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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