements.  Contractors, subs and trades often must have working capital of at least 5% of the job on hand plus another 10% in cash reserves or a solid credit line.  With more projects requiring GCs and their subs to have bonding this can be a major stumbling block. The Small Business Administration has a solution.  Its Surety Bond Guarantee Program gives smaller contractors and subs having difficulty with liquidity requirements an alternative to apply for bonding.  Over the years, the SBA’s Surety Bond Guarantee Program has opened the door for many small GCs and subs to bid on and participa
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Attention Florida Driving Schools: New Changes In Effect for Florida’s Third Party Administrator for Driver License Testing Bond

On January 28, 2015, the Florida Department of Highway Safety and Motor Vehicles implemented a new minimum bond amount for the Third Party Administrator for Driver License Testing Bond that many Florida Driving Schools are required to secure.  The Third Party Administrator for Driver License Testing Bond is a performance bond that is required by the Florida Department of Highway Safety and Motor Vehicles for driving schools that provide third party driver license testing services (HSMV Form 77067) for the purpose of administering Class E Knowledge exams and driving skills exams to the public.  The minimum bond amount has been changed from $50,000 to $200,000.  The change coincides with the implementation of the new ADLTS testing system. Unique Surety and Insurance Services, LLC represents several surety carriers writing TPA bonds.  In most cases, if you apply to us for a Third Party Administrator for Driver License Testing Bond, we can issue it the same day. The post Attention Flo
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